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Gasoil margins extend losses on cautious sentiment

Asia’s 10 ppm sulphur gasoil margins extended losses for a second consecutive session, as cautious trading sentiment continue to weigh on discussion levels and market activity on Tuesday. This was following a drop in overnight heating oil futures in the U.S. and weaker margins in northwest Europe. Thin market liquidity however cushioned market weakness, with market participants noting more tenders in the market for jet fuel instead of 10 ppm sulphur gasoil. Economics for selling jet fuel are significantly better in comparison with gasoil, one northeast Asian refiner said. Refining ...

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Germany should consider strategic gas reserve – regulator

Germany should consider the idea of a national gas reserve, the head of the country’s network regulator said, after months of concern that a drop in Russian gas supplies could spark severe energy shortages in the country. “Apart from the Gas Storage Act, there is no strategic gas reserve in Germany,” the head of the Federal Network Agency, Klaus Mueller, told reporters in Duesseldorf late on Monday, referring to legislation that last year drove state-led gas purchases in global markets to avoid shortfalls. Source: Reuters (Reporting by Tom Kaeckenhoff, writing ...

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Gasoline crack falls, naphtha rises

Asia’s gasoline refining profit margin declined on Tuesday amid demand concerns in the South Asian region. The crack slipped by around $2 to $12.90 a barrel over Brent crude. In physical markets, energy trader PTT sold 50,000 barrels of the benchmark grade gasoline at $97.40 per barrel on free-on-board basis, market participants said. Meanwhile, the naphtha crack rose by $1.50 to $62.63 a tonne over Brent crude on Tuesday. NEWS – Indonesian state energy company Pertamina is looking into developing a fuel product by mixing gasoline, methanol and ethanol, its ...

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US FERC pulls back from expanded environmental reviews for gas projects

In a change that could speed natural gas project review timelines, the US Federal Energy Regulatory Commission appears to be pulling back from a practice of conducting environmental impact statements for most projects that add capacity and have incremental greenhouse gas emissions. The potential shift comes as Democrat Willie Phillips settles in as acting chairman at FERC, following a period when the agency at times faced criticism for slowing project reviews from gas sector allies in the US Congress. In a sign it may be adjusting the approach, the commission ...

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India’s GAIL Q3 profit slumps on supply hit

GAIL (India) Ltd GAIL.NS, the country’s largest gas distributor, reported an almost 93% slump in quarterly profit on Monday, hit by lower gas sales due to supply disruptions. The state-owned gas company’s standalone profit tumbled to 2.46 billion rupees ($30.14 million) in the quarter ending Dec. 31, from 32.88 billion rupees a year earlier. GAIL’s revenue from operations jumped more than 37% to 353.80 billion rupees on price hikes to customers. The company recorded a natural gas marketing loss of 860.2 million rupees against a profit of 17.50 billion rupees ...

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Shell to combine LNG and upstream businesses in CEO’s overhaul

Shell will combine its oil and gas production and liquefied natural gas (LNG) division as part of Chief Executive Officer Wael Sawan’s changes to the energy giant’s structure. The new division, which combines Shell’s most profitable operations, will be headed by current upstream director Zoe Yujnovich, Shell said in a statement on Monday. Sawan took office on Jan. 1 after heading Shell’s integrated gas division, which included Shell’s LNG and renewables businesses. Under the internal restructure, renewables operations will be combined with Shell’s oil refining and marketing operations led by ...

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Shell CEO’s first changes combine upstream and LNG operations

Shell will combine its oil and gas production and liquefied natural gas (LNG) divisions as part of broader changes under new CEO Wael Sawan, which the company said could result in some job cuts. The new division, which combines Shell’s most profitable operations, will be headed by current upstream director Zoe Yujnovich, the company said in a statement on Monday. Sawan took office on Jan. 1 after heading Shell’s integrated gas division, which included the group’s LNG and renewables businesses, with a vow to simplify and improve the company’s operations. ...

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Drastic shift in natural gas outlook

European storage to finish heating season well above average A late start to the 2022/23 heating season saw Europe building gas storage almost until mid-November. At a little over 95% full, storage was essentially maxed out. This was far above the target of 80% by 1 November 2022 set by the European Commission. While there have been some cold spells in the current heating season, it has been largely mild, which has meant storage levels have held up well. In fact, there have been days this winter when storage has ...

