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Russia-EU gas flows via Nord Stream, Ukraine remain steady

Russian gas flows to Europe via the Nord Stream pipeline and via Ukraine remained steady on Thursday, operator data showed. Physical flows via the Nord Stream 1 pipeline from Russia to Germany were at 14,415,629 kilowatt hours an hour (kWh/h) for 0800-0900 CET, a similar level to the previous 24 hours. Russia cut flows on the pipeline to just 20% of its capacity on July 27 citing maintenance work. Nominations for Russian gas flows into Slovakia from Ukraine via the Velke Kapusany border point were at around 36.7 million cubic ...

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DES Northwest Europe LNG assessed at record $17.05/MMBtu discount to TTF hub

The delivered price of LNG into Northwest Europe was assessed July 27 at a record discount of $17.05/MMBtu to the Dutch TTF hub front-month price, based on market intelligence. The further decoupling of European LNG versus inland European gas comes amid a mismatch of where supply is coming into the continent and where it is most in demand. At current discount levels, if you had a cargo going to a French terminal, for instance, it would almost be better to send the cargo to Asia, an Atlantic-based trader said. “The ...

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Valero kicks off U.S. refinery results with Q2 profit jump

Refiner Valero Energy Corp VLO.N reported a rise in second-quarter profit on Thursday, boosted by higher demand for fuel and refined products. Net income attributable to the company’s stockholders was $4.7 billion, or $11.57 per share, for the three months ended June, compared with $162 million, or 39 cents per share, a year earlier. Source: Reuters (Reporting by Arunima Kumar in Bengaluru; Editing by Shinjini Ganguli)

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ADNOC awards $2 bil drilling contracts for sour gas project amid self-sufficiency goal

Abu Dhabi National Oil Co. has awarded $2 billion worth of drilling contracts to spur the development of the Hail and Ghasha sour gas project as part of its plans to help OPEC’s third-biggest producer achieve gas self-sufficiency, it said in a statement on July 27. ADNOC Drilling, in which the parent company has a stake, won the two contracts, ADNOC said. The project is part of the Ghasha concession, the world’s largest offshore sour gas development, which includes four artificial islands that have been completed. Production from Ghasha is ...

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EUROPE GAS-Dutch gas prices hit 4-month intraday high on further Nord Stream 1 cuts

British and Dutch gas prices rallied on Wednesday with some contracts hitting their highest intraday levels since March after Russia further reduced gas flows via the Nord Stream 1 pipeline. Russian gas exporter Gazprom said on Monday it was halting one more turbine on Nord Stream 1 for maintenance from July 27, which would cut capacity to just 20%, or 33 million cubic metres (mcm) of gas per day. The front-month Dutch gas contract was up 26.18 euros to 222.50 euros per megawatt hour (MWh) at 0839 GMT, while the ...

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REFINERY NEWS ROUNDUP: Some maintenance continues in Russia

Some refinery maintenance continues in Russia in July while the market is starting to prepare for the autumn turnarounds. Meanwhile, Russian plants are boosting runs on good margins. According to Kommersant daily, Russian refinery throughput could reach 24 million mt (around 5.6 million b/d) in July as oil companies restore runs to last year’s levels. In July 2021, Russian refineries processed 23.51 million mt, according to energy ministry data. Recent data has been unavailable as Russia stopped publishing it shortly after it invaded Ukraine. Apart from strong summer domestic demand, ...

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Korean refining exports at record high of $28 bn H1, shipping out 61% of crude imports

Exports by Korea’s refining majors SK energy, GS Caltex, S-Oil, and Hyundai Oilbank reached milestone $27.96 billion in the first half of the year, up 97.6 percent from a year ago and highest-ever, according to the Korea Petroleum Association (KPA). They helped to aid the trade balance amid widening deficit from jump in fuel costs as they exported about 61% in refined fuel from crude imports of $46 billion in the first half. Source: Pulse

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After default, Ukraine’s Naftogaz to offer new agreement immediately

Ukrainian energy company Naftogaz, the first state-owned entity to default since Russia’s invasion, said on Wednesday it will immediately offer its Eurobond holders an agreement to defer payments in accordance with terms set by the government. The process should be part of a joint effort by the government and other state-owned companies to offer similar terms for deferring payments on Eurobonds, the company said in a statement. Naftogaz said on Tuesday it would not make payments on international bonds before the expiry of a grace period. Source: Reuters (Reporting by ...

