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Several refining projects are scheduled in Asia and the Middle East

In Asia and the Middle East, at least nine refinery projects are beginning operations or are scheduled to come online before the end of 2023. At their current planned capacities, they will add 2.9 million barrels per day (b/d) of global refinery capacity once fully operational. In the International Energy Agency’s (IEA) June 2022 Oil Market Report, the IEA expects net global refining capacity to expand by 1.0 million b/d in 2022 and by an additional 1.6 million b/d in 2023. Net capacity additions reflect total new capacity minus capacity ...

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California summer spot gas price trends reshuffle on storage, inflows

Spot natural gas pricing trends in Northern California and Southern California have diverged sharply this summer from those observed last summer, driven by different regional gas storage policies and access to gas inflows. Northern California’s PG&E, city-gate spot gas averaged a 94-cent premium to cash Henry Hub in June and July, nearly double the 57-cent premium that Southern California’s SoCal Gas, city-gate averaged for the same time, data from S&P Global Commodity Insights shows. SoCal Gas, city-gate saw the larger premiums last summer, with SoCal Gas city-gates having averaged a ...

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Russia says it has little ability to help with Nord Stream 1 repair

There is little Russia can do to help with urgent repairs required to malfunctioning Nord Stream 1 gas pipeline equipment, Kremlin spokesman Dmitry Peskov said on Monday. Russia cut gas supplies via Nord Stream 1, its main gas pipeline to Europe, to just 20% of capacity last week, saying that a turbine sent to Canada for maintenance had not yet come back and that other equipment also needed repair. This signalled a deepening of a row in which Moscow has cited turbine problems as its reason for cutting gas supply ...

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Russia’s Gazprom gas production, exports down in Jan-July

Russia’s Gazprom said in a statement on Monday that its natural gas output was down 12% to 262.4 billion cubic metres from January to July compared with the same period last year. It added that its natural gas exports to non-CIS countries was at 75.3 bcm during the period, down 35% from the same period a year ago. Supplies to China via the Power of Siberia pipeline were up by 61%, Gazprom said, without providing figures. Source:Reuters

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Why US gas can’t solve Europe’s energy crisis

As Europe weans itself off Russian energy as punishment for Moscow’s invasion of Ukraine, the continent’s demand for liquefied natural gas (LNG) has soared to unprecedented levels. The US is now the world’s largest exporter of natural gas, yet political, economic and technical limits prevent the country from being its full-on savior. While the industry is booming, lacking export capacity is bottlenecking supply to Europe and the rest of the world. Meanwhile, climate groups insist the LNG export boom is a destructive way to deal with the energy crisis, and ...

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U.S. gas prices climb as stocks fail to rebuild fast enough

U.S. gas prices have climbed to their highest seasonal level for 14 years as hot weather and demand from electric generators has coupled with strong exports to Europe to keep inventories below the pre-pandemic average. In real terms, front-month futures for deliveries at Henry Hub in Louisiana are trading at more than $8 per million British thermal units compared with over $4 at the same point last year and the highest since 2008. Cumulative cooling demand since the start of the year in the Lower 48 states has been the ...

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Europe scrambles to address gas crisis

Just one of five turbines is currently whirring within the Nord Stream 1 pipeline, the chief artery that pumps gas from Russia to Europe. Previously reduced capacity was once again lowered to 20 percent on Wednesday by Russia’s energy company Gazprom, raising fears of a total shut off. Russia says that it is impossible to run the pipeline effectively, since foreign sanctions have delayed the repair and return of turbines, which are made and serviced abroad. As the dispute rumbles on, European leaders are preparing for a worst-case scenario involving ...

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Monsoon rains dampen India’s July fuel demand

Gasoline and gasoil sales by Indian state refiners in July fell from a month earlier as monsoon rains restricted mobility and construction work while high inflation curtailed overall demand for goods, preliminary sales data shows. Fuel demand in India, the world’s third biggest oil importer and consumer, typically falls during the four-month monsoon season beginning in June as parts of the country are hit by heavy floods. Gasoil demand in July fell by about 16% to 6.42 million tonnes while gasoline demand fell by about 8% to 2.66 million tonnes, ...

