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Asian gasoline cracks hit record high as summer driving boosts demand

A resurgence of car travel during the peak summer driving season following eased pandemic restrictions has bolstered the Asian gasoline market, leading crack margins to hit all-time highs, with swaps market trading activity signaling strength for the medium term, S&P Global Commodity Insights data shows. The benchmark Platts FOB Singapore 92 RON gasoline cargo crack against the front month ICE Brent crude futures strengthened $7.56/b, or 24.89% week on week to an all-time high of $37.93/b at the Asian close June 22, according to S&P Global data. Asian gasoline market ...

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A dozen EU countries affected by Russian gas cuts, EU climate chief says

A dozen European Union countries have now been affected by cuts to gas supply from Russia, EU climate policy chief Frans Timmermans said on Thursday, as the bloc faces a deepening energy standoff with Moscow. Russia slashed flows through its Nord Stream 1 pipeline to 40% of capacity last week citing problems with equipment, having already cut gas to Poland, Bulgaria, the Netherlands, Denmark and Finland over their refusal to comply with a new payment scheme. Timmermans said 10 of the EU’s 27 member countries have issued an “early warning” ...

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ONGC seeks minimum $17 price for coal gas from Bokaro block in Jharkhand

State-owned Oil and Natural Gas Corporation (ONGC) is seeking a minimum USD 17 price for the gas it plans to produce from coal seams in its Bokaro CBM block in Jharkhand. ONGC invited bids for the sale of 0.20 million standard cubic metres per day of gas it plans to produce from the Bokaro CBM block by the year-end, according to a tender document. It sought bids on a formula indexed to the prevailing Brent crude oil price. The reserve or floor price of gas will be 14 per cent ...

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U.S. refiners to urge White House not to ban fuel exports -sources

U.S. refiners will try to convince the Biden administration not to ban fuel exports to combat sky-high gasoline prices, according to sources familiar with plans for a meeting set for Thursday. The White House has called an emergency meeting with top U.S. refiners to discuss ways to bring down record pump prices that have driven inflation to 40-year highs. The meeting follows weeks of mudslinging between U.S. President Joe Biden and oil companies over who is to blame for price spikes affecting consumers worldwide. In the weeks leading up to ...

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Russia’s lowering of gas flows a ‘rogue move’ -European Commission

Russian reduction of gas flows to Europe are “very rogue moves” a senior European Commission said on Wednesday, saying plans to step up coal use in the bloc would be temporary and climate goals remained intact. “The unlawful invasion by Russia of Ukraine has resulted in an emergency situation in the EU,” Elina Bardram, acting director for International Affairs and Climate Finance at the European Commision, told the Africa Energy Forum in Brussels. “With the very rogue moves we are observing from the Putin administration in terms Gazprom lowering the ...

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US refining capacity falls to lowest mark in 8 years amid record prices: EIA

The nation’s capacity to refine crude oil into fuel and other products fell below 18 million b/d at the beginning of 2022 and hit its lowest level since 2014, according to the federal government’s annual refinery capacity report released June 21. The US Energy Information Administration projects the nation’s operable crude refining capacity dipped to 17.94 million b/d as of Jan. 1, which is down from 18.09 million b/d at the beginning of 2021, and from the record high of 18.98 million b/d in 2020 before the pandemic took hold. ...

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Sempra Infrastructure and INEOS Energy Trading Sign Heads of Agreement for LNG Supply

Sempra Infrastructure, a subsidiary of Sempra (NYSE: SRE) (BMV: SRE), and INEOS Energy Trading Ltd., a subsidiary of INEOS, a global chemical products manufacturer, today announced they have entered into a heads of agreement (HOA) for the long-term supply of liquefied natural gas (LNG) from Sempra Infrastructure’s Gulf Coast LNG portfolio of projects under development in North America. The HOA provides the framework for the negotiation and finalization of a definitive 20-year LNG sale and purchase agreement for approximately 1.4 million tonnes per annum (Mtpa) of LNG delivered free-on-board from ...