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Russia likely to maintain grip on Kazakhstan-China oil pipeline

Russia is likely to remain the dominant supplier of oil through the Kazakhstan-China pipeline even as Kazakhstan looks to diversify export routes, industry players say. The Central Asian nation ships most of its crude to Western markets via Russia, but the main pipeline it utilises has curbed shipments twice so far this year. Most recently, a Russian court ordered the CPC pipeline to suspend operations over spill concerns, before another court changed the ruling to a fine. Amid the disruptions, Kazakh President Kassym-Jomart Tokayev ordered his government to look for ...

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Gas shortage in Germany still avoidable, says regulator

Germany’s gas regulator said on Wednesday a gas shortage was still avoidable, even as Russian supplies through the Nord Stream 1 pipeline into Germany are set to halve, but warned industry and consumers would have to work harder to save gas. State-controlled Russian giant Gazprom GAZP.MM has said flows will fall to 33 million cubic metres per day, a fifth of the normal capacity, from Wednesday because it needed to halt the operation of a gas turbine at a compressor station on instructions from an industry watchdog. Requests for Russian ...

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Kremlin: Gazprom is supplying as much gas to Europe as possible

Russia’s Gazprom is supplying as much gas to Europe as possible, Kremlin spokesman Dmitry Peskov told reporters on Wednesday, adding that sanctions-driven technical issues with equipment were preventing Gazprom from exporting more. Russia delivered less gas to Europe on Wednesday in a further escalation of an energy stand-off between Moscow and the European Union that will make it harder, and costlier, for the bloc to fill up storage ahead of the winter heating season. The cut in supplies, flagged by Gazprom earlier this week, has reduced the capacity of the ...

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Germany’s LNG expansion targets exceed demand: study

The planned construction of 12 liquefied natural gas (LNG) terminals would “far exceed demand”, and could even jeopardize Germany’s climate targets, a study published by Greenpeace on Monday has warned. Import capacities would “significantly exceed the current Russian gas supplies and would lead to a long-term dependence on climate-damaging gas,” according to the study by the German consulting firm EnergyComment. The German government wants the country to become less dependent on gas imports, and to this end, a new law has been passed to speed up the construction of pipelines, ...

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Nord Stream gas flows to fall to 33 million cu m/d July 27: Gazprom

Natural gas flows from Russia to Germany via the Nord Stream pipeline will fall to 33 million cu m/d at 0700 Moscow time (0500 BST) due to the cessation of operations on another Siemens gas turbine at Portovaya, Gazprom said in a press release. Due to the end of the time between overhauls before overhaul (in accordance with the instructions of Rostekhnadzor and taking into account the technical condition of the engine), Gazprom [stopped] the operation of another Siemens gas turbine engine at the Portovaya CS,” the company said, adding, ...

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Japan to introduce new refining regulations, incorporate decarbonization efforts

Japan will start formal policy discussions July 28 to introduce a fourth round of refining regulations aimed at boosting the processing volume of vacuum residue, with preferential treatment expected for efforts to decarbonize the refining process, sources told S&P Global Commodity Insights July 26. The talks will be launched by the Ministry of Economy, Trade and Industry’s natural resources and fuel committee, which will present ideas for new regulations and review regulatory responses from the last round that expired at the end of March, the METI sources said. The new ...

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Russia-EU gas flows via Nord Stream dip, flows via Ukraine remain steady

Russian gas flows to Europe via the Nord Stream pipeline edged lower on Tuesday morning ahead of an expected cut in capacity from Wednesday, while flows through transit routes via Ukraine remained steady. Physical flows via the Nord Stream 1 pipeline were at 27,749,860 kilowatt hours an hour (kWh/h) for 0800-0900 CET (0600-0700 GMT), down from levels above 29,000,000 kWh/h over most of the previous day. Russian energy giant Gazprom said it needs to halt operation of a turbine which will mean the pipeline will operate at just 20% of ...

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