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Demand for gasoline climbed last week and helped to drive a second consecutive gain in U.S. petroleum consumption, while oil production leveled off, new federal data show. The U.S. Energy Information Administration (EIA) said Wednesday overall demand for petroleum products for the period ended Dec. 16 climbed 5% week/week. The increase was driven by a…

With its latest sales and purchase agreement (SPA) with Galp Trading SA, NextDecade Corp. is targeting a final investment decision for its Rio Grande LNG terminal early next year. Houston-based NextDecade disclosed Tuesday that it has inked a 20-year, 1 million metric ton/year (mmty) SPA at prices linked to Henry Hub with the unit of…

The International Energy Agency (IEA) estimates the European Union (EU) could have to address a natural gas supply shortage in 2023 due in part to few additional LNG projects coming online and increased competition with Asia for cargoes. In a new report released Monday, the IEA modeled how the EU could manage a shortfall of…

MEXICO CITY (ICIS) — European gas prices were boosted by forecasts of colder temperatures in Europe, which supported consumption for both domestic and gas-for-power demand.

European natural gas prices declined on Monday, when supply concerns were eased by Gazprom PJSC, which did not reduce the supplies it’s shipping through Ukraine after warning of cuts last week. The January contract fell by 1% after Gazprom said conditions had been met to keep moving gas at current levels into Ukraine, one of…

QatarEnergy has clinched a 4 million metric ton/year (mmty) LNG supply agreement with China Petroleum and Chemical Corp., aka Sinopec, its first for the developing North Field East (NFE) expansion. The two firms signed the 27-year sale and purchase agreement (SPA) during a ceremony in Doha, marking the longest supply contract signed by a Chinese…

OPEC slashed its global crude oil demand outlook for a second consecutive month, citing slowing economic activity in the United States and Europe as well as ongoing pandemic-related lockdowns in China and geopolitical upheaval linked to Russia’s war in Ukraine. In its closely watched monthly market report, the cartel on Monday lowered its forecast for…

If China buys more LNG on the spot market this winter it could have an impact on what’s available to European buyers over the next few months. “Since August, the Chinese [national oil companies] have been importing their contracted Russian volumes, while holding LNG imports relatively flat,” said Vortexa Ltd.’s Felix Booth, head of liquefied…

Asian countries that typically buy massive volumes of LNG are moving to build contingencies for procuring expensive cargoes and reserving excess volumes as risks of colder winter weather and continued competition with Europe sustain market volatility. Asian natural gas prices have been steadily descending for more than a week, following the Dutch Title Transfer Facility…