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UK GAS-Prices firm as colder weather seen later in week

British wholesale gas prices rose on Tuesday as colder weather was expected later this week, although the system was well supplied. * The day-ahead gas price rose 0.45 pence to 57.80 pence per therm by 0840 GMT. * The within-day gas price was yet to trade. * The gas system was oversupplied by 12.6 million cubic metres (mcm), with demand forecast at 282.2 mcm and flows seen at 294.8, National Grid data showed. * British gas production and flows from Norway were stable, with an absence of major outages keeping ...

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Bahamas: Failed Shift To LNG Fuel ‘A Blessing In Disguise’

The country’s missed LNG possibility more than a decade ago may have been a blessing in disguise, according to experts, who noted the radical shift in US export trends since that bid was shelved. Markus Hector, general manager of Shell’s LNG Market Development, suggested use for the 76-mile pipeline would now be obsolete as most import terminals in the United States have been converted for export use. He was responding to questions by The Tribune during a liquefied natural gas (LNG) workshop hosted by Shell at its Western Supply and ...

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Analysis: Pakistan, Saudi Arabia in talks to develop $10 bil oil refinery in Gwadar

Pakistan and Saudi Arabia are in talks to develop a 200,000-300,000 b/d oil refinery in Balochistan’s Gwadar district for $10 billion — a move that will help alleviate Pakistan’s trade deficit, mounting foreign debt, and depleting foreign exchange reserves. The agreement is due to be signed in February, coinciding with an official visit by crown prince of Saudi Arabia Mohammad Bin Salman to Pakistan, and construction is set to commence by year end, said officials with the ministry of petroleum this week. The project, led by state-owned Saudi Aramco, will ...

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UK GAS-Prices mostly lower on strong supply, high wind power output

British wholesale gas prices were mostly lower on Monday morning as strong supply and forecasts for high wind power output left the system oversupplied. * Day-ahead gas price down 0.20 pence at 58.00 pence per therm by 0939 GMT. * Within-day gas price down 0.50 p at 58.00 p/therm, * “The system is very well-supplied today,” a gas trader said. * Gas system oversupplied by 32.8 million cubic metres (mcm) with demand forecast at 293.5 mcm and flows at 326.3 mcm/day, National Grid data showed. * “(UK Continental Shelf) domestic ...

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South Korean Kogas’ Dec LNG sales fall 6.6% on year, rise 12.6% for 2018

South Korean state-owned Korea Gas Corp’s LNG sales fell 6.6% year on year in December due to weaker demand for power generation and mild winter weather, company officials said Monday. It marks the second consecutive month of decline after rising for 12 months in a row. The declines in November and December came after the state utility’s LNG sales jumped 37.9% year on year in October which marked the biggest increase in more than eight years since April 2010. Kogas, which has a monopoly in domestic natural gas sales, sold ...

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Eastern Mediterranean countries to form regional gas market

Eastern Mediterranean countries meeting in Cairo agreed to set up a forum to create a regional gas market, cut infrastructure costs and offer competitive prices, Egypt’s petroleum ministry said on Monday. The organisation aims to “create a regional gas market that serves the interests of its members by ensuring supply and demand, optimising resource development, rationalising the cost of infrastructure, offering competitive prices and improving trade relations,” among other goals, the statement said. The announcement is part of efforts to transform the Eastern Mediterranean into a major energy hub. The ...

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U.S. natgas futures soar 8 pct on frigid weather through late Jan.

Extreme volatility returned to U.S. natural gas futures on Monday, with the front-month up over 8 percent on forecasts for much colder weather and more heating demand than previously expected through the end of January. In their latest midday predictions, meteorologists said the weather would turn intensely cold starting Jan. 19 and remain frigid across much of the country through at least the end of January. Front-month gas futures for February delivery on the New York Mercantile Exchange were up 26.5 cents, or 8.6 percent, at $3.364 per million British ...

