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China’s comprehensive LNG import price up

China’s comprehensive import price index for liquefied natural gas (LNG) fell last week, according to the Shanghai Petroleum and Natural Gas Exchange (SHPGX). The LNG index, not including tax, came in at 2,822 yuan (about 397.8 U.S. dollars) per tonne in the week ending May 17, up 20 percent from the previous week. The index, jointly developed by a monitoring center under the General Administration of Customs and the SHPGX, was launched on Oct. 16, 2019, and is due on a weekly basis to offer a new pricing reference for ...

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GLOBAL LNG-European price slump drags down Asian LNG

Asian spot prices for liquefied natural gas (LNG) were dragged down this week by a sharp drop in European gas prices and global oversupply. The average LNG price for July delivery into northeast Asia LNG-AS was estimated at between $1.85 and $2.00 per million British thermal units (mmBtu) on Friday, compared to the $2.40 per mmBtu assessment of June delivery last week. “European gas prices are taking LNG prices lower across the globe,” an LNG trader said. The front-month price on the Dutch market dropped by almost 30% in the ...

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Gas production to resume at Israel’s Leviathan after brief halt -company

Production at Israel’s offshore Leviathan natural gas field will resume in the coming hours after an emergency shutdown on Saturday, the project’s operator Noble Energy said. The platform’s flare system had been activated to burn off excess gas, generating a flame visible from shore, in what Israel’s Energy Ministry called an “emergency closure.” Noble initially referred to it as an “operational event” but updated later it had been a false alarm caused by a gas detector failure. “All the safety systems on the rig are working properly and natural gas ...

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How gas bounces back from the coronavirus lows

Gas looks to have the best growth prospects among fossil fuels, a bridging fuel for the energy transition with its low-carbon intensity on combustion. Oil and gas companies have been poised to spend heavily on new supply to meet demand growth this decade. But the gas market has turned out to be a slow-motion car crash in 2020. I asked Kristy Kramer, Head of Global Gas Market Research, why the market has unravelled and what the prospects are for recovery. Why are gas prices collapsing? Asian spot LNG and European ...

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Russian state holding gives up control of Rosneft after Venezuela exit

Russia’s state holding company Rosneftegaz has relinquished its controlling stake in the country’s largest oil producer, Rosneft, Rosneft said on Friday, after Rosneft’s exit from Venezuela. Rosneft disposed of its assets in Venezuela two months ago as the United States stepped up sanctions against the firm. Analysts have said that the renunciation of state control will limit the risk of new U.S. sanctions being imposed on Rosneft. Rosneft, which normally pumps 4.7 million barrels of oil a day, said in a regulatory statement that Rosneftegaz now owned a 40.4% stake, ...

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European gas prices hit new lows as demand weakens, supply rises

European gas prices are hitting new lows due to high temperatures, strong renewables generation and rising supplies from pipelines and liquefied natural gas. With gas storage at record highs and supply showing no signs of easing, some traders are expecting European gas prices to go to zero or even turn negative, similar to the West Texas Intermediate (WTI) oil price move below zero last month. In the Dutch gas market, the day-ahead contract dropped below $1 per million British thermal units (mmBtu) on Thursday, for the first time since 2006, ...

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FEATURE: Turkey eyes leverage as it drags feet on Iran gas pipeline repairs

Turkey is delaying the completion of repairs to the Iran-Turkey gas pipeline, which was blown up at the end of March, in an apparent attempt both to curry favor with Washington and to pressure Tehran to reduce its prices, according to industry sources. Flows through the pipeline were halted early on March 31 following an explosion. Despite the blast being reported by Turkey’s state media, no official explanation was given and Turkish officials have yet to comment on when the line is expected to re-open. The pro-Kurdish Rudaw Internet site ...

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US working natural gas volumes in underground storage rise 81 Bcf on week: EIA

US natural gas stocks increased by 81 Bcf last week, which was directly in line with market expectations, but the remaining Henry Hub summer strip fell further Thursday as demand is expected to dip moving forward. The amount of natural gas in US storage facilities increased 81 Bcf in the week that ended May 15 to 2.503 Tcf, the US Energy Information Administration said Thursday. The injection matched the consensus expectations of an S&P Global Platts survey of analysts. Responses to the survey ranged from an injection of 67 Bcf ...

