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Ecopetrol gas field could produce up to 30 mln cubic feet a day by 2026

The Arrecife gas field could produce between 20 million and 30 million cubic feet per day between 2025 and 2026, said Ricardo Roa, CEO of Colombia’s majority state-owned oil company Ecopetrol. The leftist government of President Gustavo Petro has come under pressure from industry groups urging it to ensure self-sufficiency in gas amid a pause in new exploration licenses. “Arrecife very quickly will be able to give us between 5 and 10 million cubic feet per day, but surely between 2025 and 2026 it will be giving to the system ...

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Asia Naphtha/Gasoline-Gasoline surges amid upbeat momentum, naphtha softens despite demand

Asian gasoline prices and refining margins GL92-SIN-CRK were on an incline week on week, with Friday market hitting a one-week high, against a backdrop of upbeat trading momentum and mostly bullish demand expectations from the West. Bets were all on the strong demand expectations from the West supporting the market through into the next month, trader sources said. Reformate cargoes for second-half May from Taiwan and Thailand refiners were mostly sold at premiums of $17-$20 per bbl linked to octane-97 prices in the past few trading sessions via spot tenders. ...

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Prices rise on Ukraine attacks, Freeport LNG

Dutch and British wholesale gas prices rose on Friday morning due to attacks on Ukrainian energy assets, a drop in feedgas to Freeport liquefied natural gas (LNG) facility and after the EU Parliament voted to allow nations to block Russian LNG imports. The benchmark front-month contract TRNLTTFMc1 at the Dutch TTF hub rose by 1.20 euros to 29.85 euros per megawatt hour (MWh) by 0910 GMT, while the June contract TRNLTTFMc2 inched up by 0.64 euro to 30.27 euros/MWh, according to LSEG data. In Britain, the day-ahead price TRGBNBPD1 was ...

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Asia Distillates-More May sellers resurface; weakness mirrors declines in West

Asia’s middle distillates markets were mostly in a state of upbeat trading momentum especially towards the end of the week, with May discussions taking centre stage, though prices generally trended down in the past four trading sessions. Spot cargoes were still discussed in discounts on the spot tender front, as evidenced from the sale of several May-loading lots since early week at discounts of around $1 a barrel, while the paper swap structure hovered between a slight contango and slight backwardation. A pile-up in overall commercial stockpiles in Asia weighed ...

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Europe Gas: Prices firm on Ukraine storage attacks, wider geopolitical risks

Dutch and British wholesale gas prices rose on Thursday morning on concerns about attacks on Ukrainian gas storages and ongoing geopolitical tensions in the Middle East, which helped to offset milder weather over the next few days. The benchmark front-month contract TRNLTTFMc1 at the Dutch TTF hub rose by 1.30 euros to 28.65 euros per megawatt hour (MWh) by 0917 GMT, while the day-ahead contract TRNLTTFD1 was 1.55 euros higher at 28.80 euros/MWh. In Britain, the within-day contract TRGBNBPD1 was up 2.70 pence at 69.50 pence per therm, while the ...

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Global coal power grew 2% last year, the most since 2016, GEM survey says

The world’s coal-fired power capacity grew 2% last year, its highest annual increase since 2016, driven by new builds in China and decommissioning delays elsewhere, according to research published on Thursday. Despite record renewable additions, nearly 70 gigawatts (GW) of new coal power capacity were commissioned across the world last year, including 47.4 GW in China, the U.S.-based Global Energy Monitor think tank said in its annual survey. Coal-fired capacity outside China also grew for the first time since 2019, while worldwide only 21.1 GW was shut down, the survey ...

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Europe is set to continue to rely on Russian LNG in short term

More than two years after Russia launched its invasion on Ukraine, natural gas pipeline imports from the country to Europe dropped significantly below pre-crisis levels. Pipeline imports from the country to the EU was down 84% in 2023, compared with 2021, according to a recent report from S&P Global Commodity Insights. Russia remains an important supplier of LNG to the Continent and market participants do not see a complete end to that, in the short term at least. “If Europe is still importing LNG from Russia, it is because there ...

