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U.S. natural gas futures gain 2% on cold forecast for next week

U.S. natural gas futures rose about 2% to a one-week high on Thursday as forecasts continued to call for colder weather and higher heating demand next week. That price increase came despite forecasts for warmer weather and lower heating demand in two weeks than previously expected and a federal storage report showing an expected much bigger-than-usual storage build last week when the weather was still mild and heating demand low. The U.S. Energy Information Administration (EIA) said utilities added 64 billion cubic feet (bcf) of gas to storage during the ...

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Wood Mackenzie launches Lens Gas & LNG

Wood Mackenzie, the leading provider of decision intelligence for the world’s natural resources sector, has launched Lens Gas & LNG, a new data analytics solution that offers a uniquely integrated view that connects markets and assets on a global scale. As the newest addition to Wood Mackenzie’s Lens data analytics platform, Lens Gas & LNG offers a single tool to explore all gas & LNG data, analysis, and modelling capabilities. This seamless Lens experience brings Wood Mackenzie’s renowned expertise, analyses, and modelling insights together to enable faster, more accurate operational ...

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U.S. natgas falls 4% on less cold forecasts, Freeport LNG delay

U.S. natural gas futures fell about 4% to a two-week low on Wednesday on forecasts for less cold weather and lower heating demand next week than previously expected, and on expectations Freeport LNG will delay the restart of its liquefied natural gas (LNG) export plant in Texas. A few LNG vessels have turned away from Freeport over the past few days on expectations the plant’s restart will be delayed until December or later, according to ship tracking data from Refinitiv. Federal pipeline safety regulators released a heavily redacted consultant’s report ...

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EIG targets Australia’s Origin to build global LNG company

EIG, teaming with Brookfield Asset Management in a A$15.5 billion ($10.5 billion) bid to split Australia’s Origin Energy, is looking to use the deal to help build a global liquefied natural gas (LNG) company, its boss said on Wednesday. Under the proposed buyout announced last week, EIG’s MidOcean Energy would acquire Origin’s integrated gas business including its 27.5% stake in Australia Pacific LNG (APLNG), an LNG project in Queensland state. EIG has been eyeing the APLNG stake for at least three years, after being thwarted in a $10.8 billion bid ...

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Spot LNG prices defy history and fall as demand rises

The spot price of liquefied natural gas (LNG) is still falling even though demand for the super-chilled fuel appears to be ticking higher in Asia and Europe, putting Adam Smith’s “invisible hand” theory to the test just as winter arrives. Both the weekly spot price assessment for cargoes for delivery to north Asia LNG-AS and the price of New York-traded LNG contracts linked to S&P Global Commodity Insights JKM benchmark JKMc1 are defying the usual pattern of trending higher at the start of winter as utilities build inventories. There are ...

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Global refinery runs dip in Oct amid maintenance, strikes: IEA

Global refinery throughput “dipped” to 80.4 million b/d in October “on peak seasonal maintenance and major industrial action in France,” the International Energy Agency said in its monthly report Nov. 15. While the overall drop was a “relatively modest” 500,000 b/d month-on-month, there was a “more significant” fall of 1.1 million b/d in the Atlantic Basin, “partly offset by higher runs East of Suez,” the IEA said. An industrial action in France, which started in late September and lasted for more than a month until early November, crippled the country’s ...

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German gas price brake to cost 54 bln euros – document

A planned brake on gas prices in Germany will cost an estimated 54 billion euros ($56 billion) through to April 2024, of which 21 billion euros will be for industry, according to an economy ministry document seen by Reuters on Tuesday. However, the ministry warned that the estimates were subject to uncertainty due to current price developments. Funds for the measure are to come from a 200-billion-euro “defence shield” announced by the government to pay for its response to the energy crisis. The draft document sets out the key points ...

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Oman’s Duqm Refinery to come online at end of 2023

The Duqm Refinery project, the largest project in the field of refineries and petrochemicals, will start its commercial operation by the end of next year, Shafi al Ajmi, the CEO of Kuwait Petroleum International (KPI) told Kuwaiti news agency KUNA on Monday. The project, occupying 900 hectares, is being constructed in the Special Economic Zone of Duqm (SEZD) and is a 50-50 joint venture between state-owned Oman’s OQ Group and Kuwait Petroleum International. The main construction of the site, which was budgeted at $6 billion, started in 2016, with 95% ...

