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Gazprom ignores additional gas transit capacity via Ukraine and Poland

Russia’s Gazprom GAZP.MM did not book extra quarterly gas transit capacity via Ukraine and Poland from October 2021 to October 2022, results of the auctions showed on Monday. Ukraine was offering 9.8 million cubic metres (mcm) per day in extra capacity at the Sudzha crossing point and another 5.2 mcm/day at Sokhranovka for each quarter from October 2021 to October 2022. Gazprom also ignored additional quarterly gas capacity offered by Poland for the Yamal-Europe pipeline over the same period. The Yamal-Europe pipeline and transit via Ukraine are Gazprom’s two main ...

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UK GAS-Prices rise on low wind power and supply dip

British wholesale gas prices rose on Monday morning as forecasts for low output from the country’s wind farms led to increased demand for power from gas-fired plants while both domestic supply and imports from Norway fell. The within-day contract rose 6.40 pence to 107.50 p/therm by 0904 GMT. The day-ahead contract TRGBNBPD1 was up 3.25 pence at 107.00 p/them. Peak wind power generation is forecast at a little less than 1 gigawatt (GW) on Monday and 1.2 GW on Tuesday, Elexon data showed, compared with capacity near 20 GW. Gas-fired ...

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Asia middle distillates: Key market indicators for Aug 2-6

Asian middle distillate markets are starting the Aug. 2-6 trading week on a steady note, with tightening gasoil supply balances and healthy Asian exports supporting the sector, while demand for jet fuel/kerosene remain suppressed by tight travel restrictions amid a spike in COVID-19 transmissions caused by the delta variant. At 10:00 am Singapore time (0200 GMT), the ICE September Brent crude futures contract was down $2.02/b (2.65%) at $74.31/b, from $76.33/b at the July 30 close. Jet fuel/Kerosene ** The balance August-September jet fuel/kerosene market structure flipped into backwardation at ...

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GLOBAL-LNG-Asian spot prices rally on summer demand, supply crunch

Asian spot prices for liquefied natural gas (LNG) rose this week as buyers sought to secure the fuel used for power generation amid a global supply crunch and high temperatures across the region. The average LNG price for January delivery into Northeast Asia LNG-AS was estimated at about $15.60 per million British thermal units (mmBtu), up $1.15 from the previous week, industry sources said. Except for a price peak in January, this is the highest level since 2014, as a warmer than usual summer drives up demand for electricity to ...

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Pipeline operator Enbridge beats profit estimates as oil volumes rebound

Canadian pipeline operator Enbridge Inc reported second-quarter profit which beat expectations on Friday, as oil volumes transported on its Mainline system rose from a year ago due to a rebound in fuel demand. The performance reflects a steady recovery in Canada’s oil and gas industry as rising oil prices encourage companies to restore production that they shut earlier in the pandemic. Enbridge transported 2.6 million barrels per day (bpd) on Mainline in the second quarter, 7.5% higher than a year ago. However, it moved less oil than it did in ...

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East Med energy: re-assessing common interests

In the East Med we have been side-tracked by the fallacious promise or expectation of riches to come out of exploiting the newly discovered hydrocarbon resources. We can rediscover our common interests only after a reality check on the actual potential of these resources. As long as politicians and people in the region believe that – despite their massive cuts in spending and the massive pressure on them due to climate change – the international oil companies will just come, develop and export these resources, making everybody rich in the ...

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Valero sees favorable refining margins for 2021 as it hikes renewable diesel output

Valero Energy has a favorable outlook for refining margins for the rest of 2021, as more vaccinations roll-out and refinery rationalizations continue, while it looks to quadruple its renewable diesel production over the next few years as low carbon fuel policies continue to expand, CEO Joe Gorder said on the July 29 results call. “We believe that product demand recovery, coupled with significant refinery rationalization should be supportive of strong refining margins,” he said, adding that Valero expected “further closures of uncompetitive refineries, particularly in Europe.” Valero is seeing US ...

