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US power system becomes more fossil-dependent than China’s

Utilities in the United States have relied on fossil fuels to generate a larger share of electricity than their counterparts in China since June, seriously undermining U.S. claims to be a leader in energy transition efforts. U.S. utilities have relied on fossil fuels to generate an average of 62.4% of total electricity production for the past four months, according to data from energy think tank Ember. That fossil fuel share exceeds the 60.5% over the same period in China, the world’s largest power producer and polluter. The high U.S. fossil ...

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US natgas prices climb 2% to 2-week high on lower output, soaring global gas prices

U.S. natural gas futures climbed about2% to a two-week high onFriday on lower output so far this month and a jump in global gas prices that could boost demand for more U.S. liquefied natural gas (LNG) exports. Earlier in the session, U.S. gas futures were down onforecasts for mild weather through early November that should keep U.S. heatingdemand low and allow utilities to inject more gas into U.S. storagethan is usual for this time of year. Front-month gas futures NGc1 for November delivery on the New York Mercantile Exchange rose ...

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Higher Asia naphtha prices hurt PX margins amid weak downstream demand

Prices for Asian naphtha will likely continue to benefit from robust buying interest and volatile crude prices, though PX producers in Asia are grappling with stunted margins amid a glut of supplies and weak downstream demand. Firmer buying interest was seen in the Asian naphtha market toward the week ending Oct. 25, while tracking higher crude prices and despite poor downstream olefin margins. An industry source said there is a possibility that “everyone is moving [to] H1 December more and less on H2 December,” signaling a firmer buying interest for ...

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Asia Distillates-Gasoil window activity picks up; jet fuel still in hot demand

Asia’s middle distillates markets remained upbeat on Friday, given a myriad of discussions and trading activity even for prompt-loading cargoes, as traders were still expecting tight supply-demand fundamentals to prevail in the near term. More refiners offered spot November cargoes, with deals closing at slight premiums, as evidenced from buyers still covering their near-term requirements. There are firm expectations of more swing supplies from the Middle East and India bound for southeast Asia instead of the west, given the recent buying strength for both gasoil and jet fuel. It remains ...

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Italy’s Eni sees Q3 gas sales drop 1% YOY on lower European volume

Italy’s Eni said Oct. 25 its global gas and LNG sales volume dropped in the third quarter by 1% year over year to 10.8 Bcm on the back of lower volumes in Europe outside of Italy. The total included an LNG volume of 2.2 Bcm, up 10% year over year, it said. Italian gas sales, including LNG, rose 2% year over year to 5.1 Bcm, Eni said, driven by higher wholesale volumes. In the European markets, gas volumes decreased by 2% year over year to 4.8 Bcm as a consequence ...

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Benchmark EU gas price remains at 10-month high

Dutch front-month wholesale gas remained at a 10-month intraday high on Friday morning amid colder weather forecasts, geopolitical risks and storage withdrawals. The benchmark front-month contract at the Dutch TTF gas hub rose by 0.65 euro to 42.83 euros per megawatt hour (MWh) by 0916 GMT, still the highest since Dec. 1, according to LSEG data. The December price was 0.60 euro higher at 43.05 euros/MWh. In the British market, the day-ahead contract TRGBNBPD1 was 1.13 pence higher at 106.13 pence per therm, also the highest since Dec. 1, while ...

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Valero Energy quarterly profit plunges on weak refining margins

Refiner Valero Energy posted an 86% slump in third-quarter profit on Thursday on falling refining margins, but it managed to beat Wall Street expectations. Globally, refiners have seen a drop in their profitability on soft consumer and industrial demand, especially in China. U.S. refinery margins, measured by the 3-2-1 crack spread, dipped to $14.28 in mid-September, the lowest since early 2021, on lackluster fuel demand. Energy majors like Exxon Mobil, BP and Shell had said earlier this month that they expected weaker refining margins to weigh on their earnings in ...

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Asia jet fuel/kerosene remains king of the barrel as swing barrels weigh on outlook

Tightness in the Asian jet fuel/kerosene complex has pushed the product to remain the king of the barrel, as the FOB Singapore jet fuel/kerosene swap crack against front-month Dubai swaps maintained its lead over that of co-distillate 10ppm sulfur gasoil for eight consecutive trading sessions, S&P Global Commodity Insights data showed. Platts, part of Commodity Insights, assessed the FOB Singapore jet fuel/kerosene swap crack against front-month Dubai swaps — a measure of the product’s relative strength to the crude it was refined from — at $14.29/b at the Asian close ...

