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U.S. natgas futures slip 1% on less hot forecasts

U.S. natural gas futures slid about 1% on Wednesday on forecasts for less hot weather through mid August than previously expected. That decline came despite a preliminary drop in daily output and forecasts for more demand this week. Also pressuring 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 inject into stockpiles for next winter. Freeport LNG, the second-biggest U.S. LNG export plant, was consuming about 2 billion cubic feet per ...

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Eastbound gas flows via Yamal-Europe pipeline rise

Eastbound gas flows via the Yamal-Europe pipeline to Poland from Germany rose significantly on Tuesday while physical flows via the Nord Stream 1 pipeline from Russia to Germany remained stable. Exit flows at the Mallnow metering point on the German border stood at 4,433,549 kilowatt hours per hour (kWh/h) on Tuesday morning, up from 2,926,828 kWh/h at midnight, data from pipeline operator Gascade showed. Physical flows via the Nord Stream 1 pipeline stood at 14,421,508 kWh/h for 0800-0900 CET (0600-0700 GMT), unchanged from the previous day. Russia has cut flows ...

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Forecast lower temperatures dampen US spot gas, futures prices

A forecast break from very hot weather in the US Northeast and Midwest is expected to ease power-sector demand for natural gas through at least Aug. 13, loosening recent supply-demand tightness and weakening spot gas prices. Already, spot gas prices in most US regions moved lower in Aug. 8 trading for next-day flows, preliminary settlement data from S&P Global Commodity Insights shows. In the US Midwest and Midcontinent, spot gas prices fell 30-50 cents, while most Southeast spot gas prices dropped 30-45 cents and Appalachia spot gas prices fell 20-30 ...

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Qatar becomes world’s largest LNG exporter: Kamco Invest

Qatar became the world’s biggest LNG (liquefied natural gas) exporter in April this year, surpassing the US after its LNG exports jumped to a five-year high following the completion of seasonal maintenance on its LNG facilities, according to Kamco Invest. Total LNG exports of Qatar reached $11.9bn during April 2022 compared to $5.8bn in April 2021. Most of the Qatar’s LNG exports went to China, followed by India and Japan. The IEA (International Energy Agency) expects the Asia Pacific region to drive as much as 50% natural gas demand growth ...

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U.S. natgas futures up 2% on output drop, forecast for more demand

U.S. natural gas futures rose about 2% on Tuesday on a preliminary drop in daily output and forecasts for more demand this week than previously expected due to an increase in pipeline exports to Mexico. That price increase came despite forecasts for less hot weather over the next two weeks that will reduce air conditioning use next week. Also weighing on prices was the ongoing outage at the Freeport liquefied natural gas (LNG) export plant in Texas, both of which leaves more gas in the United States for utilities to ...

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EUROPE GAS-Prices mostly down on increased power production

British and Dutch gas prices were mostly down on Tuesday morning after the French nuclear regulator said it would tweak rules that would keep nuclear plants running during a heatwave. The British contract for immediate delivery was up 8.00 pence at 278.00 pence per therm by 0952 GMT, after rising to 298.00 p/therm in earlier trade. The day-ahead contract fell by 10.00 pence to 270.00 p/therm after rising to 300 p/therm earlier. In the Dutch gas market, the day-ahead contract fell by 3.17 euros to 189.13 euros per megawatt-hour (MWh), ...

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Shell defers Prelude LNG turnaround due to industrial action

Shell Plc SHEL.L said on Monday it is deferring planned maintenance work at the Prelude floating liquefied natural gas (FLNG) facility that was due to go ahead in September due to industrial action at the site off northwest Australia. “As a result of the ongoing Protected Industrial Action and inability to complete preparation work, we are not able to proceed with the planned turnaround at this time,” a Shell spokesperson said in emailed comments. Source: Reuters (Reporting by Sonali Paul; Editing by Christopher Cushing)

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Asian refiners assess crude oil buying strategies after OPEC+ decision

This week, Asian refiners will assess their spot and term crude procurement strategies after OPEC+ signed off on a modest production hike. Last week, OPEC+ agreed to raise September production quotas by 100,000 b/d from August. Asia is set to increase its reliance on oil as a major energy source this winter as Europe steps up its demand for LNG. Refiners in Japan and South Korea are trying to secure as much crude as possible from their top Middle Eastern suppliers. In Asian thermal coal markets, sentiment is likely to ...

