EUROPE GAS-Prices edge lower amid strong supply
The Dutch and British gas wholesale prices fell on Wednesday morning, despite a stable supply. Profit-taking and escalating Middle East tensions also contributed to the decline. LSEG data shows that the benchmark front-month contract for the Dutch TTF Hub was down 0.38 euros at 39.0 euros per megawatt (MWh) or $12.66 mmBtu at 0842 GMT. The contract for the day-ahead was down by 0.10 euros at 38.78 euro/MWh. The day-ahead contract in the British market was 1.5 pence less at 93.00 cents per therm.
EUROPE GAS-Prices reverse earlier gains after Ukraine transit deal report
The Dutch and British gas wholesale prices dropped on Thursday, reversing gains made earlier, following a report in the media that Ukraine had agreed to transport Azerbaijani natural gas to Europe. The report was not immediately verified. By 1334 GMT, the benchmark front-month contract for the Dutch TTF hub had fallen by 0.84 euros to 34.25 Euro per megawatt hour (MWh), which is $11.16 mmBtu. LSEG data shows that the November contract is 1.69 euros lower, at 35.74 Euro/MWh.
Prices for gas in Europe are lower due to steady Russian and Norwegian supplies
The wholesale gas prices in the Netherlands and Britain fell on Thursday morning, as supplies from Russia via Ukraine remained constant. Intercontinental Exchange (ICE) traded the benchmark front-month contract Dutch TTF Hub at 35.40 Euros per megawatt (MWh), down 0.74 euros, by 8:34 GMT. The day-ahead contract on the British market was down 2.28 pence at 85.75 cents per therm. Analysts at ING reported that prices rose on Wednesday due to a mix of supply concerns.
U.S. LNG Exports Soar, Europe a Big Buyer
U.S. LNG to Europe may squeeze out smaller gas suppliers.Shipments of U.S. liquefied natural gas (LNG) have gathered pace in March and Europe is set to stay a top destination for spot cargoes with Asian prices still too low to ship the chilled fuel that far.But winter demand for gas is fading, while steady supplies of gas and LNG have kept inventories well stocked, depressing European gas hub prices. This has raised the question: how many more cargoes can Europe absorb?Suppliers of U.S.
Norwegian Oil, Gas Plants Restart after Ship Collision
An oil tanker and a Norwegian navy frigate collided off Norway's west coast on Thursday, injuring eight people and triggering the temporary shutdown of a North Sea crude export terminal, Norway's top gas processing plant and several offshore fields.The frigate, which recently took part in a major NATO military exercise, was aground and tilting on one side, live television pictures showed. The Norwegian military was attempting to save the ship."We are working on stabilizing the vessel…
Low Returns Put Lid on New British Gas Storage
Investment in new, large gas storage sites in Britain which can help provide a buffer in times of high demand and reduced supply is seen by operators as unlikely due to market prices offering low returns.This is due to weak gas price spreads, the difference between gas prices in summer and winter, which are not allowing operators to cover their fixed costs.The spread has narrowed in recent years, making it less profitable to buy gas in the warmer months…
UK Regulator Probes SSE, Npower Merger
British regulators have launched an in-depth investigation into the tie-up between the retail power unit of SSE Plc and Npower, owned by Germany's Innogy, saying it may reduce competition and increase prices for some households.The merger would create Britain's second-largest retail power provider and reduce the "Big Six" dominating the market to five companies when they are already facing political scrutiny…
UK Energy Market Watchdog to Review Supply Licences This Year
Britain's energy market regulator Ofgem will review the way it awards supply licences and financial requirements on energy suppliers later this year, it said, following calls for firms to undergo stricter financial stress tests. In a speech on Thursday, Ofgem Chief Executive Dermot Nolan said there had been a lot of interest in the energy sector's financial stability due to the increasing number of suppliers, many of which are very small.
British Gas, E.ON to Freeze UK Energy Prices This Winter
Centrica owned British Gas and E.ON, two of Britain's "big six" suppliers, have frozen their standard energy prices this winter, adding to pressure on rivals to do the same. British wholesale gas and electricity prices have risen about 30 and 40 percent respectively since June, along with a rebound in other commodities such as coal, leading to speculation that some electricity suppliers could raise prices.
UK Rule Change for Small Power Producers Could Raise Costs, Risk Supply
Changes to Britain's local power generation rules could drive up energy bills and curb growth in new small plants just when the government is seeking to boost the country's electricity supply. Smaller power generators with less than 100 megawatt capacity embedded into local power grids have grown rapidly thanks to rules that let them avoid the costs of using and maintaining the national transmission network.
