Natural Gas News- August 9, 2022
European Refiners Try to Optimize Amid Gas Crisis, North Sea Decline
Self-help’ measures potentially limit LPG, naphtha sales Europe’s oil
refiners are grappling with the combined impact of North Sea decline
and rocketing prices for natural gas used in their operations, even as
they enjoy higher margins on the back of the pandemic recovery.
Refiners have said they are doing their best to reduce use of natural gas
as the market is squeezed by Russian supply shutoffs stemming from
the conflict in Ukraine. It comes as European refineries are expected to
remain stretched going into winter when it comes to supplying diesel,
partly due to sanctions on Russian diesel supply, even as recession
fears have helped ease gasoline market tightness. BP’s indicative
marker margins for Northwest Europe and the Mediterranean were
roughly five times year-earlier levels in Q2 2022. Ultra-low sulfur… For
more info go to https://bit.ly/3vTdkMy
Freeport LNG To Restart Most Production By October
Freeport LNG will resume most of its operations by October after the
Pipeline and Hazardous Materials Safety Administration greenlit the
restart. Freeport LNG said that the approval of the PHMSA is contingent
on the company taking some “corrective measures.” “Freeport LNG
continues to believe that it can complete the necessary corrective
measures, along with the applicable repair and restoration activities, in
order to resume initial operations in early October,” the company said.
Houston-based Freeport LNG suffered an explosion on June 8, which
caused the plant to shut down to assess the damage and perform
repairs. Freeport LNG accounts for 20 percent of the United States’ total
LNG export capacity, capable of processing 2.1 billion cu ft of gas per
day. According to Freeport LNG, it is… For more info go to
https://bit.ly/3vTdkMy
EUROPE GAS-UK Gas Prices Rise on Low Imports, LNG Terminal Maintenance
British prompt wholesale gas prices rose on Monday due to a fall in
imports from Norway and maintenance at a liquefied natural gas (LNG)
terminal, while uncertainty over Russian supplies kept Dutch prices at
high levels. The British day-ahead contract TRGBNBPD1 rose 15 pence
to 290 pence per therm by 1112 GMT, while gas for immediate delivery
TRGBNBPWKD increased 9.50 pence to 292.50 pence per therm.
“Lower LNG sendout due to partial maintenance at Dragon LNG terminal
and … lower gas receipts from Norway due to an unplanned outage in
Sleipner have contributed to higher prices,” said Christos
Anagnostopoulos, a commodities analyst at Aurora Energy Research.
The Dragon LNG terminal will undergo maintenance from today until
Wednesday, which will limit LNG send-out. An unplanned outage at
Norway’s Sleipner transport… For more info go to https://bit.ly/3vTdkMy
This article is part of Daily Natural Gas Newsletter
Tagged: natural gas
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