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Pentagon chief: Too soon to say who might be behind Nord Stream pipeline ruptures

U.S. Defense Secretary Lloyd Austin said it was still too soon to speculate who might have been behind the Nord Stream pipeline ruptures. “In terms of the attack – or the damage to the pipeline, at this point I think there’s a lot of speculation. But quite frankly, until a complete investigation is done, no one will be able to really determine for certain what happened,” Austin told a news conference in Hawaii. Austin added that he discussed the incident with his Danish counterpart on Wednesday, “and he pointed out ...

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EUROPE GAS-Dutch prices fall as European Union eyes price caps

Dutch wholesale gas prices fell on Friday as EU energy ministers gathered to discuss measures to tackle the energy crisis, including a cap on prices, while British prices rose due to a rise in gas for power demand. In the Dutch market, the day-ahead price was 9.90 euros lower at 169.10 euros per megawatt hour (MWh) by 0915 GMT, while the weekend price fell by 13.23 euros to 163.77 euros/MWh. The UK day ahead contract was up 5.00 pence at 185.00 pence per therm, and the weekend price was 15.00 ...

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EU must find gas price cap all countries can accept, energy chief says

The European Union must find a way to approach gas price caps that all of the bloc’s 27 member countries can accept, the EU’s energy policy chief said on Friday. “Because different member states do expect different solutions, the Commission has to present an idea that has overall broad support… We have to find a way that is acceptable for all the member states,” EU energy commissioner Kadri Simson said on her arrival to a meeting of EU energy ministers, who will discuss the issue. Source: Reuters (Reporting by Kate ...

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Germany agrees 200 billion euro package to shield against surging energy prices

German Chancellor Olaf Scholz set out a 200 billion euro ($194 billion) “defensive shield”, including a gas price brake and a cut in sales tax for the fuel, to protect companies and households from the impact of soaring energy prices. Europe’s biggest economy is trying to cope with surging gas and electricity costs caused largely by a collapse in Russian gas supplies to Europe, which Moscow has blamed on Western sanctions following its invasion of Ukraine in February. “Prices have to come down, so the government will do everything it ...

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Japan signs MoC on LNG with Petronas, with emergency steps

Japan signed a memorandum of cooperation (MoC) with Malaysia’s state energy firm Petronas on liquefied natural gas(LNG), including emergency measures, the industry ministry said. Japan, one of the biggest importers of the super-chilled fuel, faces a historic energy security risk as the prolonged Russia-Ukraine war threatens to disrupt supply while Europe scrambles to buy more fuel to ensure adequate energy for the winter. Japan’s Ministry of Economy, Trade and Industry and Petronas signed the MoC at the LNG Producer-Consumer Conference in Tokyo. The memorandum includes consideration of joint upstream investment, ...

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Hurricane Ian probably won’t cause spike in Florida gasoline prices

The U.S. Coast Guard is assessing damage at Port Tampa Bay after Hurricane Ian dropped more than 12 inches of rainfall in southern Florida, but the port said on Thursday that fuel can currently move from terminals onto trucks. Major Florida ports are expected to have avoided significant damage from one of the mightiest storms to hit the U.S. mainland in recent years and could re-open within days. Still, one in four gasoline stations in the region lack fuel, according to data from petroleum analyst GasBuddy. Ian flooded communities before ...

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EU countries spar over gas price cap

European Union countries disagreed on Friday about whether and how to cap runaway gas prices, with Germany among those opposing the measure that 15 other states said was needed to tackle Europe’s energy crunch. Meeting in Brussels on Friday, ministers from the 27 EU member states approved levies on energy firms’ windfall profits to try contain an energy price surge aggravated by Russia’s war against Ukraine. The agreement covers a levy on fossil fuel companies’ surplus profits made this year or next, another levy on excess revenues low-cost power producers ...

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Japan to offer low-interest loans for LNG procurement -Nikkei

The Japanese government will provide support through public financial institutions to help utilities secure liquefied natural gas (LNG) amid a surge in prices, the Nikkei business daily reported on Thursday. The state-owned Japan Bank for International Cooperation (JBIC) will provide low-interest loans to electric power utilities and city gas companies to buy the super-chilled fuel from the spot market, the paper said, without citing sources. The move is aimed at avoiding an energy crunch by offering financial support before winter, when heating demand is expected to increase. Spot LNG prices ...

