Dutch and British gas prices were mixed on Wednesday morning amid an expected drop in wind speed across continental Europe, while storage build remains strong. The benchmark front-month contract at the Dutch TTF hub was 0.23 euros lower at 32.78 euros per megawatt hour (MWh), or $10.45/mmbtu by 0859 GMT, LSEG data showed. The European gas market appears overall bearish, with a strong supply picture throughout the region and high storage levels across the continent, with limited upside, analysts at Energi Danmark said. The Dutch day-ahead contract was up 0.14 ...

Asia’s naphtha markets inched higher on Wednesday, due to weakness in crude prices, but the upside remained capped as Middle East inventories rose and lacklustre polymer demand weighed. The crack rose to $69.18 per metric ton over Brent crude, compared with $68.10 a day earlier, and the backwardation widened to $5.75 a ton. At the deals window, energy trader Trafigura bought 25,000 tons of second-half September naphtha cargo. O/AS A Japanese producer was heard seeking naphtha for September delivery, market participants said. In gasoline markets, sentiment remained positive amid tight ...

Greece will impose a one-off windfall tax on its power producers over the next two months and use the proceeds to help subsidise power bills for households already strained by a cost-of-living crisis, Prime Minister Kyriakos Mitsotakis said late on Tuesday. Wholesale electricity prices have surged in recent weeks, and Mitsotakis said consumers would bear the burden unless the government takes measures. “Therefore the government has decided to impose a one-off levy on gas-fired power producers and use the proceeds to be able to alleviate electricity bills in August,” he ...

Asia’s middle distillates markets continued to see a flurry of deals in the open window, but discount levels remained in almost similar levels from the previous session against a backdrop of ample supply. Traders were still cautious-to-bearish on the overall market fundamentals, given the weakness in buying interest for August spot cargoes – as evidenced from deals being done at discount levels. Talks of a switch in dirty to clean tanker usage for the east-west trade flow died down after last month’s bullish expectations as there is minimal buying appetite ...

U.S. natural gas futures eased about 1% to a 10-week low on Wednesday on forecasts for less hot weather over the next two weeks than previously expected and a drop in feedgas to liquefied natural gas (LNG) export plants due primarily to the shutdown of Freeport LNG in Texas for Hurricane Beryl. Energy traders noted prices were also weighed down by the persistent oversupply of gas still in storage versus normal for this time of year. Analysts said there was currently about 18% more gas in storage than is normal. ...

LNG and natural gas prices are expected to weaken as the EU’s gas storage sits reach tank top during the third quarter, sources said. This downward trend is expected to be limited, however, supported by the need to attract a sustainable amount of imports in a tight LNG market. According to historical data from S&P Global Commodity Insights, after continuously falling from the highs of January 2023, the Dutch TTF front-month contract began to trend higher in June of the same year, albeit within volatile ranges. After trending higher, the ...

Utilization rates at China’s independent refiners are likely to remain subdued in July amid weak demand for oil products and thin refining margins, industry sources and analysts told S&P Global Commodity Insights. According to the latest data from local energy information provider JLC, utilization rates fell by one percentage point to around 52% as of July 10, compared with a week earlier. Average throughput rates in July are largely unchanged from the levels seen in June, the month that saw the lowest utilization rates since March 2020, when the country ...

Asia’s middle distillates markets recorded slightly slowing trading momentum in the physical markets, with prices also posting limited fluctuations as overall fundamentals were likely to remain weak in the near term. Some traders are expecting the market to bounce back only in September, which explains the paper market structure for the time being where prompt months are in contango and forward remains in backwardation. Fundamentals still look weak for prompt markets and this may extend into August, two sources said. Markets were mixed on how China’s August export plans would ...

Dutch and British gas prices were slightly up on Tuesday morning, trading in a narrow range amid strong inventories and as the market is cautiously monitoring LNG supply, after Freeport LNG said will restart one train this week. The benchmark front-month contract at the Dutch TTF hub TRNLTTFMc1 was up 0.55 euros at 32.10 euros per megawatt hour (MWh), or $10.25/mmbtu, by 0839 GMT, LSEG data showed. The Dutch day-ahead contract In the British market, the front-month contract TRGBNPMc1 was up 2.15 pence at 73.85 pence per therm. Freeport LNG ...

Asia’s gasoline markets were steady on Tuesday, bucking the global downtrend amid a rise in Japanese import demand and anticipation of lower supply in July-August period. The refining profit margin for gasoline traded above $8 per barrel over Brent crude. At the Singapore deals window, there were no trades for transport fuel. On the demand front, Indian state retailers sold 1.29 million tons of gasoline in the first fortnight of July, up 3.7% year-on-year. However, compared with June, sales were down 6.1% due to heavy rains. In Japan and South ...

U.S. natural gas futures edged up about 1% on Tuesday from a 10-week low in the prior session after power demand hit a record high on Monday as homes and businesses cranked up their air conditioners to escape the hottest day so far this summer. That increase in gas prices came despite forecasts for less demand this week than previously projected due in part to the slower than expected return to full power of Freeport LNG’s export plant in Texas. Traders also noted that gas prices have been depressed for ...

China’s refinery output fell 3.7% in June from a year earlier， official data showed on Monday, down for a third month amid planned maintenance, while lower processing margins and lacklustre fuel demand pushed independent plants to cut output. Refiners processed 58.32 million metric tons of crude oil in June, data from the National Bureau of Statistics (NBS) showed, equivalent to 14.19 million barrels per day (bpd), for the year’s lowest levels so far. Output for the first six months was 360.09 million tons, or 14.44 million bpd, down 0.4% from ...

The Liquefied natural gas (LNG) trade increased 3.1% globally in 2023 to average 52.9 billion cubic feet per day (Bcf/d), an increase of 1.6 Bcf/d from 2022, according to a report from the International Group of Liquefied Natural Gas Importers (GIIGNL). Expanded export and import capacity and increasing natural gas demand drove the growth in global LNG trade last year. Published by the US Energy Information Administration (EIA), the report says LNG export capacity expanded primarily in the United States, Mozambique, Russia, Indonesia, Norway, and Oman. In the US, Freeport ...

Asia’s middle distillates markets brimmed with spot activity in the open window as key major Trafigura bought up three cargoes, with more spot offers from key refiners expected to emerge this week again. Trafigura scooped up 550,000 barrels of cargoes in the open trading market for end-July to August shipments. Also, traders were waiting for China’s oil majors to come up with their August export sales plan, given the recent firmness in export margins Meanwhile, cargoes from Russia are likely to turn more prevalent in July to regional markets such ...

Dutch and British gas prices edged lower on Monday morning as expectations of strong output from wind farms curbed gas demand from gas-fired power plants. The benchmark front-month contract at the Dutch TTF hub was down 0.12 euros at 31.58 euros per megawatt hour (MWh), or $10.09/mmbtu, by 0813 GMT, LSEG data showed. The Dutch day-ahead contract In the British market, the front-month contract TRGBNPMc1 was down 0.17 pence at 72.98 pence per therm. “Gas for power demand (in northwest Europe) is expected down 160 gigawatt hours/day on day ahead, ...