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Rebound in oil demand boosts results of refiners Valero, PBF

U.S. refiners Valero Energy Corp and PBF Energy Inc reported results that surpassed analysts’ expectations, as they benefited from a rebound in fuel demand due to an easing in COVID-19-related travel curbs. After hitting record lows in 2020, fuel consumption has been rising this year as expanding vaccination drives encourage governments to lift virus-led restrictions. Valero’s second-quarter refining margin rose almost 36% to $1.97 billion, with its Chief Executive Officer Joe Gorder saying that the margin environment for refining was “weak, but otherwise improving.” PBF’s gross refining margin, meanwhile, was ...

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Gasoline Prices Remain High And Could Go Higher, But There’s A Catch

Following seven months of rapid increase throughout 2021, the average price for gasoline at the pump in the U.S. hit a plateau over the past week. AAA reports the average nationwide price per gallon of regular gas on July 29 was $3.166, just 7/10ths of a cent above the July 22 price. It’s a dynamic that consumers would love to see continue as the summer driving season comes to an end in the coming few weeks. The chart below from the U.S. Energy Information Administration (EIA) shows what gasoline consumers ...

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UK GAS-Prices mostly down on correction, increased supply

British wholesale gas prices were mostly down on Friday morning as prices corrected gains over the past week and Norwegian imports increased. The day-ahead contract was 0.90 pence lower at 104.10 pence per therm by 0824 GMT, having reached its highest level since March 2018 on Thursday. The August contract declined by 0.60 pence to 104.00 p/therm. “There is some correction on the prompt and supply has gone up,” a gas trader said. The system was around 14 million cubic metres (mcm) over-supplied, with demand forecast at 143 mcm and ...

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Price discovery in China’s carbon market elusive, but vital to emissions goals

China’s carbon price was steady at $7.88-$8.76/mt since the launch of its carbon market on July 16, which is too low to drive significant decarbonization of the power sector, or incentivize a large-scale fuel switching away from coal. Any material increase in China’s carbon prices is constrained by many factors, ranging from concerns about its economic impact to whether it has sufficient confidence in market-based mechanisms to reduce emissions. These issues are reflective of events in commodity financial markets and the technology sector in recent weeks, where running afoul of ...

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Natural gas production to be flat, but greener, higher value: EQT

Executives at EQT, the largest natural gas producer in the US, plan to capture value by producing greener gas, not necessarily more gas, they said during a second quarter earnings call July 29. EQT CEO Toby Rice confirmed in analyst Q&A that the company will keep production volumes flat for the next three to four years, caveating that the establishment of a long-term forward curve above $3/MMBtu could bring about some minor production increases. The company produced approximately 5.6 Bcfe/d of natural gas and liquids in the second quarter, according ...

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Renewables surpasses coal to become second most used fuel source in 2020: EIA

Renewable energy generation became the second most-used electricity source in the US, behind only natural gas, after surpassing coal-fired generation and nuclear power in 2020, the US Energy Information Administration announced July 28. Renewable energy sources — including wind, hydroelectric, solar, biomass and geothermal energy — generated a record 834 billion kWh of electricity, or about 21% of all the electricity generated in the US in 2020, according to EIA. Renewables surpassed both nuclear, at 790 billion kWh, and coal, 774 billion kWh, for the first time on record. “This ...

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Refiner Valero posts higher profit as oil demand rebounds

Valero Energy Corp said on Thursday its adjusted profit rose in the second quarter from the previous three-month period, as fuel consumption improved with the easing of coronavirus-related travel restrictions. Fuel consumption has been rising this year after it hit record lows in 2020, as vaccination rollouts encouraged governments to lift travel and other restrictions. The company’s second-quarter refining margin was $1.97 billion, compared with $1.45 billion in the previous quarter. Its Chief Executive Officer Joe Gorder said the margin environment for refining was “weak, but otherwise improving.” Valero, the ...

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German-US pact on Nord Stream 2 ‘sensible, practical’ outcome: Shell CEO

The recent pact between Germany and the US on mitigating the impact of an operational Nord Stream 2 gas pipeline is a “sensible and practical” outcome that removes uncertainty around the project, Shell CEO Ben van Beurden said July 29. Germany and the US agreed on July 21 a number of measures to protect Ukraine’s energy security and block any attempts by Russia to use energy as a “weapon” once the Nord Stream 2 gas pipeline starts up. It paves the way for the completion and commissioning of the pipeline. ...

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