In 2024, the U.S. East Coast became a consistent destination for small volumes of renewable diesel as a few suppliers and local governments began offering or consuming the fuel. Because no renewable diesel is produced on the East Coast, suppliers and local governments are procuring their supply from a combination of imports and interregional U.S. shipments. Renewable diesel is a transportation and heating fuel that is chemically equivalent to petroleum-based distillate and is produced using fats, oils, or greases rather than petroleum. The fuel is primarily consumed on the West ...

U.S. natural gas futures fell about 4% to a two-week low on Tuesday on rising output and forecasts for milder weather and less heating demand next week than previously expected. Front-month gas futures NGc1 for January delivery on the New York Mercantile Exchange fell 12.1 cents, or 3.8%, to $3.092 per million British thermal units (mmBtu) at 10:09 a.m. EST (1509 GMT), putting the contract on track for its lowest close since Nov. 19. Looking ahead, the market is showing signs of giving up on thoughts that extreme cold could ...

Asia’s gasoline margins continued to strengthen on Tuesday, on bullish sentiments regarding the short-term outlook on the market buoyed by gasoline export rebate cuts in China. The crack climbed to $8.23 per barrel over Brent crude, its highest since July 31. Regional traders shared they expect the short-term gasoline margins to continue to be on an upward trajectory due to seasonal rise in demand and expect margins to plateau around late Jan. In naphtha, the margins dipped by $3.71 to settle at $82.97 per metric ton over Brent crude. The ...

Enbridge on Tuesday forecast higher core profit for 2025as the Canadian pipeline operator expects strong oil and gas demand to lift volumes, sending its U.S.-listed shares up 1% in premarket trading. The company forecast adjusted core earnings between C$19.4 billion ($13.82 billion) and C$20 billion next year, higher than its 2024 expectations. U.S. natural gas producers said in November they would increase output in 2025 after a series of production cuts in the current year, as increased demand from LNG export plants is expected to drive up prices. “Global oil ...

Argentina plans to launch an auction “as soon as possible” for a project to boost natural gas takeaway capacity from the Vaca Muerta shale play, helping to boost domestic supplies to reduce imports of LNG and liquid alternatives like diesel, Energy Secretary María Tettamanti said Dec. 2. The government issued a decree Dec. 2 authorizing the project, which is a private initiative of Transportadora de Gas del Sur, the country’s biggest gas pipeline operator. By law the government now must offer the project in a bidding round, with TGS holding ...

The European benchmark gas contract remained near its highest level in 13 months on Tuesday amid colder weather, the decline of storage inventories and as Asian liquefied natural gas (LNG) prices continue to rise. The benchmark front-month contract at the Dutch TTF hub inched up by 0.25 euro to 48.72 euros per megawatt hour (MWh), or $15.43/mmBtu, by 0917 GMT. It was still at its highest intraday level since Nov. 6, 2023. In Britain, the day-ahead contract gained 0.50 pence to 121.25 pence/therm. Temperatures in north-west Europe are forecast to ...

Power forward prices are trending lower compared to a year ago as natural gas storage inventories are starting the winter season with an eight-year high, the US Energy Information Administration said on Dec. 2. “The US writ large is entering the winter with its largest natural gas storage inventories since 2016, and as a result, we’re expecting a slowdown in production in an effort to drive prices back up after historic lows in 2024,” said Shayne Willette, S&P Global Commodity Insights senior research analyst. “Generators have capitalized on weak natural ...

Russia plans to take 1.1 million metric tons of refining capacity offline in December, up more than 60% from a previous estimate but still less than half the 2.4 million tons in November, according to Reuters calculations based on data from industry sources. A decline in idle capacity means refineries consume more feedstock to produce fuel, making less crude available for export. Technological stoppages and maintenance of some units at the Krasnodar, Komsomolsk, Volgograd, Ilsky and Yaisk oil refineries will contribute to the upwards revision for December. The offline capacity ...

The European benchmark gas contract hit its highest level in 13 months on Monday morning as flows of Russian gas via Ukraine eased slightly, colder weather forecasts and as gas storage levels in Europe continued to decline. The benchmark front-month contract at the Dutch TTF hub TRNLTTFMc1 rose by 1.18 euro to 49.08 euros per megawatt hour (MWh), or $15.12/mmBtu, by 0912 GMT. It briefly hit 49.22 euros/MWh in early trade, the highest intraday level since Nov. 6 2023. In Britain, the day-ahead contract TRGBNBPD1 gained 5.20 pence to 121.50 ...

Russian gas exports through Ukraine to Europe were down more than 3% on Sunday and Monday from levels seen in recent months, while nominations for gas to and from Slovakia were stable, data from Gazprom and a pipeline operator showed. Russian gas producer Gazprom GAZP.MM said it would send 40.8 million cubic metres (mcm) of gas to Europe via Ukraine on Monday, up from 40.6 mcm on Sunday but down from more than 42 mcm seen in recent months. Russia halted gas supplies to Austria’s OMV OMVV.VI in mid-November due ...

China has built and connected the 5,111-km (3,175-mile) Power-of-Siberia pipeline to deliver gas from Russia’s Siberian fields to users as far as the financial hub of Shanghai, Chinese state media reported on Monday. The completion will allow the project to reach its full annual designed capacity of 38 billion cubic meters in 2025, roughly 9% of China’s consumption this year. Chinese builders added the last section, a 167-km line from Nantong to Luzhi in the eastern province of Jiangsu, around mid-November, completing the massive project seven months ahead of schedule. ...

Asia’s naphtha margins strengthened on Monday, although the upside to the rise is capped by lower demand due to the planned turnarounds of several regional crackers. The margins climbed by $0.89 to $86.68 per metric ton over Brent crude. In gasoline, the margins climbed to a four-month high, boosted by increasing demand in lieu of the festive travel season. The margings reached $7.79 per barrel over Brent crude, its highest since Aug. 2. In tenders, Mangalore’s MRPL was offering 75,000 metric tons of 95-octane gasoline for the loading period of ...

Working natural gas in storage in the Lower 48 states ended the natural gas injection season with 3,922 billion cubic feet (Bcf), according to estimates based on data from our Weekly Natural Gas Storage Report released on November 7. U.S. inventories are starting winter 2024–25 with the most natural gas since 2016. Inventories are currently 6% above the five-year (2019–23) average, despite less-than-average injections into storage throughout the entire injection season, which runs April 1 through October 31. Less natural gas than the five-year average was injected in nearly every ...

U.S. natural gas futures fell nearly 5% to a more than a one-week low on Monday, pressured by an increase in output and forecasts for less cold weather expected to lower heating demand over the coming week. Front-month gas futures NGc1 for January delivery on the New York Mercantile Exchange were down 15.2 cents, or 4.5%, at $3.21 per million British thermal units at 9:23 a.m. EST (1423 GMT), hitting its lowest level since Nov. 22. “The combination of the higher production estimate and the heating degree days getting dropped ...

Asia’s spot middle distillates premiums softened on Monday, with some physical window deals emerging again after several thin trading sessions. Cash premiums for both gasoil and jet fuel were pegged lower, reflecting lower-priced trades for prompt loading dates in the second half of December. The refining margin for 10ppm sulphur gasoil held stable near premiums of $15.30 a barrel on Monday, remaining capped due to incremental regional supply. Meanwhile, the regrade spread closed at a premium of 56 cents a barrel, narrowing from the previous session. SINGAPORE CASH DEALS – ...