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Putin says Russia and China confirmed interest in Power of Siberia-2 gas pipeline

Russia and China confirmed their interest in construction of the Power of Siberia-2 gas pipeline, which would carry Russian gas to China, President Vladimir Putin said on Friday. Putin said he felt that Gazprom GAZP.MM and other participating companies will eventually reach an agreement on the route of the pipeline. Russian Deputy Prime Minister Alexander Novak said that Russia and China expect to a sign a contract on Power of Siberia-2 “in the near future”. Source: Reuters (Reporting by Reuters, Writing by Maxim Rodionov; editing by Guy Faulconbridge)

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Prices edge up on Norwegian outages, lower wind forecasts

Dutch and British wholesale gas prices edged up on Friday morning due to an upcoming Norwegian maintenance outages and falling wind output. The benchmark front-month contract at the Dutch TTF hub inched up by 0.25 euro at 30.90 euros per megawatt hour (MWh) by 0907 GMT, while the July contract TRNLTTFMc2 was up 0.30 euro at 31.15 euro/MWh according to LSEG data. In the British market, the weekend contract TRGBNBPWE rose by 1.65 pence to 73.00 pence per therm. “Norwegian outages have added to some upside but most of the ...

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Asia Distillates-Markets little changed week on week amid uncertain outlook

Asia’s middle distillates spot discussion levels and prices barely moved this week despite burgeoning spot market activity, as traders were still seeking a clearer direction heading into June, with several demand-supply uncertainties still present. A bout of month-end short-covering activities did encourage liquidity in the paper markets, but physical cargo discussions lagged behind slightly for 10ppm sulphur gasoil as evidenced from the fewer deals in the open trading window. The east-west arbitrage continued to fluctuate in the $35- $40-per-metric-ton range for both June and July, with major players deeming the ...

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US natgas prices up 3% to 16-week high on rising LNG feedgas

U.S. natural gas futures climbed about 3% to a 16-week high on Friday with an increase in the amount of feedgas to liquefied natural gas (LNG) export plants with the expected return of Freeport LNG’s export plant in Texas to full service after a brief reduction. Keeping that price increase in check has been the tremendous surplus of gas in storage. Analysts forecast gas stockpiles were about 29% above normal levels for this time of year. Front-month gas futures NGc1 for June delivery on the New York Mercantile Exchange rose ...

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Asia Naphtha/Gasoline-Naphtha margin rises, ARA stocks fall

Asia’s naphtha refining profit margin gained on Friday after Ukrainian drone attacks set fire to a Russian oil refinery at Tuapse on the Black sea. The crack rose by about $7 to %56.73 per metric ton over Brent crude in a backwardation of $8.50 per ton. The price for first-half July naphtha rose by $11 to $683.50 a ton. The fire at the Tuapse refinery was extinguished, Russian authorities said. The extent of damage was not clear. The refinery had undergone several months of repairs, completed only at the end ...

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Asia Distillates-Markets little changed, paper activity still burgeoning

Asia’s middle distillates markets continued to record little change, despite paper markets brimming with spot activity amid a roll-over in discussion months and slightly bullish June analyst outlooks in the market. Expectations of thinner supplies in June due to lower refinery runs will likely ease earlier supply gluts and be supportive of the market, some analysts say. “(The) very early indications of reductions in South Korean and Chinese diesel exports as we transition into June. These developments collectively paint a bullish outlook for Singapore diesel in the short to medium ...

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Europe Gas: Prices steady amid high gas stores, ample supply

Dutch and British wholesale gas prices were little changed on Thursday morning as high gas stores and ample supply offset geopolitical concerns. The benchmark front-month contract at the Dutch TTF hub was up 0.34 euro at 30.33 euros per megawatt hour (MWh) by 0807 GMT, while the July contract was up 0.24 euro at 30.00 euro/MWh according to LSEG data. In the British market, the day-ahead contract rose by 0.55 pence to 72.00 pence/therm. “The market seems to have decided not to choose a direction for the moment, torn between ...

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Asia Naphtha/Gasoline-Gasoline markets steady; Pertamina issues H2 term tender

Asia’s gasoline markets were steady on Thursday after gains stemming from a decline in U.S. inventories were offset by losses due to a rise in Singapore stocks. The crack rose to $7.53 per barrel over Brent crude, compared with $7.46 a day earlier. Market sentiment also remained subdued due to lack of trades at the window for a fourth straight session. Meanwhile, Indonesia’s Pertamina has invited offers for its term tender for delivery during July to December, minimum 1 cargo per month each of 90-octane or 92-octane grade, trade sources ...

