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Saudi Arabia proposes Russia consider cooperation in gas market

Saudi Arabia has proposed that Russia consider the possibility of cooperating in the natural gas market, Russian Deputy Prime Minister Alexander Novak said on Thursday, according to TASS news agency. Source: Reuters (Reporting by Vladimir Soldatkin; Editing by Toby Chopra)

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EU leaders to press ahead with emergency relief for energy prices

European Union leaders are set to press ahead with measures to shield consumers from record-high energy prices that have curtailed industrial production and hiked consumer bills. EU leaders will meet on Oct. 21-22 to discuss the energy price spike and a “toolbox” the European Commission published this week which confirmed the measures national governments can use to provide immediate relief to consumers. A draft of the leaders’ conclusions, seen by Reuters, invites the Commission and EU countries to use that toolbox “to provide short-term relief to the most vulnerable consumers ...

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Europe gas prices: How far is Russia responsible?

Gas prices have been soaring in countries across Europe, and there have been accusations that Russia may be seeking to exploit the situation for its own advantage. Jake Sullivan, the US National Security adviser, recently expressed concern that Russia might be using energy as a political weapon. “I believe they [Russia] should respond to the market demands for increased energy supplies to Europe,” he said. But how far is Russia responsible for current shortages and rising prices? How much gas does Europe get from Russia? Russia supplies about 50% of ...

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Analysts raise EU carbon price forecasts as gas rally drives up coal power

Analysts have raised their European carbon market average price forecasts after soaring global gas prices led some electricity generators to switch to more polluting coal-fire power, ramping up demand for carbon permits. EU Allowances (EUAs) are expected to average 55.88 euros a tonne in 2021 and 69.87 euros in 2022, a Reuters survey of eight analysts showed. That is up 7.4% and 12.1% respectively from forecasts made in July. COMMODITYPOLL54 The average forecast for prices in 2023 was 72.04 euros a tonne, representing a 16.8% increase. The European Union’s Emissions ...

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Europe Gas: Prices mixed ahead of transit auctions, milder temperatures

European wholesale gas prices were mixed on Friday morning, with the Dutch month-ahead up slightly of transit auctions next week but British prompt prices down on oversupply and milder temperatures. * The Dutch wholesale gas price for November rose by 2.49 euros to 100.00 euros per megawatt hour by 0758 GMT, having risen to 103.90 in earlier trade. * Prices could be supported by another rise in Asian coal prices, as well as uncertainty about supply, with eyes on whether Gazprom books gas transit capacity in monthly auctions scheduled for ...

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Henry Hub could reach $12-$14 this winter as capital discipline limits supply growth: Platts Analytics

Capital discipline from US gas producers is expected to continue to blunt support from high prices on production levels, which could lead to dramatically higher US gas prices this winter, according to S&P Global Platts Analytics leaders in an Oct. 14 call with reporters. “If this capital discipline remains, you are talking about $12/MMBtu, $14/MMBtu gas to incentivize either curtailing LNG exports or curtailing exports to Mexico,” Simon Thorne, head of generating fuel and power analytics at Platts Analytics, said. Supply concerns Even as the NYMEX Henry Hub prompt-month contract ...

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Gasoil drives Asian refinery margins back to pre-COVID levels

Asian oil refiners’ margins have rallied back to their highest since before the COVID-19 pandemic struck, spurred by a doubling of gasoil profits as the global economic recovery and power shortage drive demand for the fuel, analysts and traders said. Gasoil demand has surged as power generators seek alternatives to record-high natural gas and coal and as industrial consumption has climbed while economies reopen from COVID-19 restrictions. That has pushed the gasoil profit margin nearly 60% higher in the past month, replacing gasoline as the key component of overall refinery ...

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Russia prepared to increase European gas supply if requested: Putin

Russia is prepared to increase gas supplies to Europe if it receives requests for more gas from its customers, President Vladimir Putin said Oct. 13. Speaking during Russian Energy Week in Moscow, Putin also said high gas prices could have a negative impact on all parties, including producers. European gas prices have soared in recent months, with the surge partly attributed to lower-than-expected Russian supply. The day-ahead TTF price hit a high of Eur116.10/MWh ($39.5/MMBtu) on Oct. 5, according to S&P Global Platts price assessments. Putin said Russia was prepared ...

