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Japan's Mitsubishi Corp on Friday said it has agreed to acquire 25 percent of Bangladesh's Summit Liquefied Natural Gas (LNG) terminal and plans to help develop an offshore receiving site in the South Asian country. The other 75 percent of the Summit LNG terminal will remain with Summit Corp. Summit LNG's project plans call for a floating storage and regasification unit (FSRU) to be installed off the coast of Moheshkali, where it will receive and regasify LNG procured by Petrobangla, the country's national oil and gas company.
An ExxonMobil-operated gas project in Papua New Guinea has agreed a deal to supply liquefied natural gas (LNG) to a unit of British oil giant BP, said Australia's Oil Search Ltd, a partner in the development. The agreement, starting this month, will provide BP with about 450,000 tonnes of LNG annually over an initial three-year period, rising to about 900,000 tonnes for the following two years, Oil Search said in a statement on Friday. "(The move) takes the total contracted volumes from the Project to approximately 7.5 MTPA (million tonnes per annum)", said Oil Search Managing Director Peter Botten.
There were signs that a natural gas well was not fully sealed before it exploded in January, killing five workers, the U.S. Chemical Safety Board said in an updated report on the accident on Thursday. The incident, which took place at a Pittsburg County, Oklahoma, well being drilled for producer Red Mountain Energy by drilling contractor Patterson-UTI, was the deadliest drilling accident since the 2010 Deepwater Horizon rig explosion, which killed 11 people. The CSB's chronology of events in the hours leading to the fatal blowout and fire showed a drill pipe was removed before it was fully emptied of the "mud" used to seal a well.
LONDON/WINNIPEG, Manitoba (Reuters) - Axpo, a Swiss utility and energy trader, said on Thursday it was in talks for a 10-year supply deal with a Canadian company planning to build a liquefied natural gas (LNG) terminal. A sales and purchase agreement would boost the chances that Pieridae Energy (PEA.V) would decide to build the C$10 billion ($7.6 billion) Goldboro project, which would be the first LNG export terminal on Canada's East Coast. Canada is rich in oil and gas but has yet to export major shipments of LNG to Asia from its West Coast or across the Atlantic from its East Coast.
The nearest support is a price cluster formed by a pair of 50% levels and a pair of uptrending Gann angles. The zone is 2833.25 to 2827.25. Inside this zone is a pair of angles at 2831.00 and 2829.50. The index could be choppy inside 2835.75 to 2827.25. We can even extend the zone to 2818.75 to 2840.50.
Based on the early price action, the direction of the EUR/USD the rest of the session is likely to be determined by trader reaction to the downtrending Gann angle at 1.1388.
Tough new rules on marine fuel are forcing shipowners to explore liquefied natural gas as a cleaner alternative and ports such as Gibraltar are preparing to offer upgraded refuelling facilities in the shipping industry's biggest shake-up in decades. From 2020, International Maritime Organization rules will ban ships from using fuels with a sulphur content above 0.5 percent, compared with 3.5 percent now, unless they are equipped to clean up sulphur emissions. Using LNG to power ships instead of heavy fuel oil or the lighter marine gasoil can reduce polluting emissions of nitrogen oxides and sulphur oxides by 90 to 95 percent, according to industry estimates.
Aug 16 (Reuters) - Shanghai Sk Petroleum & Chemical Equipment: * SAYS ZHONGMAN PETROLEUM AND NATURAL GAS, PARTIES ACTING IN CONCERT HAVE BOUGHT 5.0 PERCENT STAKE IN THE COMPANY BETWEEN FEB 27 AND AUG 16 ...
Overnight, the market received data about the condition of the job market from Australia. The unemployment rate dropped, which was a good sign, but the employment change was worse than expectations. In overall, traders used this data to buy AUD, which is now strengthening across the market.
Japanese utilities and industrial companies are snapping up U.S. cargoes of liquefied petroleum gas (LPG) that are seeking a new home after Chinese buyers started to shun them amid an escalating trade war between Washington and Beijing. Taking in fuel that would otherwise be heading for China means Japanese imports of U.S. LPG are set to stay strong after already hitting record levels earlier this year. Robust Japanese purchases of LPG, often used as fuel for transport or cooking, underscore how the impact from the festering trade dispute between Washington and China is rippling across supply chains around the world.
Today’s price action will be dictated by investor aversion to risk. If demand for higher risk assets continues to increase then look for the USD/JPY to be underpinned. The news about the trade discussion between the U.S. and China is just a headline. However, investors seem to like it. There’s no guarantee that the trade discussions will end successfully, however, the news seems to have stopped the speculative selling for now.
Natural gas markets continue to bounce around overall, losing just slightly during the day on Wednesday as we continue to see a lot of volatility in this space. However, we are getting close to the top of the consolidation area so it makes sense that the market starts to rollover.
SEOUL, Aug 16 (Reuters) - South Korea's imports of liquefied natural gas rose 1.5 percent to 2.75 million tonnes in July from a year earlier, according to customs data released on Wednesday. Details of ...
Natural gas prices broke out on Tuesday but were unable to hold trend line support which was former resistance. Still prices consolidated and only fell 0.68% The weather is expected to be normal with warmer than normal weather cover most of the east and west coasts, while cooler weather is hovering most of the mid-west. Trader’s now await Thursday inventory report from the Department of Energy. Stockpiles are expected to rise by 33 Bcf according to Estimize.Technical Analysis
Gold prices tumbled again on Wednesday breaking down and headed toward target support near the December 2016 lows at 1,120. Resistance is seen near former support now resistance near 1,204. Stronger than expected retail sales helped buoy the dollar paving the way for lower gold prices. The dollar has been the beneficiary of the geopolitical unrest which first hammered the Turkish Lira but has spread to decline in the Indian Rupee and the Chinese Yuan. Momentum is negative as the MACD (moving average convergence divergence) index generated a crossover sell signal. ...
Based on the current price, the direction of the EUR/USD into the close is likely to be determined by trader reaction to yesterday’s close at 1.1343. The main trend is down according to the daily swing chart. However, today’s session began with the EUR/USD in the window of time for a closing price reversal bottom.
Natural gas is one of the most important inputs required for nitrogen fertilizers. Companies such as CF Industries (CF) that are located in the United States are at a unique advantage with access to low natural gas prices. In its quarterly earnings, CF Industries cited low natural gas as a key driver for improvement in margins.
On August 14, natural gas September futures rose 1% and settled at $2.959 per MMBtu (million British thermal units)—the highest closing level for active natural gas futures since June 27.
Cheap natural gas, sluggish power demand, growing renewable energy, and emissions regulations will all continue to crowd out coal as U.S. utilities use more natural gas and renewables for electricity generation through 2025. This year, we have seen more U.S. utilities incorporate renewables and natural gas-fired generation into their long-term resource planning as coal fleets dwindle. The economics of offshore wind energy continue to improve, and two major projects, one off the coast of Massachusetts and another off Rhode Island, were recently selected by state officials to move forward.
USDCAD turns range bound as both pairs are driven by news based momentum with both side of pair lacking a news strong enough to gain upper hand.
This bullish tone is not likely to go away until injections start to meet or exceed the five-year average, which means it could last all month since there are only two more August reports left after Thursday.
Investing.com - Gold prices fell below the $1,200 mark on Wednesday as the demand for U.S. dollar went up amidst the Turkish lira contagion crisis.
Investing.com - Oil prices fell on Wednesday after data from the American Petroleum Institute (API) showed increased U.S. crude inventories in the week to Aug 10.