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Eastward gas flows via Yamal-Europe pipeline fall

Eastward flows of Russian gas via the Yamal-Europe pipeline to Poland from Germany fell on Friday morning in line with nominations or requests for gas, data from pipeline operator Gascade showed. Exit flows at the Mallnow metering point on the German border stood at 799,300 kilowatt hours per hour (kWh/h) around 0600 GMT on Friday, down from about 2,732,330 kWh/h earlier in the morning. Physical flows to Germany through the Nord Stream 1 pipeline across the Baltic Sea were steady at 29,291 kWh/h, operator company information showed. Russian gas producer ...

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U.S. natgas jumps 8% ahead of July 4 weekend in technical bounce

U.S. natural gas futures jumped about 8% on Friday ahead of the long three-day U.S. July 4 holiday weekend due to a technical bounce following a big price drop in the prior session and forecasts for hotter weather and higher demand over the next two weeks than previously expected. Friday’s price rise came after futures plunged 17% on Thursday following the release of a federal report that analysts said would likely keep Freeport LNG’s liquefied natural gas (LNG) export plant in Texas shut for longer than the three months the ...

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Russia seizes control of Sakhalin gas project, raises stakes with West

President Vladimir Putin has raised the stakes in an economic war with the West and its allies with a decree that seizes full control of the Sakhalin-2 gas and oil project in Russia’s far east, a move that could force out Shell and Japanese investors. The order, signed on Thursday, creates a new firm to take over all rights and obligations of Sakhalin Energy Investment Co, in which Shell and two Japanese trading companies Mitsui and Mitsubishi hold just under 50%. The five-page decree, which follows Western sanctions imposed on ...

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Algeria’s Sonatrach mulls new formulas to raise gas prices for European buyers- sources

Algeria’s state oil and gas producer Sonatrach is negotiating ways to benefit from significant global gas price rises in its long-term contracts with European buyers, two sources familiar with the matter told Reuters. Sonatrach is considering several options, including a partial link to spot price gas prices in contracts that have historically been linked to the price of Brent crude, the sources said. Concern over Russian gas supply to Europe has sent benchmark front month and day ahead Dutch TTF gas contracts up more than 80% and 110% respectively so ...

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Above-average 82 Bcf build in weekly US gas storage thins deficit, weakens futures

US natural gas working stocks increased by 82 Bcf during the week ended June 24, reducing the deficit to the five-year average to its lowest point yet this injection season and helping plunge natural gas futures to a three-month low. Now Storage inventories rose to 2.251 Tcf in the week ended June 24, the US Energy Information Administration reported on June 30. The weekly build outpaced even the highest estimate received in an S&P Global Commodity Insights’ survey of analysts, which called for a 72 Bcf weekly injection. Survey responses ...

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The Commodities Feed: No surprises from OPEC+

Energy The oil market came under further pressure yesterday, with ICE Brent falling by more than 3%. This follows a contraction in (real) US spending over May, while there were also revisions lower in 1Q22 spending data, highlighting that the consumer sector is perhaps not as resilient as thought. There is a very real risk that we see a further deterioration in spending over the second half of the year. So for oil, it is clear that macro developments are still the key driver for price direction at the moment. ...

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Oil prices up 2% on supply outages

Oil prices rose 2% on Friday, recouping most of the previous session’s declines, as supply outages in Libya and expected shutdowns in Norway outweighed expectations that an economic slowdown could dent demand. Brent crude futures were up $2.07, or 1.9%, at $111.10 a barrel by 0911 GMT, having dropped to $108.03 a barrel earlier in the session. WTI crude futures gained $1.80, or 1.7%, to $107.56 a barrel, after retreating to $104.56 a barrel earlier. Both contracts fell around 3% on Thursday, ending the month lower for the first time ...