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Outlook 2019: Slowing economy and electric vehicles take a bite out of China’s gasoline demand

Going into 2019, China’s gasoline demand growth will be capped by a slowing economy, falling car sales, growing fuel efficiency and the inevitable electrification of road transport. These risks to transportation fuel demand in the world’s second-largest economy have implications for the crude barrel, as the onus for oil demand growth had shifted to China’s consumer economy from its industrial sector in recent years. In 2018, China’s passenger car sales fell 5.8% year on year to 22.35 million units, the first annual decline in a 20-year period of consistent growth, ...

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Singapore fuel oil inventories drop to six-week low; net import volumes up

Singapore fuel oil inventories fell 6 percent to a six-week low in the week ended Jan. 9, even though weekly net import volumes increased for a fourth straight week to a seven-week high, official data showed on Friday. – Onshore fuel oil stocks fell 1.107 million barrels (about 165,000 tonnes) to 18.941 million barrels, or 2.827 million tonnes, in the week to Jan. 9, data from Enterprise Singapore showed. – This came despite steady increases in net fuel oil imports, which in the week to Wednesday came in at 1.167 ...

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Saudi Arabia to set up $10 billion oil refinery in Pakistan

Saudi Arabia plans to set up a $10 billion oil refinery in Pakistan’s deepwater port of Gwadar, the Saudi energy minister said on Saturday, speaking at the Indian Ocean port that is being developed with the help of China. Pakistan wants to attract investment and other financial support to tackle a soaring current account deficit caused partly by rising oil prices. Last year, Saudi Arabia offered Pakistan a $6 billion package that included help to finance crude imports. “Saudi Arabia wants to make Pakistan’s economic development stable through establishing an ...

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With increased output, Egypt set to become a regional LNG hub

Egypt is poised to become a regional liquefied natural gas (LNG) trading hub thanks to booming natural gas production from recent discoveries, existing LNG infrastructure and strategic agreements it is seeking with eastern Mediterranean countries to import gas for processing and re-export. However, economic and technical challenges could delay that hub from being created and, despite having eliminated its own need for LNG imports in the last quarter of 2018 due to surging domestic gas output, Cairo’s budget is hurting from costly imports of other fuels. Egyptian Oil Minister Tarek ...

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Seasonal dip for European fuel oil hits but overall strength persists

European high sulfur fuel oil premiums have begun to slide as the arbitrage east has closed, but the market remains far stronger than previous years given the OPEC production cuts, refinery upgrades and an increased thirst for fuel oil from Saudi Arabia. The European HSFO market experienced a counter-seasonal bull run during Q4 2018 on an active arbitrage to the east as Singapore premiums for fuel oil soared at a time where refinery upgrades were being introduced to limit the production of HSFO. However, the 3.5% FOB Rotterdam barge structure ...

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GLOBAL LNG-Asian prices slide to 8-month low on mild winter

Asian spot prices for liquefied natural gas (LNG) slid to an eight-month low this week amid milder winter weather, which has curbed prompt demand growth in the region. Spot prices for February delivery to Asia LNG-AS this week dropped to $8.50 per million British thermal units (mmBtu), lowest since mid-May, industry sources said. Prices for cargoes to be delivered in March were estimated at about $8.30 per mmBtu, they added. Refinitiv Eikon weather data show average to above-average temperatures in Tokyo, Beijing and Shanghai. Inventory levels in China, the world’s ...

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Trans Adriatic Pipeline completes €3.9bn project financing

The Trans Adriatic Pipeline (TAP) is announcing financial close, with €3.9 billion secured from public and private lenders. The EBRD is part of this consortium with a €1 billion loan syndicated to a group of 16 commercial banks with €500 million being provided on the Bank’s own account. TAP is a priority project of the European Union (EU) and the Energy Community, an international organisation which brings together the EU and its neighbours to create an integrated pan-European energy market. The 878-kilometre pipeline will start at the Greek/Turkish border, cross ...

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BP Thinks It’s Sitting on Another Giant Gas Field in the Caspian

BP Plc and its partners just spent $28 billion bringing a giant natural gas project in Azerbaijan online, and that may only be the start. The British oil major intends to drill six new exploration wells in the country by 2020, according to Gary Jones, BP’s regional president for Azerbaijan, Georgia and Turkey. If his expectations are met, the company could find a new gas play that’s about the same size as Shah Deniz, its project that produces the fuel from a field in the Caspian Sea that’s as large ...

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