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Prices dip on profit-taking as storage withdrawal lends support

British and Dutch wholesale gas prices fell on Wednesday morning, following a rise the previous session, as traders took profits while the start of withdrawals from European inventories provided some support. The Dutch day-ahead contract fell by 4.25 euros to 111.75 euros per megawatt hour (MWh) by 0928 GMT, according to Refinitiv Eikon data. The benchmark December contract was down 3.90 euros at 119.60 euros/MWh. “Prices are weakening this morning, probably on profit taking,” Engie EnergyScan analysts said. European gas storage sites, currently above 95% full, showed the first signs ...

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Oil flows on Druzhba pipeline suspended in parts of Eastern Europe

Oil supply to parts of Eastern and Central Europe via a section of the Druzhba pipeline has been temporarily suspended, according to oil pipeline operators in Hungary and Slovakia. The extent of the disruption was not immediately clear, and came concurrent with an explosion in a village in eastern Poland near the Ukrainian border that raised alarm among NATO countries. Hungary’s MOL said its Ukrainian partner told the company that a Russian rocket hit a power station close to the Belarus border that provides electricity for a pump station, and ...

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Prices rise on colder forecasts and outages

British and Dutch wholesale gas prices rose on Tuesday morning as weather forecasts until the end of the month turned colder and continued gas supply outages in Norway. The Dutch day-ahead contract TRNLTTFD1 rose by 10.75 euros to 120.75 euros per megawatt hour (MWh) by 0924 GMT, its highest level since early October, according to Refinitiv Eikon data. The December contract TRNLTTFMc1 was up 10.73 euros at 125.53 euros/MWh In the British gas market the day-ahead contract TRGBNBPD1 rose by 5.50 pence to 105.50 pence per therm, while the within-day ...

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Colder weather pushes Henry Hub spot gas over $6/MMBtu as heating demand surges

US spot gas prices surged across the board in Nov. 14 trading as wintry weather lifted domestic heating demand to its highest since last March, signaling a fast-approaching end to the storage injection season. After a three-day pause in trading, cash prices at the Henry Hub gained nearly $1.60/MMBtu, climbing to around $6.20/MMBtu for the first time since mid-October, data from the Intercontinental Exchange showed. At other key downstream locations across the Southeast, hub prices made similar gains with Transco Zone 3, Transco Zone 4 and Florida Gas Zone 3 ...

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Europe scrambles for African gas

Caught in an energy crisis and hungry for alternatives to Russian gas, European leaders have spent months eyeing fossil fuel projects across Africa. Their counterparts are willing to sell. Senegal and Mauritania are planning to ship liquefied natural gas (LNG) to Germany. The Senegalese government expects to supply Europe’s biggest economy with 2.5 million tons of gas from 2023 and as much as 10 million tons by 2030. The African Union is pushing for more energy infrastructure, including fossil gas. Countries like South Africa and Tanzania are home to untouched ...

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EUROPE GAS-Prices mixed on colder weather outlook, strong LNG flows

British and Dutch wholesale prompt gas prices were mixed on Monday with strong demand due to outages and colder weather partly offset by high liquefied natural gas (LNG) supply. The Dutch day-ahead contract TRNLTTFD1 rose by 31 euros to 99.75 euros per megawatt hour (MWh) by 1013 GMT, while the December contract TRNLTTFMc1 was up 7.7 euros at 106.5 euros/MWh, according to Refinitiv Eikon data. “The way is up for today with all the planned and unplanned outages, consumption is higher and its getting colder,” a European gas trader said. ...

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BP workers at Rotterdam refinery to start work-to-rule action, says union

Workers at the BP refinery in Rotterdam will begin work-to-rule industrial action on Monday, escalating their wage dispute with the company, a union representative said. In a work-to-rule action, employees maintain strict adherence to the terms of their contract, which effectively slows work and reduces productivity. CNV union spokesman Jaap Bosma said BP had rejected an ultimatum from unions as “unacceptable and out of line with market rates”. A BP representative could not be reached for immediate comment. On Thursday a company statement said: “We regret that we have not ...

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