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EUROPE GAS-UK prices fall on weak demand, Dutch prices edge higher

Prompt British wholesale gas prices fell on Wednesday morning as strong output from the country’s wind farms curbed demand for gas from power stations while Dutch prices edged higher amid weaker supply. British gas for immediate delivery fell by 11 pence to 105 pence per therm by 0822 GMT, while the day-ahead price was 13 pence lower at 106 p/therm. Forecasts of high output from the country’s wind farms led to expectations of lower demand for gas from power plants. Refinitiv analysts forecast gas-for-power demand at 41 million cubic metres ...

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Gas and condensate discoveries to be developed in the Norwegian Sea

The area consists of six gas and condensate discoveries and option on another three prospects. The partnership today submits the plan for development and operation to the Ministry of Petroleum and Energy. “Gas is an important energy carrier for Europe. Halten East utilises the existing gas infrastructure on the Norwegian continental shelf (NCS) and will add important volumes that will generate substantial value. The project is a good example of how Equinor works with partners and government authorities across production licences to find smart solutions for optimal resource exploitation from ...

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ENGINE: East of Suez Bunker Fuel Availability Outlook

Singapore VLSFO availability is super tight in Singapore amid limited cargo inflows. This comes at a time when HSFO has become more readily available with support from higher cargo imports, stretching Singapore’s Hi5 spread to nearly $300/mt. HSFO supply was squeezed from April and into May, following a major organic chloride contamination issue, vigilance about bunkering HSFO and more elaborate quality testing. These concerns have abated somewhat since. Cargo tracker Vortexa projects that Singapore’s fuel oil imports, which include HSFO and low sulphur fuel oil (LSFO), will reach 659,000 b/d ...

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G7 ministers may pledge to phase out coal, decarbonise power -draft

Climate ministers from the Group of Seven economic powers will this week consider committing to phase out polluting coal-fuelled energy by 2030 and decarbonise their power sectors by 2035, according to a draft meeting communique seen by Reuters. The invasion of Ukraine by Russia, a top fossil fuel exporter, has triggered a dash among some countries to buy more non-Russian fossil fuels and burn more coal to cut reliance on Russian gas – raising fears that the energy crisis triggered by the war could undermine efforts to fight climate change. ...

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India’s crude oil production drops 0.95% to 2469.67TMT in April

India’s crude oil production fell by 0.95 per cent year-on-year to 2,469.67 thousand metric tonnes (TMT) in April due to lower output from fields operated by private firms, the government data showed on Tuesday. However, the crude oil production in April is 3.47 per cent higher than the target for the month. Crude oil production by Oil and Natural Gas Corporation (ONGC) in nomination block during April 2022 was 1,650.65 TMT which is 4.93 per cent higher than the target and 0.86 per cent higher than the production during April ...

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Russian oil’s Achilles’ heel: insurance

Russia has so far deflected much of the impact of sanctions on its oil trade but the insurance industry threatens to throw a spanner in the works unless Moscow and its customers can plug a gap left by Western underwriters. Insurers from Europe and the United States, which dominate the international marine market, are curtailing coverage for Russian oil tankers, industry sources say, to avoid breaching sanctions imposed in the wake of Moscow’s invasion of Ukraine. Even non-Russian vessels are now at risk of being dropped by Western insurers if ...

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European Commission and International Energy Agency in a common bid to reduce EU reliance on Russian fossil fuels

The European Commission and the International Energy Agency are joining forces to help EU countries reduce their reliance on Russian fossil fuels. By strengthening investments in clean energy and energy efficiency, the project aims to mitigate the impact of Russia’s invasion of Ukraine on the EU energy sector. In the framework of this common endeavour, the Commission is offering support to Member States to reduce their dependence on Russian fossil fuels through the Technical Support Instrument. 17 EU countries have already joined the project. This support is in line with ...