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Policy, carbon pricing, investment critical to Asia’s energy transition: Panelists

Effective policy, competitive carbon pricing, and substantial investment will be pivotal in driving Asia’s energy transition and industrial decarbonization, according to panelists at the Asia Climate Summit in New Delhi. Saurabh Didi, the Director of the Bureau of Energy Efficiency (BEE), emphasized the importance of comprehensive policies that address a broad range of factors, including energy efficiency, carbon emissions, and emission intensity. “Policies must encompass various aspects such as carbon pricing and emission targets, coupled with clear action plans to effectively shape the energy transition and decarbonization process,” he said. ...

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Asia Naphtha/Gasoline-Naphtha crack reaches 10-day high; PSO seeks Dec-loading gasoline

Asia’s naphtha margins hit a 10-dayhigh on Thursday, as stronger regional demand boosted the market after some refineries came back online following maintenance. The crack climbed to $114.38 per metric ton over Brent crude, its highest since Oct. 14. In gasoline, margins inched higher to $4.10 per barrel over Brent crude even as no deals were concluded at the end of the trade window. In tenders, Pakistan’s PSO was seeking the benchmark grade of gasoline for the loading period of Dec. 13-15, according to the company’swebsite. The tender closes on ...

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US natgas prices climb 4% on cooler weather, higher global gas prices

U.S. natural gas futures climbed about 4% to a one-week high on Thursday on forecasts for cooler weather and more heating demand over the next two weeks than previously expected and on rising prices for gas in global markets that should boost the value of U.S. liquefied natural gas (LNG) exports. Front-month gas futures for November delivery on the New York Mercantile Exchange rose 10.2 cents, or 4.4%, to $2.444 per million British thermal units (mmBtu) by 8:16 a.m. EDT (1216 GMT), putting the contract on track for its highest ...

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Benchmark European gas hits highest in 10 months on geopolitical risks

The Benchmark front-month contract at the Dutch TTF gas hub TRNLTTFMc1 hit its highest intraday level in over ten months on Thursday, as the market remained nervous over potential supply disruptions due to geopolitical tensions in the Middle East and fighting between Russia and Ukraine. The contract for November delivery hit 42.57 euros per megawatt hour (euros/MWh) at 0945 GMT, its highest intraday level since Dec. 1, according to LSEG data. It then receeded to 42.40 euros/MWh by 1121 GMT. “Geopolitical risk premium is a main reason behind the rise,” ...

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Asia Distillates-Jet fuel markets on fire; regrade hits 11-month high

Asia’s middle distillates markets continued to see robust trading activity as buying interest from regional players stayed firm, especially for jet fuel, as tight market fundamentals remained a key focus. Jet fuel markets continued to be on fire, two trade sources said, adding that Japan buying interest also re-emerged for November cargoes providing further demand support. The arbitrage for Asia to the U.S. west coast also remains economically feasible for sellers to send their cargoes there in the near-term, one of the sources added. Several cargoes were being discussed at ...

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Benchmark European gas at 10-month intraday high on geopolitical risks

Dutch and British wholesale gas prices hit a more than 10-month intraday high on Thursday as the Middle East conflict and reports that North Korean troops were ready to help Russia in Ukraine kept traders on edge. The benchmark front-month contract at the Dutch TTF gas hub hit 42.57 euros per megawatt hour at 0945 GMT, its highest intraday level since Dec. 1, LSEG data showed. “Geopolitical risk premium is a main reason behind the rise,” one trading source said. The price is still much lower than the August 2022 ...

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Asia Naphtha/Gasoline-Naphtha crack rises to a week’s high; gasoline margins fall for third session

Asia’s naphtha margins on Wednesday climbed to a week’s high, boosted by improved demand due to the restarting of several regional crackers. The crack rose by $2.24 to reach $110.68 per metric ton over Brent crude, its highest since Oct. 15. Traders shared that in China, two crackers each with a capacity of 1.2 million metric tons (mt) per year, are expected to commence commercial operations in the next quarter. An additional two ethylene production crackers with a capacity of over 3 million mt/year is expected to come online in ...

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