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Europe Gas: Prices rise on weaker supply from Russia, Norwegian strikes

Dutch and British wholesale gas prices rose on Tuesday morning as flows from Russia dipped and strikes at Norwegian oil and gas infrastructure added to concerns over supply. The Dutch front-month contract rose by 10.15 euros to 171.95 euros per megawatt hour (MWh) by 0842 GMT, its highest level since March 9. The Dutch day-ahead price rose 4.9 euros to 167.50 euros/MWh. The British day-ahead contract gained 36 pence to trade at 265 p/therm. Norwegian offshore workers began a strike on Tuesday that will reduce oil and gas output, with ...

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Greece launches more energy subsidies to curb ‘unbearable’ power costs-minister

Greece will extend subsidies to power bills at a cost of more than 700 million euros in July to shore up households and businesses following many months of rising energy prices, its energy minister said on Tuesday. Greece, like many other EU countries, is wrestling with a sharp rise in power bills driven by sky-rocketing gas prices, as the Ukraine war and European sanctions on Russia deepen worries over security of gas supplies. On top of soaring energy costs, Russia has cut off supplies to some EU countries, triggering a ...

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Global natural gas demand set for slow growth in coming years as turmoil strains an already tight market

Global natural gas consumption is expected to contract slightly in 2022 and grow slowly over the following three years as Russia’s war in Ukraine pushes up prices and fuels fears of further supply disruptions, according to the IEA’s latest Gas Market Report. Today’s record high gas prices are depressing demand and causing some gas users to switch to coal and oil, while recent sharp cuts in Russian gas flows to Europe are raising alarms about supplies ahead of the winter. The turmoil is damaging natural gas’ reputation as a reliable ...

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Shell joins Qatar’s LNG expansion mega-project

QatarEnergy on Tuesday signed a deal with Shell SHEL.L for the Gulf state’s North Field East expansion, the world’s largest liquefied natural gas (LNG) project, following agreements with TotalEnergies TOTF.PA, Exxon XOMN.N, ConocoPhillips COP.N and Eni ENI.MI. Shell will take a 6.25% stake in the North Field East expansion project, QatarEnergy CEO Saad al-Kaabi told a news conference. TotalEnergies and Exxon will also hold 6.25% stakes. Qatar is partnering with international companies in the first and largest phase of the nearly $30 billion expansion which will boost Qatar’s position as ...

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Russian gas supply to Europe plummets in June as Nord Stream flows slashed

Russian gas flows to Europe plummeted to new lows in June after Gazprom slashed supply via the Nord Stream pipeline and cut off more buyers over a ruble payment dispute, analysis of data from Platts Analytics showed July 4. Russian pipeline exports to Europe in June via its main operational corridors — Nord Stream, Ukraine and the TurkStream string to Europe — totaled just 4.69 Bcm, down 41% compared with supplies of 7.93 Bcm in May, the data showed. Russian gas deliveries to Europe fell sharply on June 16 when ...

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High U.S. gasoline prices weigh on demand as consumers start to feel the pinch, says analyst

Surging gasoline prices in the U.S. are showing signs of impact on consumption, according to one risk analyst. “We’re starting to see some signs of demand destruction, particularly for gasoline, but it’s really just off some of the highs of last year, when gasoline prices were much cheaper,” Rachel Ziemba, founder of Ziemba Insights, a research firm, told CNBC’s “Squawk Box Asia” on Monday. Demand destruction refers to persistent high prices or tight supplies that eventually lead to a drop in demand, in this case, for energy products such as ...

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Iran’s daily refining capacity exceeds 2.2m barrels: OPEC

Iran’s refining capacity has increased by more than 480,000 bpd from 2011 to 2021, according to OPEC’s Annual Statistical Bulletin. Iran’s refining capacity in 2011 was reported to be 1.715 million bpd. Despite all the external challenges like the coronavirus pandemic and the U.S. sanctions, the Iranian oil and gas sector has been developing at a fast pace and the country is passing new milestones in this industry every day. Various sectors of Iran’s oil and gas industry including exploration, production, processing, and distribution are all among the world’s top ...

