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‘Not enough’ gas for European winter drives front season contract prices higher

Europe could run short of natural gas this winter, market sources have told S&P Global Commodity Insights, as winter 2022 wholesale contracts extended record highs Aug. 11. While debate remains about whether or not the continent will completely run out of marginal supply, there was a consensus among the traders surveyed that prices could yet rise further, and localized supply issues could emerge at times of peak demand. The NBP Winter 2022 contract set a new record high for a front-season contract Aug. 10, and was valued at 504 pence/therm ...

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What are the snags in Germany’s gas levy on consumers?

Germany’s gas market operator is set to announce on Aug. 15 the size of a gas price levy on consumers, to help Uniper and other importers cope with soaring prices due to reduced Russian supply. Germany’s cabinet on Aug. 4 agreed to impose the levy from October 2022 to April 2024. It aims to share 90% of importers’ additional costs of replacing a shortage of gas from Russia among both households and industrial consumers. But there are several hurdles to raising the fees that must be overcome ahead of the ...

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Kazakhstan to start oil sales via Azeri pipeline to bypass Russia

Kazakhstan is expected to sell some of its crude oil through Azerbaijan’s biggest oil pipeline from September, as the nation seeks alternatives to a route Russia threatened to shut, three sources familiar with the matter said. Kazakh oil exports account for more than 1% of world supplies, or roughly 1.4 million barrels per day (bpd). For 20 years, they have been shipped through the CPC pipeline to Russia’s Black Sea port of Novorossiisk, which provides access to the global market. In July a Russian court threatened to shut the CPC, ...

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Canadian spot gas prices feel the pinch of lower exports to the US

Canadian spot natural gas prices have tumbled in recent trading sessions, as pipeline capacity constraints and cooler temperatures reduce the amount of gas flowing south into the US. West Canada spot gas benchmark TCPL Alberta, AECO-C has lost around 40% of its value since the start of August, falling to trade around C$ 3.40/GJ Aug. 12 from C$5.675/GJ Aug. 1, pricing data from S&P Global Commodity Insights shows. AECO spot gas has seen its discount to cash Henry Hub deepen dramatically over the last 30 days, soaring to more than ...

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Russian gas crisis raises credit pressure on European governments

A squeeze in Russian gas supplies would threaten the credit ratings of Slovakia, the Czech Republic and Italy, Moody’s said in a report on Thursday, while most of Europe would feel the economic effects of a likely spike in natural gas prices. Russian gas supplies to Europe at the beginning of August were about a third of their level before Russia’s invasion of Ukraine, a shortfall only partially offset by higher imports of liquefied natural gas (LNG), the global ratings agency wrote. If Moscow were to halt all gas supplies, ...

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New gas pipeline linking Spain to France could be operating in 8-9 months

A new gas connection linking Spain and France could be ready to operate within eight or nine months, Spanish Energy Minister Teresa Ribera said on Friday. “This new interconnection, this gas pipeline could be operating in about 8 or 9 months on the southern border side, that is, from the Pyrenean to Spain,” she said in an interview with national TVE station. (Reporting by Christina Thykjaer, editing by Inti Landauro) Source: Reuters

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EU gas flows via Nord Stream and Ukraine remain steady

Russian gas flows to Europe via the Nord Stream pipeline and via Ukraine remained steady on Friday, operator data showed. Physical flows via the Nord Stream 1 pipeline from Russia to Germany were at 14,575,401 kilowatt hours per hour (kWh/h) for 0800-0900 CET, similar to the previous 24 hours. Russia cut flows on the pipeline to only 20% of capacity on July 27, citing maintenance work. Nominations for Russian gas flows into Slovakia from Ukraine via the Velke Kapusany border point were at about 36.5 million cubic metres (mcm) per ...