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U.S. crude stocks fell in most recent week

Crude inventories fell by 1 million barrels in the week to May 20 to 419.8 million barrels, compared with analysts’ expectations in a Reuters poll for a 737,000-barrel drop. Crude stocks at the Cushing, Oklahoma, delivery hub fell by 1.1 million barrels in the last week, EIA said. Refinery crude runs rose by 334,000 barrels per day in the last week, EIA said. Refinery utilization rates rose by 1.4 percentage points in the week. U.S. gasoline stocks fell by 482,000 barrels in the week to 219.7 million barrels, the EIA ...

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EIA US natural gas storage report likely to post widest deficit yet for 2022

US natural gas in storage likely expanded at a below-average pace in the final week of May as blistering heat across Texas and the Midcontinent limited injections to inventory, lending further support to the rally in NYMEX gas futures. The US Energy Information Administration this week is expected to report an 87 Bcf injection to US gas storage for the week ended May 20, according to this week’s survey of analysts by S&P Global Commodity Insights. Responses to the survey were reported in a much wider range this week, with ...

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EU, United States pushing for global fuel production increase – Scholz

The European Union and United States are trying to convince oil and gas-producing countries to increase their production to help lower global fuel prices, German Chancellor Olaf Scholz said in an interview with Deutsche Welle. “It is necessary that we start to increase the supply with gas, with fuel, with all the things to make it feasible for the countries to pay for their bill,” Scholz was quoted as saying, asked about an U.S.-EU initiative mentioned by his economy minister. “We are now discussing with all these countries that are ...

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China’s natural gas output up 4.7 pct in April

China saw a steady increase in its natural gas output in April, official data showed. The country’s natural gas output was 17.7 billion cubic meters in April, up 4.7 percent from a year ago, according to the National Bureau of Statistics. In the first four months of this year, China reported a total of 74.7 billion cubic meters of natural gas production, up 6.2 percent year on year. During the January-April period, China imported a total of 35.87 million tonnes of natural gas, down 8.9 percent year on year, the ...

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Global gas crunch claims first Australian trading casualty

A gas seller that supplied 7% of the eastern Australian market has collapsed due to soaring global gas prices, the first significant casualty in the country from the global gas supply crisis due to sanctions on Russia for its invasion of Ukraine. The Essential Services Commission on Tuesday suspended private gas retailer Weston Energy from the wholesale gas market for failing to meet financial security requirements and said the company’s 184 large and medium-sized customers would be shifted to other suppliers. The collapse of Weston Energy underscores energy price concerns ...

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Oil prices edge higher on tight supply, firmer demand expectations

Oil prices rose on Wednesday, buoyed by tight supplies and the prospect of rising demand from the upcoming start of the summer driving season in the United States, the world’s biggest crude consumer. Brent crude futures for July rose 44 cents, or 0.4%, to $114.00 a barrel by 0619 GMT. Brent futures gained 0.1% on Tuesday and are up for a fifth day. U.S. West Texas Intermediate (WTI) crude futures for July delivery rose 51 cents, or 0.5%, to $110.28 a barrel. The contract settled down 52 cents on Tuesday. ...

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Aramco CEO warns of global oil crunch due to lack of investment

The world is facing a major oil supply crunch as most companies are afraid to invest in the sector as they face green energy pressures, the head of Saudi Aramco told Reuters, adding it cannot expand production capacity any faster than promised. Amin Nasser, head of the world’s largest oil producer, said on Monday he was sticking to the target of expanding capacity to 13 million barrels per day from the current 12 million by 2027, despite calls to do it faster. “The world is running with less than 2% ...

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China’s economy-boosting measures to help jet fuel, gasoil demand recovery

China’s State Council decided to take measures to improve logistics from tight movement control amid COVID-19 and boost infrastructure construction, which is expected to support jet fuel and gasoil demand recovery, according to a report by the government-backed Xinhua News agency on May 24. China’s dynamic zero-COVID control has slowed the country’s economic activities since early March and fuel consumption worsened in April amid a protracted lockdown in Shanghai. This led China’s industrial production in April to fall 2.9% year on year. Representing the contraction, the purchasing manager’s index, or ...

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