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EUROPE GAS-Prices rise on more demand, Russian supply uncertainty

British and Dutch wholesale gas prices rose on Thursday with heating demand rising amid cooler weather and due to ongoing uncertainty about the level of Russian supply in the coming months. The British wholesale gas contract for day-ahead delivery was up 18.05 pence at 236.55 pence per therm by 0936 GMT. The Dutch TTF day-ahead contract was up 5.00 euros at 96.50 euros per megawatt hour (MWh). A ramp-up of 10 million cubic metres in local distribution zone demand, which mainly covers heating, and lower wind speeds were bullish factors ...

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U.S. natural gas prices likely to remain elevated through the winter

In our October Short-Term Energy Outlook (STEO), we forecast that natural gas spot prices at the U.S. benchmark Henry Hub will average $5.67 per million British thermal units (MMBtu) between October and March, the highest winter price since 2007–2008. The increase in Henry Hub prices in recent months and in our forecast reflect below-average storage levels heading into the winter heating season and strong demand for U.S. liquefied natural gas (LNG), even though we’ve seen relatively slow growth in U.S. natural gas production. We expect Henry Hub prices will decrease ...

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CFR Japan naphtha physical crack hits multi-year high amid strong olefin margins

Strength in the Asian naphtha market pushed the CFR Japan naphtha physical crack against front-month ICE Brent crude futures to a more than five-year high, as demand for naphtha was supported by positive olefin margins but weighed by a downtrend in LPG prices. The physical crack stood at $143.60/mt at the Oct. 13 Asian close, rising $1.125/mt day on day and $9.475/mt week on week. The crack was last higher on Jan. 5, 2016, at $144.90/mt, S&P Global Platts data showed. ICE Brent crude futures fell 80 cents/b day on ...

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Russia to prioritise domestic gas market, says Novak

Russia will prioritise gas supplies for its home market, Deputy Prime Minister Alexander Novak told a forum on Thursday. Novak said that Gazprom GAZP.MM plans to finish filling domestic storage by the end of this month, depending on the weather, and reiterated that no one in Europe has asked Russia to send additional gas to calm surging spot prices. Source: Reuters (Reporting by Vladimir Soldatkin, Katya Golubkova and Olesya Astakhova Editing by David Goodman)

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Russia urges greater energy cooperation, pointing to turbulence in markets

Volatility in oil and gas markets and greater international cooperation to stabilize prices dominated the first day of talks Oct. 13 at Russia’s energy forum in Moscow, which OPEC, non-OPEC ministers and Western partners attended, among others. S&P Global Platts has assessed Dated Brent at three-year highs in recent days, with the benchmark reaching as high as $84.43/b Oct. 11. At the same time, European spot gas prices have been on the rise over the past month amid supply concerns, with the day-ahead TTF price reaching record high Eur116.10/MWh ($39.5/MMBtu) ...

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Asia’s propylene-naphtha spread touches near six-week high on stronger propylene

Asia’s propylene-naphtha spread touched a near six-week high Oct. 12 as China’s mandated curbs on power consumption lifted domestic propylene prices, while benchmark C+F Japan naphtha saw volatility in crude markers as prices dipped day on day. The spread between FOB Korea propylene and C+F Japan naphtha cargo rose 44% on the week to $332.75/mt at the Asian close Oct. 12, Platts data showed. The spread was last higher Sept. 2 at $337/mt, S&P Global Platts data showed. This is above the typical breakeven spread of $250/mt. China’s mandated dual ...

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Citi raises price forecasts for Asian and European gas prices in winter

Citi has raised its price forecast for European and Asian benchmark natural gas prices, analysts from the bank said in a note issued late on Tuesday. It has raised the base case price for the fourth quarter of this year to average at $32 per million British thermal units (mmBtu) for the Japan-Korea-Marker (JKM), which is widely used as a spot benchmark in Asia, and $30.90 for the Dutch TTF hub, a European benchmark TRNLTTFMc1. Both prices are up $3 from Citi’s previous forecasts. “Current prices are above fundamentally justified ...

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