David Lee

1 month ago | marketnews.com | David Lee

An unplanned outage at Skarv reducing capacity by 6.5mcm/d due to “process problems” is adding to planned outages at Asgard and Karsto, Gassco shows. Total plant and field capacity reduction is 12.68mcm/d today, 9.6mcm/d tomorrow and rising to 14.6mcm/d on Mar. 27. Norwegian pipeline supplies to Europe for today have been revised down to 328.3mcm/d from 331.9mcm/d earlier this morning. Outages are due to rise to 82.9mcm/d on April 2 with planned works at Nyhamna, Aasta Hansteen and Dvalin.

1 month ago | marketnews.com | David Lee

The TTF Sum25-Win25 spread has narrowed to a summer premium of around €1/MWh compared to a high of around €2.4/MWh last week as the market weighs summer storage refill risks. Mild temperatures across Europe this week have eased demand pressures at the end of the winter season allowing for a switch to a small net storage injection on March 22, GIE shows. GIE shows a net injection of 727GWh/d on March 22 compared to a net withdrawal rate in the week to Mar. 21 of 71% above normal at 2,237GWh/d.

1 month ago | marketnews.com | David Lee

Arab Gulf to Europe gasoil flows were resilient in March with Red Sea port activity gaining momentum and likely to persist amid tightened European balance, according to Kpler. The increased Red Sea activity is helping maintain steady westbound flows and enables vessels to bypass the Bab el-Mandeb Strait amid renewed security risks. Red Sea ports offer a strategic bypass with Saudi Arabia’s Yanbu emerging as a preferred export hub.

1 month ago | marketnews.com | David Lee

Global energy demand rose by 2.2% in 2024 – lower than GDP growth of 3.2% but faster than the 2013 and 2023 average of 1.3%, the IEA Global Energy Review showed. Emerging and developing economies accounted for over 80% of global energy demand growth. However, energy consumption in China rose by less than 3%, half the rate in 2023 rate. In absolute terms, China showed the largest demand growth followed by India and more than the increase in all advanced economies combined.

1 month ago | marketnews.com | David Lee

Managed Money net long crude oil positions rebounded last week with a rise in Brent more than offsetting a small decline in WTI, according to the Commitments of Traders data released on Friday. The combined net long positions for Brent and WTI increased by 31k to 259k for the week to March 18, Bloomberg showed. ICE Gasoil and Nymex diesel positions fell again this week taking ICE Gasoil to the most bearish since October. Nymex diesel switched to a net short and the most bearish since December.