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FEATURE: Prospects uncertain for further East Mediterranean gas development

Despite sitting on trillions of cubic meters of gas, the prospects for the wide-scale development of the East Mediterranean remain uncertain, with drilling plans on hold, a setback for Lebanon’s fledgling exploration program and stubborn geopolitical challenges. Add to that the likelihood that within a decade — or sooner — European consumers will be far more exacting when it comes to the carbon footprint of natural gas, then it may eventually turn out that some of the region’s gas will remain in the ground. Recent disappointments have done nothing to ...

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Japan refiners face ‘larger-than-expected’ OPEC supply cuts for June: PAJ chief

Japanese refiners have received “larger-than-expected cuts” to their June-loading term crude supply from OPEC producers, keeping them balanced against plummeting domestic demand due to the coronavirus pandemic, the newly appointed president of the Petroleum Association of Japan said Friday. The refiners, however, are mulling the possibility of seeking spot barrels when there is a supply shortage from the domestic demand recovery in the coming months, Tsutomu Sugimori told a press conference via webcast, following his appointment earlier in the day. “We cannot disclose the extent of the supply cuts of ...

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JXTG head: supply cuts for June loading by oil producers bigger than expected

The head of JXTG Holdings Inc , Japan’s biggest oil refiner, said on Friday that the volume of term supply cuts by oil producers for June loading was bigger than anticipated. “We can’t disclose how much volume of supply was reduced, but it was bigger than we had expected,” Tsutomu Sugimori, president of JXTG Holdings, told a news conference. Sugimori, who became the new president of the Petroleum Association of Japan (PAJ) on Friday, said earlier this week that Saudi Aramco and other oil producers have cut supplies to JXTG. ...

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China to bolster energy reserve capacity, support unconventional gas exploration

China said on Friday it will bolster the capacity of the country’s energy reserves and offer lower gas and electricity charges to key industries, as it looks to ensure energy supply and offset the impact of the coronavirus pandemic. In energy announcements on the first day of the parliament, known as the National People’s Congress (NPC), authorities also pledged to boost the country’s oil and gas network and continue to support exploration for unconventional gas reserves. The National Development and Reform Commission (NDRC) said in a statement it would push ...

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UK GAS-Prices slump on weak demand

British wholesale gas prices slumped on Thursday morning due to expectations of a drop in gas-for-power demand. * The day-ahead contract was 1.25 pence lower at 9.25 pence per therm at 0855 GMT. * The within-day contract dropped by 1.50 p to 9.75 p per therm. * UK gas-for-power demand is expected to fall on Friday when wind generation is forecast to ramp up. * Peak wind generation is forecast to soar to 13.7 gigawatts (GW) on Friday from 5.7 GW on Thursday, Elexon data showed. * Gas-for-power demand is ...

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Shell evacuates foreign staff from Iraq’s Basra Gas project – executives

Royal Dutch Shell evacuated some 60 foreign staff from Iraq’s Basra Gas Company as a security measure following a protest over delayed pay, company officials said on Thursday, adding production was unaffected. The staff were flown out of the country on Wednesday after workers protested at the headquarters of Basra Gas Company (BGC), a venture between state-owned South Gas Company, Shell and Mitsubishi, to demand payment of their delayed salaries, officials said. “Shell confirms that as result of a security breach at the accommodation camp of Basra Gas Company, we ...

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Total secures $14.4 billion funding for Mozambique LNG -sources

French energy major Total has secured $14.4 billion funding for its Mozambique liquefied natural gas project in Mozambique, two sources said on Wednesday. A source with knowledge of the matter said Total has reached a financing agreement with a group that includes around 20 lenders for the first phase of senior debt funding of $14.4 billion. The source did not specify the name of the banks involved in the financial arrangement. Total declined to comment. Bloomberg reported earlier on Wednesday that Total was set to sign $15 billion financing for ...

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