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Investors abandon bullish case for US gasoline

U.S. gasoline prices and refining margins have come under pressure as inventories deplete more slowly than normal for this time of year, indicating supplies are plentiful, and undermining the bullish case for the fuel. Just over a month ago, investors had amassed one of the largest bullish positions in U.S. gasoline futures and options since before the pandemic, anticipating that prices would continue climbing. Gasoline had become the most attractive part of the petroleum complex for investors to bet prices would rise further in the run-up to U.S. presidential and ...

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Europe Gas: Prices rise on lower wind, temperature forecasts

Dutch and British wholesale gas prices rose on Wednesday morning on expectations of lower temperatures and German wind output. The benchmark front-month contract at the Dutch TTF hub was up 0.63 euro at 30.33 euros per megawatt hour (MWh) at 0915 GMT, while the Q3 price TRNLTTFQc1 was 0.56 euro higher at 31.10 euros/MWH. In the British market, the front-month price TRGBNBPMc1 was up 1.04 pence at 73.00 pence per therm, while the day-ahead contract TRGBNBPD1 rose by 1.75 pence to 72.25 pence/therm. In north-west Europe, slightly lower temperatures over ...

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Qatar’s energy sector performs very well; targets 4% annual growth in non-hydrocarbons until 2030′: Al-Kuwari

Qatar, whose energy sector is performing very well, has targeted an annual 4% growth in the non-hydrocarbons sector for the next six years through strategising key sectors as logistics, ICT (information, communication and technology), manufacturing and tourism, according to HE the Finance Minister Ali bin Ahmed al-Kuwari. “Our energy sector is performing very well. We believe LNG will be transit energy for a long time,” he told the Qatar Economic Forum (QEF), Powered by Bloomberg. “We are going to increase Qatar’s (liquefied natural gas or LNG) production by 85% in ...

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Asia Naphtha/Gasoline-Naphtha refining margin falls below $50/t

Asia’s naphtha markets extended declines on Wednesday on worries of declining demand due to more plant capacity going offline in the region for the ongoing maintenance season. The crack fell to $47.38 per metric ton over Brent crude, compared with $50.98 per ton a day earlier. Indonesian chemical company Chandra Asri Group TPIA.JK has shut down its petrochemical plant in Cilegon for about 55 days for scheduled maintenance, the company said in a statement on Wednesday. The maintenance, which started on May 7, includes the integration of new facilities with ...

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US natgas prices climb 2% to 15-week high on output drop, demand rise

U.S. natural gas futures climbed about 2% to a 15-week high on Wednesday on a drop in output and forecasts for warmer weather over the next two weeks that should boost the amount of gas power generators burn to produce electricity to keep air conditioners humming. That price increase was kept in check by the tremendous oversupply of gas still in storage. Analysts forecast gas stockpiles were about 31% above normal levels for this time of year. Front-month gas futures NGc1 for June delivery on the New York Mercantile Exchange ...

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Asia Distillates-Markets little changed; more spot cargoes offered by SK Energy

Asia’s middle distillates markets were little changed ahead of a rollover in assessment months, with expectations of more June discussions to emerge in the next few days as northeast Asian refiners continue their sale activities. Spot discussions for June cargoes remained in discounts of slightly more than $1 a barrel, almost steady from May, which some traders take as a sign that the market is stabilising in the near-term barring any further demand-supply fluctuations. South Korea’s SK Energy offered four more spot cargoes in the market loading throughout June, sources ...

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Asia Naphtha/Gasoline-Naphtha margin falls on tepid demand

Asia’s naphtha refining profit margin declined on Tuesday amid a lack of demand due to ongoing cracker turnaround season, although hopes of tightening supplies from the West limited the downside. The crack fell by about $4 to $50.98 per metric ton over Brent crude. The price of second-half July naphtha fell by $3.50 to $674 per ton in backwardation price structure. “Blending component demand for gasoline production remains supportive but seems to be affected by the weakness seen in Europe, while overall requirements for petrochemical feedstock remained subdued,” Organization of ...

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