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Asia spot prices jump following further Nord Stream cuts

Asian spot liquefied natural gas (LNG) prices jumped this week, after further reductions by Russia to Nord Stream 1 flows renewed concerns over market tightness, as buyers compete for cargoes to meet summer demand in Asia and maintain stock build in Europe. The average LNG price for September delivery into north-east Asia LNG-AS was estimated at $42.5 per million British thermal units (mmBtu), up $4.5 or 11.8% from the previous week, industry sources said. “The near-record high gas prices have been driven largely by the sudden tightness in the market ...

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A full stop to Russian gas could plunge Europe into a full-blown recession

Europe has already cut down on gas Overall gas demand in Europe has come down substantially this year. During the first quarter, gas demand in Europe fell by about 5% compared to the 2017-21 average, partly due to a mild winter. Prices rose further in the second quarter and fuel switching began, so the decline in the second quarter was stronger. Germany, for example, reports that gas demand is down 10-15% compared to the 10-year average in the second quarter, and The Netherlands stood at -30% compared to the 2019-21 ...

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EU gas solidarity complicated by lack of fuel sharing deals

The European Union clinched a deal this week to cope with a gas supply crisis, but to make it work member states need to establish bilateral pacts to share gas and, right now, most have no such agreement in place. Only six such deals have been secured, leaving most of the EU’s 27 countries without firm terms on how and when they would share gas in a supply crunch, or the financial compensation they would give or get for doing so. “(Bilateral deals) are really … the only thing that ...

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Russia’s offline primary oil refining capacity revised up by 34% for August

Russia’s idled primary oil refining capacity was revised up to 2.591 million tonnes in August, up 34% from the previous estimate, sources citing refinery maintenance data and Reuters calculations showed on Friday. The offline primary oil refining capacity data for July was also revised up by 1.6% to 3.274 million tonnes. The revisions follow several changes to Russian oil refinery maintenance schedules. Source: Reuters (Reporting by Reuters. Editing by Jane Merriman)

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Keystone Pipeline volumes rise to about 610,000 b/d from capacity hike

TC Energy said its Keystone Pipeline crude volumes rose to roughly 610,000 b/d in the second quarter from a previous baseline capacity of 590,000 b/d as the Canadian pipeline operator aims to increase volumes from the Alberta oil sands to the US Gulf Coast through more modest optimization efforts. TC Energy said July 28 that, using an open season that dates all the way back to 2019, it aims to continue to ramp up Keystone volumes through the end of 2022, but declined to provide specific volumes, citing commercially sensitive ...

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EUROPE GAS-Prices ease but uncertainty remains around Russian gas

British and Dutch wholesale gas prices eased on Friday, after steep gains earlier this week, but uncertainties around Russian flows to Europe kept prices near five-month highs. The front-month Dutch gas contract was down 6.00 euros at 200 euros per megawatt hour (MWh) at 0917 GMT, while the contract for September delivery fell by 7.10 euros to 200 euros/MWh. The British day-ahead contract fell by 35.00 pence to 315.00 pence per therm, while the contract for August delivery was 8.00 pence lower at 322 p/therm. Russian gas flows to Europe ...

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PetroChina begins $4.5 bln refinery expansion, state media says

PetroChina 0857.HK has launched a 30.5 billion yuan ($4.52 billion) programme to expand a subsidiary refinery in southern China into an integrated petrochemicals complex, Chinese state media reported on Thursday. China’s second-largest state refiner is expected to keep crude oil refining capacity at the Guangxi Petrochemical plant unchanged while adding 14 major petrochemical units, according to reports by state television and China Chemical News. The programme is part of PetroChina’s plan to expand in petrochemicals and cut refined fuel production, in line with a broad industry trend to fill a ...

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