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Asian spot prices soften on sufficient stock

Asian spot liquefied natural gas (LNG) prices continued to fall this week as Japan and Korea remain well supplied at least until October, while the market awaits signals of a Chinese demand rebound. The average LNG price for November delivery into north-east Asia LNG-AS was 42 per million British thermal units (mmBtu), down $4, or 8.7% pct, from the previous week, industry sources estimated. “We could see further price decline, with the bulk of start of winter being already booked. Weather will be a factor and of course, China, could ...

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Dash for gas – why fracking is back on Britain’s agenda

Britain has formally lifted a moratorium on fracking for shale gas in England that has been in place since 2019, saying strengthening the country’s energy supply was an “absolute priority”. Below outlines why the government is seeking to build a gas fracking industry and the questions that remain. WHAT IS FRACKING? Fracking, or hydraulic fracturing, involves drilling into the earth and injecting water and chemicals at high pressure to break rocks and release the gas trapped inside. WHY DOES THE GOVERNMENT WANT TO DO IT? Following Russia’s invasion of Ukraine ...

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How the Russia-Ukraine war drove up LNG prices and what this means for Singapore

Global energy markets have been impacted by Russian President Vladimir Putin’s announcement of a military mobilisation, sending prices higher and threatening to tighten fuel supplies even further. The war in Ukraine has already made goods and commodities more expensive around the world, with everything from fuel to food and even paper affected. And as winter approaches with Russian gas supplies restricted for “unfriendly” countries, a scramble is under way in Europe to secure more liquefied natural gas (LNG). The impact of this increased demand is evident in the price of ...

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EU countries push to keep their own energy crisis measures

European Union countries are pushing for guarantees that they can keep their own windfall profit levies on energy companies, and retain the option to impose even tougher measures, alongside bloc-wide measures proposed by Brussels. The EU’s 27 countries are negotiating emergency proposals put forward by the bloc’s executive last week. The aim is for energy ministers to approve a deal at a Sept. 30 meeting. The countries’ latest compromise proposal, seen by Reuters on Friday, would not require states to apply the EU’s proposed windfall profit levy on fossil fuel ...

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Russia’s Gazprom to keep gas supply to Europe via Ukraine stable on Sunday

Russia’s Gazprom (MCX:GAZP) said it will pipe 42.4 million cubic metres (mcm) of gas to Europe via Ukraine on Sunday, the same level reported in recent days. Source: Reuters

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Winter power demand in EU’s main gas markets forecast 5.3% lower: S&P Global

Winter power demand across the EU’s main gas-fired power markets is forecast some 5.3% below the five-year average, analysis by S&P Global Commodity Insights shows. November-to-March demand in eight EU member states including Germany, France, Spain and Italy is estimated to average around 216 GW, down 12 GW on the five year average. The European Commission on Sept. 14 proposed a mandatory 5% peakload power demand cut target to reduce gas-for-power demand and peakload power prices. “Proposals to cut peak demand alleviate some of the risk premium embedded in the ...

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U.S. natgas falls 4% to 10-week low on oil price drop, mild forecasts

U.S. natural gas futures fell about 4% to a fresh 10-week low on Friday on a drop in crude prices and expectations the weather will remain mild into early October, keeping both heating and cooling demand low and allowing utilities to inject lots of gas into storage over the next few weeks. In addition, the U.S. National Hurricane Center (NHC) projected that Tropical Depression 9 will strengthen into a hurricane as it moves from the Caribbean Sea to the Gulf of Mexico over the next few days before hitting South ...

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QatarEnergy signs up TotalEnergies as first partner for next phase of LNG expansion

Gas giant QatarEnergy is speeding up its LNG expansion with the signing of the first partner for its North Field South development just months after five companies were selected for North Field East, as it aims to cement its status as the largest source of liquefaction capacity in the world. TotalEnergies will have a 9.375% stake out of a 25% interest in the North Field South project to be shared by international companies, with QatarEnergy holding the remaining 75%, the companies announced Sept. 24 following a signing ceremony in Doha. ...