Britain's SSE to Freeze Energy Prices This Winter
SSE, one of Britain's "big six" energy suppliers, has frozen its standard energy prices this winter, it said on Friday, putting pressure on its rivals to do the same. British wholesale gas and electricity prices have risen about 30 and 40 percent respectively since June, along with a bounce-back in other commodities such as coal, leading to speculation that some electricity suppliers could raise prices.
Norway Gas Exports to Remain at Record Levels in 2016 -Gassco
Norway's gas exports to Europe this year are set to remain near the record levels reached in 2015, the head of the country's gas infrastructure operator Gassco told Reuters on Friday. Norway is Britain's top gas supplier, supplying some 40 percent of British gas demand, and is also a major supplier to the European Union, supplying around a quarter of EU demand, mostly by shipping gas via subsea pipelines.
Statoil Says Sees European Gas Prices Bottoming Out
Norway's Statoil does not expect European gas prices to fall much further as rising demand from the power generation sector would offset an expected increase in liquefied natural gas (LNG) supply, company officials said on Wednesday. The majority state-owned Statoil, Europe's second largest gas supplier after Russia's Gazprom, sold a record 85 billion cubic metres (bcm) of gas in 2015. LNG supply to Europe is expected to rise as new liquefaction plants in the U.S. and Australia ramp up production.
Heavy LIfting: Moving Modules for Brazilian FPSO
On April 6, Mammoet, a service provider specializing in engineered heavy lifting and transport, completed a load-out of the first set of four modules bound for the FPSO (Floating Production, Storage and Offloading) P66 vessel. This is the first of eight FPSOs currently under construction for oil production in Brazil. The end client, TUPI BV, is a consortium composed of Petrobras Netherlands BV (PNBV, 65 percent), the British Gas Group (BG Group, 25 percent) and Galp Energia S.A.
UK GAS-Prices Surge on Oil Rally
British gas prices rose on Friday afternoon, reversing earlier losses as oil prices rallied on hopes a global supply glut may be easing, and an outage at Norway's Skarv field was extended. The contract for gas delivery in June had jumped by almost 5 percent to 29.39 pence/therm by 1545 GMT, while the contract for gas delivery next winter was up by 2.3 percent to 36.20 pence/therm. Oil prices jumped more…
Centrica to Relocate Most Trading Staff to Central London
Britain's largest energy supplier, Centrica, will relocate most of its energy trading staff to a central London location from its Windsor headquarter this year, a spokesman said on Thursday. About 150 of Centrica Energy Marketing and Trading's (EM&T) 250 staff will move to an office on London's Oxford Street as the company aims to cut travelling costs, the spokesman said. "A move to London puts our Energy Marketing and Trading teams closer to counterparties.
BG Shareholders Give Shell's $52 bln Acquisition Final Nod
BG Group shareholders overwhelmingly approved Royal Dutch Shell's $52 billion takeover on Thursday, clearing the way for the two firms to create the world's biggest trader of liquefied natural gas (LNG). BG will now merge with Shell on Feb. 15, nearly two decades after the company was born from British Gas and just a few months after it reached record oil and gas output thanks to new projects in Australia and Brazil.
UK GAS-Higher Forecast Demand Supports Price
Recent oil gains also support prices; high imports curtail storage withdrawals. British gas prices rose on Wednesday in line with higher demand due to a forecast dip in temperatures and higher crude oil prices in the previous session, trade sources said. Gas for immediate delivery rose 0.30 pence or 1.02 percent to 29.80 pence per therm by 0903 GMT, while the day-ahead contract traded 0.40 pence or 1.35 percent higher, at 30 p/therm.
National Grid to Sell Majority Stake in British Gas Distribution Business
Britain's National Grid Plc has put a majority stake in its 8.5 billion pound ($12.8 bln) gas distribution business up for sale as it shifts focus to better-performing assets such as its U.S. networks, it said on Tuesday. The gas and electricity network operator also reported a 21 percent rise in first-half adjusted pretax profit to 1.37 billion pounds, supported by a strong performance of its U.S. business.
UK Gas: Oversupply, Weak Crude Pricing Drags
Within-day gas drops 1.68 percent; forward gas contracts weighed down by weak crude. British gas prices fell on Monday due to an oversupplied network on rising domestic and Norwegian deliveries, while weak crude oil prices dragged forward contracts lower. "Weaker oil prices and a long (gas supply) system are pushing down prices and Gazprom's plan to offer new gas for winter certainly isn't helping," a trader at a major European utility said.
