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U.S. natgas futures rise on forecasts for cooler December weather

U.S. natural gas futures edged up about 1% to near a one-week high on Tuesday on forecasts for cooler weather through mid-December than previously expected. That price increase, however, was limited by forecasts for less gas demand over the next two weeks than previously expected. In addition to colder weather, which will boost the amount of gas burned to heat homes and businesses, energy traders noted gas demand would also rise in December if Freeport LNG’s liquefied natural gas (LNG) export plant in Texas returns to service, as expected. Freeport ...

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British prompt soars on more demand, Dutch prices ease

British gas contracts for short-term delivery jumped on Monday morning on rising demand amid cold weather and low wind power generation, while Dutch contracts eased on steady supplies. The British within-day gas contract was up 96 pence at 256 pence per therm by 1008 GMT, and the day-ahead contract rose by 107 pence to 260 p/therm, according to Refinitiv Eikon data. Near-term UK prices were up on low wind power generation, increasing the need for gas-fired power generation and cold weather lifting demand for heating, a trader said. The UK ...

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GLOBAL LNG-Asia spot prices hit 7-week high, tracking price moves in Europe

Asian spot liquefied natural gas (LNG) prices rose this week for the first time since September and hit a 7 week high, tracking European gas prices on cooler weather forecasts and after Gazprom threatened to further reduce gas flows to Europe. The average LNG price for January delivery into northeast Asia LNG-AS was $31 per million British thermal units (mmBtu), up $5.5, or 25.5%, from the previous week, industry sources estimated. “This week Asian rates traded up with a significant jump midweek on the back on the news of the ...

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India’s electricity shortage erased by renewables growth

India’s electricity transmission system passed the difficult post-monsoon period this year with far less stress than in 2021, following a major effort to improve coal stocks and a big expansion of renewable generation capacity. There was no repeat of the widespread blackouts which plagued many parts of the country in late September and early October last year when coal-fired power plants ran short of fuel and were unable to keep up with demand. Grid frequency fell below the minimum target of 49.9 cycles per second (Hertz) just 5% of the ...

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Israel’s NewMed Energy leaning towards floating LNG expansion

Israel’s NewMed Energy said it was leaning towards building a floating liquefied national gas (FLNG) terminal to further develop its Leviathan gas field off Israel’s Mediterranean coast. The company has been weighing two options – an FLNG terminal which has seen support from Israel’s government, or connecting via pipeline to LNG terminals in north Egypt to facilitate exports further afield at a time when Europe is looking for non-Russian energy supplies. “The floating (LNG terminal) is really where we are heading right now,” chief executive Yossi Abu told Reuters after ...

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Prices mixed on profit taking, cooler weather

British and Dutch gas prices were mixed on Friday due to profit taking following recent bullishness and as EU energy ministers failed to agree on a gas price cap and cooler, less windy weather increased demand for heating. The Dutch benchmark front-month contract TRNLTTFMc1 rose 0.5 euros to 122.85 euros per megawatt/hour (euros/MWh) by 1003 GMT, Refinitiv Eikon data showed. The Dutch January contract TRNLTTFMc2 rose by 1.35 euros to 128.30 euros/MW while the contract for February TRNLTTFMc3 was down 0.20 euros at 129.20 euros/MWh. A European gas trader said ...

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Argentina government to send LNG bill to Congress in coming months

Argentina’s Economy minister Sergio Massa said on Thursday that the government was readying a liquefied natural gas (LNG) bill to send to Congress in the coming months, amid a push to create a major gas export sector in the country. The bill aims to spur the multi-billion-dollar investments needed to exploit Argentina’s massive LNG reserves, as the war in Ukraine spikes global demand. Companies like state-owned YPF YPFD.BA have shown interest in building plants to liquify gas from Argentina’s vast Vaca Muerta shale basin, the world’s second largest unconventional gas ...

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Asia Naphtha/Gasoline-Naphtha margins rise further, ARA stocks shrink

Asia’s naphtha refining profit margin extended gains on Friday as European inventories declined, although demand from petrochemical units remained poor. The crack NAF-SIN-CRK rose to $66.68 a tonne, compared with $62.60 a tonne a day earlier. “The recent strength in Asian naphtha cracks is contradictory to fundamentals, especially with petrochemical margins in Asia sinking deeper into negative territory and regional crackers extending run cuts,” energy consultancy FGE said in a note. The growing re-export trade of Russian naphtha through commercial tanks is also not reflected in prices, the consultancy added. ...

