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High natural gas prices could lead to spike in food costs through fertilizer link

Global fertilizer prices soared to multi-year highs in the past few months following surge in prices of key feedstocks natural gas and coal, and certain export restrictions put in place by supplying countries. Around the globe, natural gas is used as a raw material as well as fuel for nitrogen fertilizer production. In some countries such as China, coal is gasified into ammonia and used for manufacturing fertilizers. Nitrogen fertilizers are the most used fertilizers in the world. Ammonia, phosphorous and potash are the other important fertilizer components. According to ...

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Uniper CEO expects Nord Stream 2 to carry gas in next heating season

Uniper, one of the financial backers of Nord Stream 2, expects the pipeline to be available for gas transport from the start of the next winter heating season in October, its CEO said. The pipeline, which is technically complete, still needs to be certified by the German network agency. Uniper’s UN01.DE chief executive Klaus-Dieter Maubach told the annual Handelsblatt energy summit this was expected by late summer. “I expect – assuming that the Ukraine-Russia conflict does not escalate – that the pipeline Nord Stream 2 will have successfully gone through ...

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Japan’s LNG stocks fall 7% on week to 2.01 mil mt, lowest since end-Oct: METI

Japan’s LNG stocks held by major power utilities fell 6.9% on the week to 2.01 million mt on Jan. 16, the lowest since end-October 2021, Ministry of Economy, Trade and Industry said Jan. 19. The latest LNG inventory data underlines continued depletion in stocks seen over the last few weeks amid peak winter power demand season. The Jan. 16 LNG stocks fell from 2.16 million mt on Jan. 9, but were above the 1.49 million mt held at the end of January 2021, as well as the four-year average of ...

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China’s 2022 electricity consumption growth to slow as economy cools

China’s 2022 power demand growth is expected to slow as the country’s economy cools and fuel prices rise, following a 10.3% year on year increase in 2021 that accounted for nearly half of the total increase in global electricity consumption. The softer electricity demand growth projections come amid China’s policies to decarbonize power generation fuels, the inclusion of its power sector in the country’s national carbon market, growing electrification of consumer and transport sectors and an energy crisis that forced a reassessment of its energy policy. China consumed 8,312.8 TWh ...

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REFINERY MARGIN TRACKER: European margins rise as natural gas prices fall

European margins rose as increased natural gas supply tamped down the region’s record-high prices, reducing the cost for many of the plants dependent on the fuel to operate, boosting margins and increasing exports of refined products from the region, an analysis by S&P Global Platts showed Jan. 18. About 80% of all European refineries depend on natural gas to power their plants, with refineries located in the big oil refining centers like Northwest Europe’s Amsterdam-Rotterdam-Antwerp getting virtually all their power from natural gas. They have been hamstrung by the record-high ...

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Kremlin says idle Nord Stream 2 is bad for gas consumers, economy

Kremlin spokesman Dmitry Peskov said on Wednesday that the fact no gas was being shipped through the Nord Stream 2 pipeline to Germany, which is awaiting regulatory clearance, was bad for gas consumers and economic development during the COVID-19 pandemic. Construction of Nord Stream 2, which runs on the bed of the Baltic Sea, was completed in September, but it has not been cleared yet by regulators in Germany and the European Union. Germany signalled on Tuesday it could block it if Russia re-invaded Ukraine. Source: Reuters (Reporting by Dmitry ...

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World needs to invest $3 trln-plus in renewables in 10 years -UAE minister

The world needs to invest at least $3 trillion in renewable energy in the next 10 years, state news agency WAM quoted United Arab Emirates (UAE) Industry Minister Sultan al-Jaber as saying on Tuesday in Dubai. The minister, who is also the Abu Dhabi National Oil Company (ADNOC) chief executive, added that the UAE remains committed to providing reliable supplies of oil and gas with less carbon emissions. The minister was attending a session at Abu Dhabi Sustainability Week Summit at the Expo 2020 site in Dubai. Reporting by Moataz ...