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India’s BPCL halves crude runs at Mumbai refinery; plans repairs at other plants

Bharat Petroleum Corp Ltd (BPCL) BPCL.NS has shut half of its crude processing capacity at its 240,000 barrels per day (bpd) Mumbai refinery in western India since June 10 to carry out maintenance, a company spokesman said. The state-run refiner has shut a 120,000 bpd crude unit and some secondary units including diesel hydro desulfuriser and hydrogen generation units for 20 to 25 days, the spokesman said. Other units are functioning as normal, he said. BPCL had planned the maintenance shutdown for March but pushed it back to take advantage ...

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Asian refining margin for gasoline soars to new record

Asian refining margin for gasoline soared to record level of $38.05 a barrel on Wednesday, according to Refinitiv Eikon data that goes back to 2000. The crack traded at $37.98 per barrel on Monday. Source: Reuters

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EUROPE GAS-Prices rise on Norway outage, sustained low Russian flows

British and Dutch wholesale gas prices edged higher on Wednesday morning on lower flows from Norway while overall the European market is starting to settle amid steady, albeit curbed, Russian supply. The British day-ahead contract rose by 11.50 pence to 209 pence per therm by 0856 GMT, with the weekend contract up by 13 pence at 190 p/therm. Flows from Norway to Britain fell by 20 million cubic metres on Wednesday to 36 million cubic metres in the wake of a compressor failure at the vast Troll field, Refinitiv Eikon ...

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EUROPE GAS-Prices edge higher on continued Russian supply fears

Dutch wholesale gas prices rose on Tuesday morning as Europe grappled with low flows of gas from Russia and British near-term prices were lifted by lower supply from Norway. The Dutch July contract TRNLTTFMc1 was up 2.60 euros at 126.00 euros per megawatt hour (MWh) by 0907 GMT. The day-ahead contract TRNLTTFD1 was up 2.50 euros at 125.00 euros/MWh. Flows of gas from Russia through the Nord Stream 1 pipeline and via Ukraine were steady on Tuesday, but remain significantly lower than early last week after Russian gas supplier Gazprom ...

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Kremlin places blame for gas crisis at Europe’s door

The Kremlin said on Monday that Europe only had itself to blame for the crisis in the gas market and demanded that gas turbines used by the Nord Stream 1 pipeline should be returned. Russia’s state-controlled gas firm, Gazprom, cut capacity along Nord Stream 1 last week, citing the delayed return of equipment currently being serviced by Germany’s Siemens Energy in Canada. Kremlin spokesman Dmitry Peskov told reporters that Russia has gas to supply but that equipment should be sent back first, adding that the recent crisis was of a ...

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QatarEnergy, ConocoPhillips tie up for LNG expansion project

QatarEnergy on Monday signed a deal with ConocoPhillips COP.N for the Gulf state’s North Field East expansion, the world’s largest liquefied natural gas (LNG) project, following agreements with TotalEnergies TOTF.PA and Eni ENI.MI. Qatar is partnering with international companies in the first and largest phase of the nearly $30 billion expansion that will boost Qatar’s position as the world’s top LNG exporter. The companies will form a joint venture that will take a 12.5% stake in North Field East and ConocoPhillips will have a 25% stake in that joint venture. ...

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ExxonMobil and QatarEnergy to expand LNG production with North Field East agreement

ExxonMobil and QatarEnergy today announced they have signed an agreement to further develop Qatar’s North Field East project, which will expand Qatar’s annual LNG capacity from 77 million tons to 110 million tons by 2026. The deal was announced at QatarEnergy’s headquarters in Doha. “We are collaborating with QatarEnergy on North Field East to accelerate the production of secure, affordable and cleaner energy our world needs,” said Darren Woods, chairman and chief executive officer for ExxonMobil. “ExxonMobil has a long history of working in Qatar, responsibly producing energy, and we ...

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Germany risks recession as Russian gas crisis deepens

Germany faces certain recession if already faltering Russian gas supplies completely stop, an industry body warned on Tuesday, as Sweden joined a growing list of European nations rolling out emergency plans to cope with a deepening energy supply crisis. European Union countries from the Baltic Sea in the north to the Adriatic coast in the south have been outlining measures to cope with a supply crisis after Russia’s invasion of Ukraine. The EU relied on Russia for as much as 40% of its gas needs before the war – rising ...

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