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2018-03-16 10:00:00

RUSSIAN GAS FOR BRITAIN OVER

RUSSIAN GAS FOR BRITAIN OVER

REUTERS - Falling Asian gas prices are reigniting interest in northwest Europe as a liquefied natural gas (LNG) destination following winter shortages as Russia and the United States step up deliveries.

Price swings prompted Royal Dutch Shell on Thursday to divert the first shipment from the new Cove Point export plant in the United States away from Asia to Britain.

More supply from Russia's newly built plant in Siberia at Yamal is likely to be absorbed by northwest Europe as arbitrage opportunities with Asia dry up amid a post-winter price slump there, trade sources said.

Asia's spot LNG premium over European gas hubs has shrunk to around $1 per million British thermal units, driven by divergent weather patterns.

Mild weather is sapping demand in major LNG consumers China and Japan as cold blasts depleted Europe's gas inventories.

Tighter spreads limit traders' ability to divert Atlantic-produced supply east after shipping costs rose last year.

For example, a cargo held in storage at Rotterdam's Gate LNG terminal has gone unsold due to diminished incentives, traders said.

So far this year, two Yamal cargoes unloaded at British terminals for domestic consumption, accounting for about a third of Britain's 2018 LNG imports after typical supplier Qatar pre-sold the bulk of its winter output to Asia last year.

Qatari LNG shipments to northwest Europe should also pick up from April as Asian demand eases, traders said.

A Norwegian shipment arrived in Britain last week.

From April, the availability of Yamal LNG cargoes may be restricted as long-term contracts commence. Currently all Yamal LNG is sold via spot markets.

Under long-term deals, destination restrictions may limit where Yamal's customers - PetroChina, Russia's Novatek, Spain's Gas Natural, France's Engie, trader Gunvor and Shell - can sell supply.

Curbs will vary by contract but traders still expect a large chunk of volumes to flow into European terminals - where they can then be re-exported - until thawing ice sheets allow passage to Asia directly in the summer months.

In Britain, Russian LNG deliveries have drawn scrutiny after Prime Minister Theresa May accused Moscow of poisoning a Russian ex-spy with a rare nerve agent in England.

"We estimate less than 1 percent of our gas comes from Russia and are in no way reliant on it," a spokeswoman for the Department for Business, Energy and Industrial Strategy said.

British utility Centrica has a contract with the trading arm of Russia's Gazprom for 4.16 billion cubic meters a year until 2021, but that gas does not necessarily come from Russia and is most likely sourced from the open market.

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Earlier:

 W.Europe
2018, March, 14, 11:40:00

RUSSIAN GAS FOR EUROPE

PLATTS - But the dispute erupted again last week after the court ruled in Naftogaz’s favor on the transit element of the case, awarding Naftogaz $4.6 billion in compensation for Gazprom’s underuse of its transit network. The net award to Naftogaz was $2.6 billion across the entire case after the court previously awarded Gazprom a little over $2 billion in the supply ruling.

 

 W.Europe
2018, March, 14, 11:35:00

NORD STREAM NIGHTMARES U.S.

OGJ - Sandra Oudkirk, deputy assistant secretary for energy diplomacy at the US Department of State’s Bureau of Energy Resources, said Nord Stream 2 matters to the US because it would cement a transportation system in place that could perpetuate dependence on Russian gas for some key US allies. “It would not increase the amount of gas coming into Europe, only replace volumes that now are being transported through Ukraine,” she said.

 

 W.Europe
2018, March, 14, 11:30:00

RUSSIAN GAS FOR BRITAIN

PLATTS - The Russia-UK poisoning row threatens to put renewed strain on the two countries' deep-seated energy ties, illustrated by some of the first ever LNG shipments from Russia's vast new Yamal LNG facility now arriving in the UK.

 

 W.Europe
2018, March, 4, 11:25:00

RUSSIAN GAS FOR EUROPE

REUTERS - Russia’s Energy Minister Alexander Novak told European Commission Vice President Maros Sefcofic in a phone conversation that gas transit would not be at risk until Gazprom and Naftogaz fully terminated their agreement.

 

 W.Europe
2018, March, 4, 10:50:00

SIBERIAN LNG FOR BRITAIN

FT - UK gas prices have soared this week as the extreme weather dubbed the “Beast from the East” generated huge demand for energy. Wholesale “same-day” prices more than quadrupled at one point to reach their highest level in at least 12 years.

 

 W.Europe
2018, February, 27, 14:10:00

RUSSIAN GAS FOR AUSTRIA UP

GAZPROM - In early 2018, the demand for gas is still on the rise in the country. According to estimates, from January 1 through February 21, 2018, Gazprom delivered to Austria 1.8 billion cubic meters of gas, a rise of 60.6 per cent against the same period of 2017 (1.1 billion cubic meters).

 W.Europe
2018, February, 12, 07:35:00

GAS SHORTAGE FOR EUROPE

REUTERS - “Europe completely miscalculated when they assumed that they won’t need much additional gas and if they need some it can be supplied from outside Russia,” Medvedev, who looks after exports for the world’s top gas producer and exporter, said.

Tags: RUSSIA, BRITAIN, GAS, USA

Chronicle:

RUSSIAN GAS FOR BRITAIN OVER
2018, July, 16, 10:35:00

CHINA'S INVESTMENT FOR NIGERIA: $14+3 BLN

AN - China National Offshore Oil Corp. (CNOOC) is willing to invest $3 billion in its existing oil and gas operation in Nigeria, the Nigerian National Petroleum Corporation (NNPC) said on Sunday following a meeting with the Chinese in Abuja.

RUSSIAN GAS FOR BRITAIN OVER
2018, July, 16, 10:30:00

LIBYA'S OIL DOWN 160 TBD

REUTERS - Production at Libya’s giant Sharara oil field was expected to fall by at least 160,000 barrels per day (bpd) on Saturday after two staff were abducted in an attack by an unknown group, the National Oil Corporation (NOC) said.

RUSSIAN GAS FOR BRITAIN OVER
2018, July, 16, 10:25:00

BAHRAIN'S GDP UP 3.2%

IMF - Output grew by 3.8 percent in 2017, underpinned by a resilient non-hydrocarbon sector, with robust implementation of GCC-funded projects as well as strong activity in the financial, hospitality, and education sectors. The banking system remains stable with large capital buffers. Growth is projected to decelerate over the medium term.

RUSSIAN GAS FOR BRITAIN OVER
2018, July, 16, 10:20:00

NIGERIA'S GDP UP 2%

IMF - Higher oil prices and short-term portfolio inflows have provided relief from external and fiscal pressures but the recovery remains challenging. Inflation declined to its lowest level in more than two years. Real GDP expanded by 2 percent in the first quarter of 2018 compared to the first quarter of last year. However, activity in the non-oil non-agricultural sector remains weak as lower purchasing power weighs on consumer demand and as credit risk continues to limit bank lending.

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