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ASIA RESIDUAL FUELS: Key market indicators for July 4-8

Singapore marine fuel oil 0.5%S supply was not expected to increase greatly over July 4-8 even though the Singapore 10 ppm gasoil crack spread has narrowed, as the crack spread for gasoil remains higher than for marine fuel 0.5%S, maintaining the flow of cutter stocks into the gasoil market, market sources said. In contrast, high sulfur fuel oil supply was expected to remain ample due to increasing cargo inflows to Asia, the sources said. Crude oil futures kicked off the week higher in mid-morning trade in Asia July 4, with ...

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EUROPE GAS-Prices rise on tightening supply outlook

Dutch and British wholesale gas prices continued to firm on Monday morning amid concerns about pipeline supplies from Russia and Norway as well as liquefied natural gas (LNG) shipments. The Dutch day-ahead wholesale contract TRNLTTFD1 was up 0.50 euros at 148.50 euros per megawatt hour (MWh) by 0839 GMT, and the benchmark contract for August TRNLTTFMc1 rose by 8.00 euros to a three-month high of 155.00 euros/MWh. “Fundamentally speaking, not much has changed, Russian flows are stable and everybody is eyeing the Nord Stream 1 maintenance period,” an analyst told ...

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Asia spot prices jump amid stronger demand, concerns over Russia

Asian spot liquefied natural gas (LNG) prices continued to rise this week amid stronger demand on the back of a blistering heatwave in Japan and a return of competition with Europe which is gearing up for possible disruption of Russian gas. The average LNG price for August delivery into north-east Asia was estimated at $39 per million British thermal units (mmBtu), up $2 or 5.4% from the previous week, industry sources said. “Demand from Japan on the back of a heatwave was evident as some utilities purchased prompt cargoes this ...

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Norway strike could cut gas output by 13% next week – oil lobby

A planned strike next week by Norwegian energy sector workers could cut the country’s gas output by 292,000 barrels of oil equivalent per day, or 13% of output, employers’ group the Norwegian Oil and Gas Association (NOG) said on Sunday. Oil output could be cut by 130,000 barrels per day, NOG added, corresponding to around 6.5% of Norway’s production, according to a Reuters calculation. The strike, in which workers are demanding wage hikes to compensate for rising inflation, comes at a time of high oil and gas prices, with supplies ...

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US Waha hub forward gas basis discounts widen as Permian output pushes capacity

Forward gas traders are bracing for the return of steep basis discounts at the West Texas Waha Hub by early fourth quarter as anticipated gains in Permian Basin production hit the spot market before a series of recently announced brownfield pipeline expansions can enter service. Over the past six months, Waha’s October and November 2022 forwards have experimented with steep, and previously unanticipated, basis discounts. In early May and again in mid-June, the hub’s two autumn contracts briefly traded at more than $1.80/MMBtu below the Henry Hub. A recent, and ...

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Freeport LNG corrective actions sought by US regulators before terminal restart

US regulators want Freeport LNG to take corrective actions and seek their approval before resuming normal operations at the Texas export facility that has been shut down since a June 8 explosion and fire. The directive could affect the timeline the operator has issued to the market for restoring service. Freeport LNG hopes to resume partial service in about 90 days and full service in late 2022. The three-train 15 million mt/year capacity terminal accounts for about 15% of US LNG supply, which has become increasingly important to serving European ...

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EUROPE: GAS-Prices rise on Russian gas supply concerns, LNG tightening

British and Dutch wholesale gas prices rose on Friday morning on concerns about Russian gas supply, tightening of global liquefied natural gas (LNG) production and ahead of a Norwegian strike next week which could impact output. In the UK market, the day-ahead contract was 4.00 pence higher at 160.00 pence per therm by 0833 GMT, while the weekend contract was up 10.00 pence at 165 p/therm. The benchmark Dutch wholesale gas contract for August edged up by 0.10 euro to 148.10 euros per megawatt hour (MWh). Traders said there are ...

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Beijing offers subsidy for refineries if reference crude price exceeds $130/b

China will subsidize refineries if its reference basket of crude prices rise over $130/b, a move to sustain gasoline and gasoil production to ensure domestic supplies under its current oil product pricing mechanism, according to a government notice released June 29. The notice stated that the government will cover the subsidy for two months. This suggests that Beijing has estimated that crude prices are unlikely to stay over $130/b for more than two months as it will hurt consumption, a Beijing-based source with knowledge of the matter told S&P Global ...

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