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Japanese investors were big buyers of foreign equities in July

Japanese investors purchased heavily in foreign equities in July, as global stocks rebounded last month on the back of positive earnings and hopes of less aggressive monetary tightening measures from the U.S. Federal Reserves. According to data from Japan’s Ministry of Finance, Japanese investors accumulated a net 1.85 trillion yen worth of overseas equities in July, the biggest since at least 2005. U.S. equities .SPX gained 9.1% in the last month, boosted by postive forecasts from Apple Inc AAPL.O and Amazon.com Inc AMZN.CO, which showed confidence in companies ability to ...

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U.S. diesel shortage shows economy hitting capacity limit

U.S. distillate fuel oil inventories are depleting to critically low levels; either an imminent recession reduces consumption or prices are likely to surge higher. Distillate fuel oil is the lifeblood of industry and the worsening shortage shows the economy is hitting hard capacity constraints in the short term. Stocks of diesel, heating oil and other distillate fuel oils fell by more than 2 million barrels to 109 million barrels last week, according to data from the U.S. Energy Information Administration (EIA). Distillate inventories have declined in 66 of the last ...

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Asian spot prices jump on Russian supply concerns, Pelosi’s Taiwan visit

Asian spot liquefied natural gas (LNG) prices continued their rise towards record levels this week on an expected pick-up in demand from China as it eases COVID rules and ongoing concerns over curtailed Russian supply to Europe. The average LNG price for September delivery into north-east Asia was estimated at $45 per million British thermal units (mmBtu), up $2.5, or 5.9%, from the previous week, industry sources said. That is close to record levels slightly over $48/mmBtu hit in December 2021, according to Reuters estimates. “Ongoing uncertainties remain around global ...

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This is the state of world’s energy – in charts

People and businesses around the world used more power in 2021 than in the year before the pandemic, as lockdowns ended and energy demand bounced back, according to an analysis from BP. The surge in demand is the largest in history and has helped to propel the energy system into its most turbulent period since the oil crisis of the 1970s. Russia’s invasion of Ukraine has added to the turmoil, fuelling price hikes and threatening power shortages for some countries. BP says emissions from energy have also rebounded to pre-pandemic ...

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Putin and Erdogan agree to boost cooperation, some rouble payments for gas

Russian President Vladimir Putin and Turkish President Tayyip Erdogan agreed on Friday to boost cooperation in the transport, agriculture, finance and construction industries, they said in a joint statement after a four-hour meeting. Turkey mediated a deal signed by Ukraine, Russia and the United Nations in Istanbul last month under which grain exports from Ukraine’s Black Sea ports resumed after months of being blocked. In the statement, Putin and Erdogan stressed the need for “the full implementation of the Istanbul agreement, including the unimpeded export of Russia’s grain, fertiliser and ...

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This is the state of world’s energy – in charts

People and businesses around the world used more power in 2021 than in the year before the pandemic, as lockdowns ended and energy demand bounced back, according to an analysis from BP. The surge in demand is the largest in history and has helped to propel the energy system into its most turbulent period since the oil crisis of the 1970s. Russia’s invasion of Ukraine has added to the turmoil, fuelling price hikes and threatening power shortages for some countries. BP says emissions from energy have also rebounded to pre-pandemic ...

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White House: Falling gas prices mean more than OPEC numbers

President Joe Biden traveled to Saudi Arabia last month on the possibility that he could get some additional oil production out of OPEC+ in coming weeks, but the cartel and other nations announced a scant increase Wednesday. The White House responded by stressing that what matters is the steady decline in oil and gasoline prices from summer highs, not the actions taken by OPEC+ to pump an additional 100,000 barrels of oil in September. White House press secretary Karine Jean-Pierre noted that the decline began June 14, the day the ...

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