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Germany inks LNG deal as chancellor visits Gulf to secure energy

German utility RWE has signed a deal with Abu Dhabi National Oil Company (ADNOC) to deliver liquefied natural gas to Europe’s largest economy by the end of December, RWE announced on Sunday. Though the initial amount to be delivered is relatively small, it’s a politically significant deal to shore up supplies of gas from outside of Russia as Chancellor Olaf Scholz seeks to deepen ties with the Gulf and find alternative energy sources. The deal, which includes a memorandum of understanding for multi-year supplies of LNG, came on the second ...

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Russia’s Gazprom raises 2022 investment plan

Gazprom GAZP.MM has increased its 2022 investment programme to 1.98 trillion roubles ($33.38 billion), up 222 billion roubles from the initially expected figure, the Russian gas producer said on Thursday. Gazprom also said capital expenditure was raised by 319.1 billion roubles to 1.75 trillion mainly due to additional funds for development of gas producing centres in the Yamal Peninsula and eastern Russia. Source: Reuters (Reporting by Reuters; editing by Jason Neely)

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EUROPE GAS-Prices edge down on higher wind output forecasts

British and Dutch wholesale gas prices edged down on Friday morning amid higher wind output forecasts for next week and lower-than-expected consumption in northwest Europe. The Dutch front-month contract TRNLTTFMc1 was flat at 187 euros per megwatt hour (MWh) by 0810 GMT, while the November contract TRNLTTFMc2 was down 2.25 euros at 202 euros/MWh. The British day-ahead contract TRGBNBPD1 was down 5 pence at 245 pence per therm while the October contract TRGBNBPMV2 was flat at 290 p/therm. Colder weather across northwest Europe is expected next week but forecasts towards ...

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Eastward gas flows via Yamal-Europe pipeline again fall to zero

Eastbound gas flows stopped on Friday through the Yamal-Europe pipeline to Poland from Germany, data from operator Gascade showed. Exit flows at the Mallnow metering point on the German border were at zero between 0800 CET and 0900 CET, down from 871,372 kWh/h at 0500-0600 CET, the data showed. Flows were at zero for most of Thursday until 1700-1800 CET. Nominations, or requests for gas, to Poland at Mallnow stood at 243,833 kWh/h, unchanged from the previous day. Nominations for Russian gas into Slovakia from Ukraine via the Velke Kapusany ...

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UK lifts moratorium on shale gas fracking as part of domestic energy push

The UK on Sept. 22 formally lifted its moratorium on hydraulic fracturing — or fracking — for the development of shale gas as part of a new domestic energy security push. The new UK government under Prime Minister Liz Truss sees shale gas as a potential tool for improving energy security and making the most of the UK’s domestic resources against the backdrop of record-high international gas prices. Platts, part of S&P Global Commodity Insights, assessed the UK NBP month-ahead gas price at an all-time high of 598 pence/therm ($70.44/MMBtu) ...

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Ban on gas fracking in England lifted in push for energy independence

Britain on Thursday formally lifted a moratorium on fracking for shale gas in England that has been in place since 2019, saying strengthening the country’s energy supply was an “absolute priority”. Energy prices have soared in Europe after Russia invaded Ukraine, and Britain is subsidising bills for households and businesses at a predicted cost of more than 100 billion pounds ($113 billion). New Prime Minister Liz Truss said earlier this month that fracking – extracting shale gas from rocks by breaking them up – would be allowed where it was ...

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China’s largest LNG storage base under construction completes main structure

The main structure of China’s largest liquefied natural gas (LNG) storage base under construction was completed Thursday in east China’s Jiangsu Province as the last super-sized storage tank was capped. Located in the city of Yancheng, the base boasts a total storage capacity of 2.5 million cubic meters, with six LNG storage tanks each having a capacity of 270,000 cubic meters and the remaining four holding 220,000 cubic meters each. The roof of the LNG storage tank, about the size of a football field and weighing 1,200 tonnes, was lifted ...

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