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European gas prices soar as flows from Nord Stream 1 pipeline stay at 20%, Rystad says

European gas prices have soared as flows from Russia through the Nord Stream 1 pipeline stay low, exacerbating the region’s energy woes, a report by Rystad Energy showed. Norwegian exports to the UK also slipped due to a breakdown at the Sleipner export hub, which further put pressure on prices. The European Title Transfer Facility — a virtual trading point for natural gas in the Netherlands — front-month prices remained high at about $61.59 per million British thermal Units (MMBtu) on Thursday, as Europe revised its temperature forecasts, the report ...

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U.S. natgas futures slide 3% on cooler forecasts, lower demand

U.S. natural gas futures fell about 3% on Friday on forecasts for cooler weather and lower demand next week than previously expected. That price decline came even though output was on track to fall for a fourth day in a row on Friday after hitting a record high on Monday, and despite forecasts for hotter weather in late August. Also weighing on prices was the ongoing outage at the Freeport liquefied natural gas (LNG) export plant in Texas, which has left more gas in the United States for utilities to ...

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UAE’s Dana Gas boosts Kurdish output by 1% in H1 2022 despite attacks

UAE’s Dana Gas has boosted its Kurdish hydrocarbons output in the first half of 2022 by 1% despite a flurry of attacks in June and July on its operations in the semi-autonomous region in northern Iraq. Total Kurdish production reached 34,500 boe/d in the first half of year 2022, up from 34,300 boe/d a year earlier, the company said in its H1 earnings report published Aug. 11. The 250 MMcf/d expansion project at its Khor Mor field remains suspended, the company said, after it was rocked by rocket attacks in ...

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Chennai Petroleum cuts crude runs by 25% at southern India refinery

India’s Chennai Petroleum Corp said on Tuesday it had cut crude processing by a quarter at its 201,000 barrels per day Manali refinery in southern India, following an order by the Tamil Nadu state pollution control board. Production at the refinery has been reduced on a ‘temporary basis’ and the company is confident of resolving the issue at the earliest, Chennai Petroleum, a subsidiary of the country’s top refiner Indian Oil Corp, said in an exchange filing. The state pollution control board had issued the order on Aug. 6. A ...

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Which countries are doing the most to tackle energy bills?

The increases are being driven by rising energy demands and worries about gas and oil supplies in the wake of Russia’s invasion of Ukraine. However, different approaches to help ease the pressure are being taken across the continent. UK British energy bills are more exposed to price rises. That’s because the majority of homes are heated with gas and around 40% of electricity is generated by gas-fired power stations – more than in most other European countries. The UK government has announced every household will get an energy bill discount ...

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Gasoil margins rise on weaker crude prices

Asia’s refining margins for 10 ppm gasoil snapped a three-session losing streak on Wednesday, supported by weaker crude oil prices and demand concerns stemming from recession fears. Refining margins for 10 ppm gasoil rose to $35.54 a barrel over Dubai crude in Asian trading hours, compared with $31.48 on Monday. Cash differentials for gasoil with 10 ppm sulphur content were at a premium of $0.62 a barrel to Singapore quotes, down from $1.04 per barrel in the previous session. Stocks of middle distillates at the Fujairah Oil Industry Zone rose ...

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US natural gas prices could ease in 2023, potentially lowering northeast power prices: EIA

US Energy Information Administration analysts discussed the relationship between fuel costs and power prices, and how recent US LNG export growth has created uncertainty about energy supply, with the New York Independent System Operator in a podcast released Aug. 10. “What we are seeing with retail electricity rates is some of the higher growth rates that we’ve seen in a number of years with this especially concentrated in the northeast and New England for sure,” Tyler Hodge, senior economist in the EIA’s Office of Energy Analysis, said during the NYISO ...

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U.S. gasoline prices fall below $4 for first time since March

The average price of U.S. retail gasoline fell below $4 per gallon on Thursday for the first time in months, giving some relief to drivers in the world’s largest consumer of the fuel. The national average price for regular unleaded gas fell to $3.990 a gallon on Aug. 11, according to the American Automobile Association. Gasoline prices peaked at a record $5.02 in June. That high cost curbed spending, and prices have also dropped as market fears of severe restrictions on supply have ebbed since Russia first invaded Ukraine in ...

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