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Saudi Arabia may raise Aug crude prices to Asia to near record levels

Top oil exporter Saudi Arabia may raise prices of light crude grades to Asia for the second straight month in August on the back of record distillate margins and strong spot premiums for Middle Eastern oil this month. The official selling price (OSP) for Saudi’s flagship Arab Light crude could rise by about $2.4 a barrel from the previous month, according to nine refining sources surveyed by Reuters on June 28-29. The price hike would drive the August OSP close to record levels, set when May Arab Light crude reached ...

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Summer oil price spike looms if West’s price cap strategy fails: RBC’s Croft

The West’s latest strategy to increase pressure on Russian oil revenues while also trying to reduce global oil prices could backfire and lead to another painful price spike this summer, RBC Capital Market’s Helima Croft said during a Carnegie Endowment for International Peace event. G7 leaders are working on a price cap mechanism that would allow Russian oil to keep flowing to India, China and other countries while the US and Europe have shunned the barrels over the Ukraine war. Under a price cap, the governments would agree on a ...

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Biden administration drilling plan may exclude all waters beyond Gulf of Mexico

The U.S. Interior Department has recommended to the White House that all federal offshore oil and gas drilling auctions over the next five years be located in the Gulf of Mexico, where the drilling industry has already been focused for decades, according to two sources familiar with the matter. The recommendation to exclude all other waters from offshore oil and gas development comes as U.S. President Joe Biden seeks to balance his goal to transition the country away from fossil fuels against a Congressional requirement to hold regular drilling auctions, ...

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Norway strike could hit oil output from July 5 – union

A planned strike among 74 Norwegian offshore oil workers at Equinor’s Gudrun, Oseberg South and Oseberg East platforms will likely shut crude production from the three fields, the Lederne trade union told Reuters on Thursday. There would be almost no impact on natural gas output, Lederne leader Audun Ingvartsen said. Equinor was not immediately available for comment when contacted by Reuters. Source: Reuters (Reporting by Gwladys Fouche, editing by Terje Solsvik)

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Biden administration offshore drilling plan delayed

The Biden administration on Thursday delayed the rollout of a proposed five-year offshore oil and gas development plan that had been promised by the end of the month, according to sources. Interior Department Secretary Deb Haaland in May had vowed to unveil the draft proposal ahead of the June 30 expiration of the current plan. The department will not be able to hold any offshore oil and gas lease sales until a new plan is finalized. Briefings with officials meant to take place Thursday ahead of a public announcement were ...

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India: Domestic crude oil producers get marketing freedom, exports not allowed

In a move that may boost the Indian hydrocarbon industry and bring more investments into the sector, the Union Cabinet on Wednesday decided to give marketing freedom to domestic crude oil producers, allowing them to sell petroleum to any company in the local market. The move is set to be beneficial for major crude oil producers, such as state-run Oil and Natural Gas Corporation (ONGC) and Oil India, and private sector majors like Vedanta’s Cairn Oil and Gas and Reliance Industries. As of May 31, India was dependent on imports ...

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Venezuela’s second largest refinery suspends gasoline production -sources

Venezuela’s state company PDVSA has suspended gasoline production at the country’s second largest refinery due to an outage at its reformer, five sources with knowledge of the operations said on Wednesday. An intermittent scarcity of fuel has hit the South American country in recent years as PDVSA’s aging refineries operate at a fraction of its 1.3 million barrel per day (bpd) joint capacity and U.S. sanctions block the arrival of imported gasoline. The Cardon refinery’s naphtha reformer, which produces high-octane components for gasoline, is key for fuel production in the ...

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Gazprom cancels dividend for first time since 1998, shares dive

Russian gas giant Gazprom GAZP.MM has decided not to pay dividends on last year’s results, the first time it will not pay out since 1998, sending its shares plunging 24%. “The shareholders decided that in the current situation it is not advisable to pay dividends based on the 2021 results,” Deputy CEO Famil Sadygov said. “Gazprom’s priorities currently are implementation of its investment program, including Russian regional gasification,” he said. Gazprom shares plunged 24% on the decision, which reversed a board recommendation to pay a dividend of 52.53 roubles per ...

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