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US gas production drop, colder weather promises tighter supply, higher prices ahead

NYMEX prompt-month gas futures prices may be edging back toward the $5 level by later this month as flagging domestic gas production and colder weather over the days ahead promise to tighten US supply. Over the past week, both gas futures and cash prices at the benchmark Henry Hub have zoomed past $4, even trading briefly into the $4.70s to $4.80s/MMBtu, data from S&P Global Platts shows. On Jan. 18, the prompt-month contract was up as much as 13 cents from its prior settlement to trade around $4.30 to $4.40/MMBtu. ...

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EUROPE GAS-Prices tumble on improved Norwegian flows, strong LNG supply

British and Dutch gas prices fell on Wednesday morning, weighed down by improving flows of Norwegian gas, strong supply of liquefied natural gas (LNG) and mild weather forecasts. The British contract for day-ahead delivery was down by 13.50 pence to 176.50 pence per therm, while the March contract was down 20 pence at 180.00 pence per therm by 1007 GMT. The Dutch contract for February delivery fell by 7.5 euros to 72.50 euros per megawatt hour (MWh). “We expect falling prices today, as the weather forecasts for Northern and Central ...

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German transport minister says we can’t exit coal without stepping up gas use

Germany cannot phase out coal-fired electricity generation without using gas to fuel the transition, transport minister Volker Wissing said at an energy conference on Monday. “This is a challenge of similar dimension to moving to zero-neutral mobility,” the politician of the business-friendly FDP said during the annual Handelsblatt Energy Conference, adding there were no easy solutions for decarbonising individual sectors. “Voters expect us resolve these questions and therefore everybody is responsible for addressing and living up to the energy transition challenges,” said Wissing. Source: Reuters (Reporting by Vera Eckert amd ...

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Yamal gas flows east for 29th day as volume increases

Gas flowed east along the usually westbound Yamal-Europe pipeline for a 29th consecutive day on Tuesday as Polish buyers sought stored gas from Germany instead of buying at currently high spot prices from Russian supplier Gazprom. “For now, European customers are not looking for more gas from Gazprom, likely due to the elevated gas prices, and are covering demand via gas from storages,” VTB Capital said in a note. Buyers drew 15.6 billion cubic metres of gas from European storage last month in the fourth largest drawdown since records began ...

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Australia’s jet fuel demand battered by omicron, but medium-term outlook brighter

The prospects of near-term recovery in Australia’s jet fuel demand remain bleak as a surge in omicron infections upend staffing levels and summer holiday plans despite the country’s high vaccination rates, industry sources said. However, the outlook for the medium term is more optimistic, with industry sources deeming the dent in the country’s immediate jet fuel demand a temporary setback as the number of omicron cases was seen to be nearing it is peak in the most populous eastern states. “Australia’s kerosene/jet demand is expected to slow in Q1 with ...

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Energean expects first gas from Karish field in Q3

Eastern Mediterranean focused oil and gas producer Energean ENOG.L expects first gas from its flagship Karish project offshore Israel to flow in the third quarter, it said on Tuesday. Energean had previously said it expected first gas in mid 2022. The start-up of the field had already been pushed back as works on the floating production vessel was hit by the coronavirus. Source: Reuters (Reporting by Shadia Nasralla, Editing by Louise Heavens)

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Germany cannot rule out Nord Stream 2 as means of pressure, says foreign policy expert

Germany cannot rule out using the Nord Stream 2 pipeline as a means of political pressure against the Kremlin in case of further Russian aggression towards Ukraine, German Foreign Affairs Committee Chairman Michael Roth told broadcaster ARD on Tuesday. “We are counting on a diplomatic-political solution, and the diplomatic toolbox also includes sanctions,” Roth told ARD. “If we should really come to sanctions, and I still hope we will be able to avoid that, then we cannot rule out in advance things that may be demanded by our partners in ...

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Japan to explore 1.4 Tcf of recoverable gas reserves for 46.7 Bcf/year output

Japan intends to explore 1.4 Tcf of estimated recoverable natural gas reserves offshore Shimane and Yamaguchi prefectures in the west that could produce 46.7 Bcf/year of gas after starting output in 2032, an official at the Ministry of Economy, Trade and Industry told S&P Global Platts Jan. 17. The move follows “considerable gas shows” in a series of Japan’s funded drilling operations conducted by INPEX until the fiscal year 2019-20 (April-March), marking the first domestic project, which enters an exploration phase with the government’s support from initial geological structure surveys, ...

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