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Turkey to host summit of gas buyers, sellers next month

Turkey will hold a natural gas summit on Feb. 14-15 to bring together gas supplier countries and Europe’s consumer countries in Istanbul, Turkish Energy Minister Fatih Donmez said on Monday. “We will bring together supplier countries from the Middle East, Mediterranean, Caspian and Middle Asia with consumer countries from Europe,” Donmez said. Turkey, which has little oil and gas, is highly dependent on imports from Russia, Azerbaijan and Iran, as well as LNG imports from Qatar, the United States, Nigeria and Algeria for its gas. In October, Russia’s President Vladimir ...

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Gasoil margins fall 7.3% on China supply expectations

Asia’s 10 ppm sulphur gasoil margins slipped by 7.3% at the start of the week on higher-than-expected export supply estimates from China for February loading amid weaker oil futures. Regional industry sources have pegged February-loading gasoil export volumes from China stable-to-firm from January estimates at 1.9 million tonnes to 2.35 million tonnes. Refining margins (GO10SGCKMc1) for 10 ppm sulphur gasoil closed the trading session at $33.39 a barrel. Cash differentials (GO10-SIN-DIF) for 10 ppm sulphur gasoil however firmed on some strong buying interest for mid-February parcels. Regrade (JETREG10SGMc1) went back ...

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Prices rise on short covering, Norwegian outage

British and Dutch wholesale gas prices rose on Monday morning on traders closing short positions ahead of the expiry of front-month contracts, although forecasts for milder and windy weather should curb demand over the next few days. The benchmark front-month contract at the Dutch TTF hub was up by 3.75 euros at 58.00 euros per megawatt hours (MWh) by 0949 GMT, according to Refinitiv Eikon data. The Dutch day-ahead contract rose by 3.90 euros to 57.40 euros/MWh. Volumes were quite thin and prices might be rising due to traders closing ...

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Naphtha crack rises as Brent falls

Asia’s naphtha refining profit margin rose on Monday after two straight sessions of losses amid weakness in crude oil prices. The crack climbed by $3.08 to $61.13 a tonne over Brent crude and the backwardation stood at $7 per tonne. At the Singapore window, energy trader Equinor bought 25,000 tonnes of first-half April naphtha and there were two offers for first-half March cargo. Meanwhile, total naphtha arrivals into Asia were down by 4% to about 6.6 million tonnes in January, assessments by Refinitiv Oil Research showed. On the demand side, ...

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ADNOC eyes valuation of at least $50 bln for its gas business – sources

The Abu Dhabi National Oil Company (ADNOC) is eyeing a valuation of at least $50 billion for its gas business slated to float this quarter, two sources familiar with the matter said, setting the stage for one of the most highly anticipated stock market listings this year. The state oil giant announced in November it was combining its gas processing arm and its liquefied natural gas (LNG) subsidiary into a single listed entity. ADNOC is eyeing a valuation of at least $50 billion for ADNOC Gas, though deliberations over valuations ...

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U.S. natgas drops 5% on forecasts for milder weather, lower heating demand

U.S. natural gas futures dropped about 5% to a 21-month low on Monday on forecasts for warmer weather and lower heating demand through the middle of February than previously expected. Gas prices have also been under pressure in recent weeks by growing beliefs in the market that there was more than enough gas in storage for the rest of the winter and that Freeport LNG’s liquefied natural gas (LNG) export plant in Texas would not start pulling in big amounts of gas until at least March. On its first day ...

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LNG: Asian spot prices extend downtrend, tracking lower prices in Europe

Asian spot liquefied natural gas (LNG) prices fell for a sixth consecutive week due to weak trading activity during the Lunar New Year holiday in Asia and lower gas prices in Europe. The average LNG price for March delivery into northeast Asia (LNG-AS) was $19.50 per million British thermal units (mmBtu), down $2.50, or 11.4%, from the previous week, industry sources estimated. Prices have fallen more than 34% year-to-date. “The market has continued to weaken, mainly driven by a lack of demand from Asia, however the lower pricing has created ...

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