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COP27 – five key takeaways

The lead-up to COP27 was inauspicious. Only 26 out of 193 countries had tightened pledges – made a year ago in Glasgow – for 2030 emissions reductions, while the Russia/Ukraine war dramatically intervened to change short-term priorities. So what did Sharm El-Sheikh deliver and where did it disappoint? Prakash Sharma, Elena Belletti and Nuomin Han from our Energy Transition team share their five key takeaways. First, a rebalancing of the energy trilemma COP27 was heavily influenced by the immediate political necessities of energy security and affordability. But progress on a ...

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EU countries unhappy with 275 euro gas cap proposal

European Union energy ministers locked horns over a proposed gas price cap at 275 euros per megawatt hour (MWh), grappling over its effectiveness at that level and the impact on supplies and incentives to cut consumption. The long-standing disagreements were holding up other policies to alleviate the acute energy crisis, such as the launch of joint EU gas purchases and a quicker permit process for renewables. Diplomats said the 27 EU countries agreed on these two in principle but delayed formal approval until another meeting called for Dec.13, with proponents ...

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Russia will not supply oil and gas to countries supporting price cap, Kremlin says

Russia does not plan to supply oil and gas to countries supporting a price cap on Russian oil, the Kremlin said on Thursday, but will make a final decision once it analyses all the figures. The G7 is looking at a cap on Russian seaborne oil at $65-$70 a barrel, though European Union governments have not yet agreed on a price and talks are set to continue. “As of now, we stand by President (Vladimir) Putin’s position that we will not supply oil and gas to the countries which would ...

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The number of oil and gas contracts globally declined by 7% in Q3 2022, says GlobalData

The overall number of contracts in the oil and gas industry declined by 7% in Q3 2022, decreasing from 1,662 in Q2 2022 to 1,542 in Q3 2022, says GlobalData, a leading data and analytics company. According to GlobalData’s latest report, ‘Oil and Gas Industry Contracts Analytics by Sector (Upstream, Midstream and Downstream), Region, Planned and Awarded Contracts and Top Contractors, Q3 2022’, the contract value reported an increase, from $38.8 billion in Q2 2022 to $47.7 billion in Q3. Pritam Kad, Oil & Gas Analyst at GlobalData, comments: “Keppel ...

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U.S. drillers add oil and gas rigs for second month in a row – Baker Hughes

U.S. energy firms this week added oil and natural gas rigs for a fourth week and second month in a row as relatively high oil prices encourage firms to drill more. The oil and gas rig count, an early indicator of future output, rose two to 784 in the shortened week to Nov. 23, its highest since March 2020, energy services firm Baker Hughes Co said in its closely followed report on Wednesday. Baker Hughes issued the weekly rig report two days ahead of schedule due to the U.S. Thanksgiving ...

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EU’s natural gas cap ‘unlikely’ to have major impact on short-term prices, Rystad says

The EU’s proposed natural gas price cap is “unlikely” to have a significant effect on short-term prices, Rystad Energy said in a report on Thursday. The current proposal is to cap the price of Dutch TTF gas futures, the benchmark European contract, at €275 ($287) per megawatt-hour (MWh) for month-ahead derivatives. “Market participants are against the idea, given it would interfere with the liberalised market and could jeopardise the financial stability of various European regions,” the Norway-based consultancy said. Several countries, including France and Spain, have rejected the European Commission’s ...

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Sinopec says Qijiang shale project holds 146 bcm certified gas reserve

Sinopec Corp 0386.HK600028.SS said on Thursday a new shale gas field in southwestern China holds nearly 146 billion cubic meters (bcm) of proven reserves that had been recently certified by the country’s ministry of natural resources. The Qijiang shales, part of the gas-rich Sichuan basin, are buried mostly at 3,500 meters below ground level and are considered one of the more technologically challenging rock formations to explore and develop, Sinopec said in a statement. It gave no further details, such as a timeline to develop the project or any estimate ...

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