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Asia Distillates-Trading momentum upbeat, markets await for May activity

Asia’s middle distillates markets saw upbeat trading momentum following some strength in ICE gasoil futures and overall expectations of more May spot tenders to emerge soon in the next few days. Some buying interest from southeast Asia emerged from Petrolimex via a tender that closes today with same-day validity. Supply-side changes will likely remain a key focal point for May, with more refiners likely to offer May-loading cargoes soon, one source said. Stocks in Singapore were at more than a two and a half year high as well. Meanwhile, some ...

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Asia Naphtha/Gasoline-Naphtha buying emerges as margins dip to 5-mth low; gasoline surge to 1-wk high

Asia’s naphtha markets saw an uptick in spot demand for second-half May cargoes from end-users especially in northeast Asia, with buying interest possibly emerging because of the narrower refining margins. Some buyers are likely trying to pick up cheaper price cargoes now as the market is still hovering at five-month lows, one source said. Naphtha refining margins closed the trading session at below $30 a ton NAF-SIN-CRK, a level last seen in early November last year. A handful of buyers resurfaced – in line with earlier expectations – with three ...

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US natgas prices fall 5% on big storage build, low feedgas to Freeport LNG

U.S. natural gas futures dropped about 5%on Thursday on a bigger-than-expected storage build and forecasts for lower demand over the next two weeks than previously expected due to a drop in feedgas to the Freeport LNG export plant in Texas. The U.S. Energy Information Administration (EIA) said utilities added 24billion cubic feet (bcf) of gas into storage during the week ended April 5. That was much more than the 8-bcf increase analysts forecast in a Reuters poll and compares with an addition of 11 bcf in the same week last ...

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Japan perceives ‘certain understanding’ from US on predictable LNG supply at summit

Japan perceives it has gained a “certain understanding” from the US on the need of having predictable LNG supply for its energy security during a summit meeting in Washington April 10, a Japanese government official told S&P Global Commodity Insights April 11, after Tokyo voiced concerns over the US’ LNG export permit pause. “We see we have gained a certain understanding [from the US] over the importance of predictable LNG supply, which Japan sees significant for the country’s energy security,” said the official, referring to a joint leaders’ statement. The ...

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Prices firm despite healthy supply and demand balance

Dutch and British wholesale gas prices posted gains on Wednesday morning despite few changes to weather, supply or demand outlooks, but they could reverse direction before the end of the day as in recent sessions. The benchmark front-month contract TRNLTTFMc1 at the Dutch TTF hub inched up by 0.25 euro to 27.55 euros per megawatt hour (MWh) by 0859 GMT, while the day-ahead contract TRNLTTFD1 was 0.20 euro higher at 27.75 euros/MWh. In Britain, the within-day contract TRGBNBPD1 was up 1.50 pence at 67.50 pence per therm, while day-ahead contract ...

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Russia’s Orsk refinery declares force majeure on fuel supply due to floods

Russia’s Orsk oil refinery, which has halted output after widespread floods, declared force majeure on fuel supplies from April 8, according to a document issued by plant owner Forteinvest and seen by Reuters. Russia’s oil refineries were already struggling with Ukrainian drone attacks and technical outages, forcing the country to ban gasoline exports, with some exceptions, for half a year from March 1. Forteinvest said the plant had been shut to avoid ecological risks and ensure labour safety. Last year the refinery processed 4.5 million metric tons (90,000 barrels per ...

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US natgas prices hit 5-week high on rising feedgas to Freeport LNG, output drop

U.S. natural gas futures climbed about 2% to a five-week high on Wednesday on an increase in feedgas to the Freeport LNG export plant and a drop in output as pipeline maintenance trapped gas in Texas and producers continued to reduce drilling activities after prices collapsed to 3-1/2-year lows earlier this year. Limiting price gains was the huge amount of surplus of gas in storage and negative spot power and gas prices in parts of Texas, California and Arizona seen over the past few weeks. Front-month gas futures NGc1 for ...

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Prices decline on strong wind, healthy import levels

Dutch and British wholesale gas prices declined on Tuesday morning on strong wind output and healthy import levels. The benchmark front-month contract TRNLTTFMc1 at the Dutch TTF hub inched down by 0.19 euro to 27.49 euros per megawatt hour (MWh) by 0819 GMT, while the June contract TRNLTTFMc2 was 0.33 euro lower at 27.83 euros/MWh. In the British market, the June contract TRGBNBPMM4 was down 0.98 pence at 68.47 pence per therm. Wind output remains strong, with forecasts showing it to remain in a range of 11-15 gigawatts before dropping ...

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