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UK GAS-Prompt falls on warmer weather and increased Norway flows

British prompt gas prices fell slightly on Friday on expectations for higher temperatures in the days coming and as increased flows from Norway created an oversupplied system. * Day-ahead gas fell by 0.05 pence at 58.20 pence per therm at 0818 GMT * Gas for weekend delivery was down 0.25 pence at 57.80 pence per therm * Forecasts for warmer weather in the coming days and stronger gas imports from Norway were behind the price move, said a British gas trader. * Average daily temperatures in Britain are seen at ...

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Argentina natural gas auctions to begin in August -Macri

Argentina’s electricity generators will be able to begin bidding for their natural gas supply beginning in August, President Mauricio Macri said, as the country gradually moves away from controls on energy markets. The change comes as rising output in the Vaca Muerta shale play moves the country closer to a gas surplus. An official said earlier this month that such auctions could account for as much as 70 percent of wholesale supply in March or April of 2019, as the government phases out the current fixed-contract system. Source: Reuters (Reporting ...

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LNG Terminal Poised to Boost Struggling Canadian Gas Producers

A liquefied natural gas terminal in British Columbia will “re-focus people on Canadian gas,” giving a boost to stocks like Tourmaline Oil Corp. and ARC Resources Ltd., according to the manager of more than C$500 million ($377 million) in assets for Bank of Nova Scotia. A C$40 billion Canadian LNG project led by Royal Dutch Shell Plc appears to be ramping up, although a final decision hasn’t been announced. Scotiabank’s Jennifer Stevenson expects the project to go ahead, prompting investors to reevaluate struggling Canadian gas producers. “That will make people ...

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Russia’s Novatek in talks with China’s CNPC on Arctic LNG-2 – TASS

Russian natural gas producer Novatek is in talks with China National Petroleum Corp (CNPC) and the Silk Road Fund on participating in the Arctic LNG 2 plant, TASS news agency cited Novatek’s CEO Leonid Mikhelson as saying on Thursday. Novatek hopes to complete the talks in the near future in order “to take an official investment decision on this project by the middle of 2019,” Mikhelson was quoted as saying. Source: Reuters (Reporting by Denis Pinchuk; writing by Tom Balmforth; editing by Jason Neely)

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UK GAS-Prices edge down on ample supply after previous bounce

British wholesale gas contracts edged down on Thursday in an oversupplied market but the falls were cushioned by an outage at a Norwegian field and the prices were still high for this time of the year. * Day-ahead gas slid 0.2 pence to 58.30 pence per therm (p/therm) while gas for immediate delivery fell by the same amount to 58.40 p/therm by 0815 GMT. * The gas system was oversupplied by 9 million cubic metres (mcm) with demand forecast at 176.4 mcm and supplies seen at 185.4 mcm, National Grid ...

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Woodside Exits Sempra’s Port Arthur LNG on Low Returns Outlook

Woodside Petroleum Ltd. is walking away from Sempra Energy’s Port Arthur LNG gas export development in Texas about three years after joining the project, citing lower expected returns than would justify its investment. “We’ve informed Sempra that we’re not going to participate in Port Arthur,” Woodside Chief Executive Officer Peter Coleman said in an interview Thursday. “It got to a point where it got below our investment returns and we said we need to put our money somewhere else.” For Sempra, the decision to exit is probably not surprising. Chief ...

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Spot Middle East LPG supply puts pressure on Asia, CP swaps flip into contango

Asia’s LPG market is under pressure this week by the emergence of spot FOB Middle East cargoes that are being re-offered and sold by term lifters, amid concerns that US propane will face higher import tariffs in China, traders said. A European company on Wednesday sold a 44,000 mt evenly split cargo for August 3-4 loading, FOB Ruwais, at a discount of more than than $5/mt to the Saudi Contract Prices for propane and butane, trade sources said. The buyer was either a Chinese company or Western trader, they said. ...