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Refiners optimistic on China’s economy, demand recovery

China’s refiners are optimistic about the likelihood of economic recovery in Asia’s top consuming country in the fourth quarter and into 2023 as pandemic control measures ease, helping to boost domestic oil product demand, according to the China-focused panel discussion at the S&P Global Commodity Insights Asia Pacific Petroleum Conference in Singapore Sept. 28. The optimism comes even as China faces near-term headwinds such as slow travel demand for the upcoming week-long National Day holiday, property debt issues, foreign companies shifting supply chains from the country, slowing goods exports and ...

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EUROPE GAS-Prices fall amid higher wind output, LNG supply

Dutch and British wholesale gas prices fell on Thursday morning after steep rises this week, amid higher wind output and robust liquefied natural gas tanker supply, though concerns remain about Europe’s remaining pipeline security. In the Dutch market, the day-ahead price TRNLTTFD1 was 4.74 euros lower at 194.80 euros per megawatt hour (MWh) by 0815 GMT, while the weekend price TRNLTTFWE fell by 10.00 euros to 190.00 euros/MWh. The UK October contract TRGBNBPMV2 was down 30.00 pence at 295.00 pence per therm, while the day-ahead price TRGBNBPD1 was 25.00 pence ...

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Europe vows ‘robust and united’ response to suspected sabotage of two Russian gas pipelines

The European Union on Wednesday raced to find out exactly what happened and why after mystery leaks hit two underwater Russian gas pipelines, warning of retaliatory measures for any deliberate attack on the region’s energy infrastructure. In a statement on behalf of all 27 members, EU foreign policy chief Josep Borrell said Wednesday that the bloc was “deeply concerned” about the damage to the Nord Stream 1 and 2 gas pipelines connecting Russia to Germany via the Baltic Sea. “All available information indicates those leaks are the result of a ...

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Greek utility clinches winter LNG deal with TotalEnergies

Greece’s biggest gas utility, DEPA Commercial, has clinched a deal with TotalEnergies TTEF.PA for the supply of liquefied natural gas (LNG) over the winter months if needed, the Greek energy ministry said on Thursday. The deal stipulates that TotalEnergies will supply Greece with two LNG cargoes a month for five months until March 2023, the ministry said in a statement. The total LNG that would be delivered for the five months would be 10 terrawatt hours (TWh), though Greece reserves the right not to purchase the gas but pay a ...

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29 Sep, 2022 UK to account for 29% of Europe working gas capacity additions through 2026, forecasts GlobalData

The UK is expected to lead the Europe’s planned and announced working gas capacity additions in underground gas storage sites, contributing approximately 29% of the total Europe capacity additions by 2026, according to GlobalData, a leading data, and analytics company. GlobalData’s report, “Underground Gas Storage Capacity and Capital Expenditure (CapEx) Forecast by Region, Countries and Companies including details of New Build and Expansion (Announcements and Cancellations) Projects, 2022-2026,” reveals that the UK is expected to witness 256 billion cubic feet (bcf) of capacity additions from planned and announced projects during ...

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Fourth leak found on Nord Stream pipelines, Swedish coastguard says

Sweden’s coastguard said on Thursday it had discovered a fourth gas leak on the damaged Nord Stream pipelines earlier this week, after ruptures first reported on Monday sent gas spewing into the Baltic Sea. The European Union suspects sabotage was behind the leaks on the subsea Russian pipelines to Europe, and has promised a “robust” response to any intentional disruption of its energy infrastructure. The leak reported on Thursday is the second one found in Swedish waters, while two others were discovered in Danish waters. While neither pipeline was in ...

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Colder winter forecast in South Korea raises concerns over gas supply for power

The forecast for a colder-than-usual winter in South Korea is set to intensify the concerns over gas supply for power generation, industry sources told S&P Global Commodity Insights over the week of Sept. 29. The country has predicted a colder winter this year amid La Nina that has stretched into the fourth quarter, with sea temperatures of the tropical Asia-pacific around 25.7 C, which is 1.1 C lower than normal, according to the forecast from the Korean Meteorological Agency Sept. 23. The KMA added that there was a 40% possibility ...

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