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Permian region natural gas prices fall as production continues to grow

The natural gas spot price spread between the Permian Basin, as priced at the Waha Hub in western Texas, and the U.S. national benchmark Henry Hub in Louisiana has grown considerably in the past year. Natural gas prices at Waha are nearly a dollar per million British thermal units (MMBtu) lower than Henry Hub prices. This spread widened as the ability to transport the increased natural gas production in the Permian Basin in western Texas and southeastern New Mexico was constrained by existing pipeline capacity. Based on estimates in EIA’s ...

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India’s BPCL naphtha cargo premium falls to 5-month low

India’s Bharat Petroleum Corp Ltd sold an August naphtha cargo at the lowest premium it has received in five months, traders familiar with the matter said on Wednesday. BPCL sold the 30,000 tonne cargo on Tuesday for Aug. 6-8 loading from Mumbai to Gunvor at a premium of about $14 a tonne to its own price formula on a free-on-board (FOB) basis. This was down $2, or 12.5 percent, from a previous deal for a July cargo to Total. The fresh premium was also the lowest BPCL had fetched for ...

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UK GAS-Contracts rally on Norway, Nord Stream outages

British wholesale gas prices rose on Wednesday driven by outages in Norway which have reduced supply and higher demand from mainland Europe following the shutdown of Russia’s Nord Stream gas export pipeline to Germany. * Day-ahead gas rose by 0.45 pence at 57.50 pence per therm at 0911 GMT, while gas for immediate delivery rose by 0.50 p to 57.50 p/therm. * Prompt and forward contracts on several bullish factors, including markedly low wind power generation and dwindling contributions from liquefied natural gas (LNG) terminals as imports fell, two market ...

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Italy tells Azerbaijan it is committed to TAP pipeline

Italian President Sergio Mattarella has confirmed, during a visit to Azerbaijan, that Italy is committed to the TAP international gas pipeline, his office said on Wednesday. Italy is at the end of the Southern Gas Corridor, a pipeline taking gas from central Asia to western Europe, but the new government had previously expressed doubts about the project. A government source told Reuters on Wednesday that while it was now committing to the pipeline, it may seek to shift its path to limit the environmental impact of the project. Activists have ...

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Drillers Burned Off Less Natural Gas in 2017, Reversing a Trend

Oil producers around the globe burned off less natural gas last year, reversing a trend that started in 2010 and sparked concern the emissions were contributing to climate change. About 141 billion cubic meters (4.98 trillion cubic feet) of gas was flared in 2017, down about 5 percent from the previous year, according to the World Bank’s Global Gas Flaring Reduction Partnership, a public-private initiative to limit the practice. Flaring occurs when gas that’s produced alongside crude is burned off instead of being sold, often because there aren’t enough pipelines ...

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Canadian LNG Seen Having Knock-on Boost to Country’s Oil Output

British Columbia liquefied natural gas plants will have knock-on benefits for oil producers, restoring output to levels almost equal to the peak of 2014. Should two planned LNG plants be built along the B.C. coast, the added natural gas production would also raise output of condensate, the Canadian Energy Research Institute said in a report emailed late Monday. The combined production of both conventional crude oil and condensate would rise 23 percent from last year’s level to 1.85 million barrels a day by 2025, just shy of the 2014 peak ...

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Trump Says U.S. to Compete With Russia for Europe Gas Market

U.S. President Donald Trump eased his tone about a Russian natural gas pipeline to Germany after a one-on-one meeting with President Vladimir Putin, shifting from the harsh criticism he’d levied in Europe last week. “We are going to be selling LNG and will have to be competing with the pipeline and I think we’ll compete successfully, although there is a little advantage locationally” because Russia is closer to buyers in Europe, Trump told reporters at a news conference with Putin after their meeting in Helsinki on Monday. “I’m not sure ...

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Asian spot LNG prices edge downwards

The average price of spot LNG in Asia fell by 0.39% last week, to $10.30/MMBtu. Asian spot LNG prices averaged $10.30/MMBtu last week, inching down by 0.39% from the previous week. Prices ended last week at $10.02/MMBtu compared with $5.48/MMBtu a year ago. End-user prices for trucked LNG in 14 major markets for the fuel across China increased by nearly 6% week on week. Source: Interfax Energy

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