December 19, 2022

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EU Nails Down Elusive Deal to Cap Gas Prices

EU energy ministers have broken the deadlock and reached an agreement to cap wholesale gas prices — a deal made possible by the inclusion of safeguards to ensure security of supply and stability of the European gas market.

The cap will be triggered when two conditions are met: the price of the front-month Dutch TTF gas futures contract exceeds €180 per megawatt hour for three days and also exceeds an international LNG reference price by €35 (about $56 per million Btu) for the same three days.

Those are much lower triggers than initially proposed by the European Commission: a front-month Dutch TTF price that exceeds €275/MWh for two weeks and also exceeds the LNG reference price by €58 for 10 days.

The front-month Dutch Title Transfer Facility (TTF) contract — traded on the Intercontinental Exchange (ICE) Endex exchange — serves as a benchmark price for the broader European gas market.

The agreement comes after weeks of political wrangling and follows a recent ultimatum from EU heads of state and government to get a deal done.

Czech Industry Minister Jozef Sikela, whose country currently holds the rotating EU presidency, said the agreement "will shield citizens from skyrocketing energy prices."

A sharp reduction in pipeline supplies of Russian gas to Europe briefly pushed the Dutch TTF front-month contract above €300/MWh in August.

Prices have since retreated from those highs, with the front-month January contract mostly trading in a range of €100-€110/MWh on Monday. However, that remains well above historical levels seen prior to Russia's war in Ukraine.

February Launch

The EU's so-called market correction mechanism will be launched from Feb. 15 and remain in place for one year.

If and when gas prices hit the trigger levels, it be activated for at least 20 working days and during that period, trading in the front-month, third-month and year ahead futures contracts will be suspended.

In addition to the Dutch TTF hub, the cap will also apply to all other EU gas hubs, although some of them may be exempted at some point, according to EU officials.

But Sikela and EU Energy Commissioner Kadri Simson said that the market correction mechanism will be deactivated if the EU faces a shortage of gas or if the mechanism leads to a disruption of the market.

It will also be deactivated if the bloc's gas demand increases by 15% over a period of one month or 10% over two months.

Sikela called the final agreement a "balanced compromise" between one camp within the EU that had pushed hard for a price cap and another that had opposed it.

Opposing Camps

A group including Poland, Belgium and Greece had sought a trigger price of €160/MWh to protect vulnerable consumers and businesses in Europe from sky-high gas and electricity prices.

Their tenacity appears to have paid off, given that the trigger price adopted is more than €100/MWh below the commission's initial proposal.

However, the safeguards that were agreed should appease countries including Germany, the Netherlands and Austria, which had expressed concerns that a price cap could prevent the EU from securing the LNG it needs in a competitive global market.

ICE — which operates the ICE Endex exhange — said it will review whether it can continue to operate an orderly market in TTF gas futures, now that the EU has gone ahead with plans allowing it to intervene in the market.

"We have consistently voiced our concerns about the destabilizing impact a TTF price cap will have on the market and the risks it presents to financial stability," it said.

ICE has also estimated that the price cap will lead to a big increase in margin calls (collateral) for trading firms.

It added that normal trading will continue while it carries out its review of the potential impacts of the price cap.

Traders, meanwhile, have voiced skepticism about the effectiveness of efforts to rein in gas prices, noting among other things, that the EU measures will not affect the big market in over-the-counter trading of gas, outside exchanges such as ICE Endex.

Germany Gets on Board

The safeguards hammered out over the last week or so succeeded in winning over Germany — the EU's biggest gas consumer — which had previously dug in its heels on grounds that a price cap would restrict gas supplies.

One EU diplomat confirmed to Energy Intelligence that Germany had voted in favor of capping prices, while the Netherlands abstained from voting in the end.

Safeguards were not the only thing that secured Germany’s support for the cap, however.

Sikela said an agreement to streamline permitting processes for renewable energy projects had also played an important role in bringing Germany on board.

"We basically re-opened the permitting file, with the aim to allow the faster implementation of renewables," he said.

Simson said only one EU member state had voted against the price cap and a Central European diplomat told Energy Intelligence that the country in question was Hungary.

Hungary opposed the agreement because it has supply deals with Russian gas giant Gazprom that are linked to TTF gas prices. It is worried that Moscow may make good on its threat to cut supplies to countries that cap prices for its oil or gas.

Kremlin spokesman Dmitry Peskov reiterated that message on Monday, saying the EU price cap was an infringement of market principles and "cannot be accepted." He said Russia will "thoroughly weigh all pros and cons while working on its response."

The agreement on capping gas prices means that the EU can now proceed with a broader package of energy measures, including joint procurement of gas and fast-tracking approvals for renewable energy projects.

Eric Thorp, Brussels

EU Strikes Deal to Extend Emissions Trading

The European Parliament and EU member states have reached agreement on reforms of the bloc's Emissions Trading System (ETS) as part of the EU's previously adopted Fit-for-55 climate and clean energy policy package.

The deal struck at the weekend requires a 62% reduction in CO2 emissions from industrial sectors covered by the ETS versus a 2005 baseline. That's one percentage point more than the European Commission had proposed.

An agreement was also reached to phase out the allocation of free emissions permits to industrial sectors that are most at risk of carbon leakage — the transfer of production to countries and regions with less stringent rules on emissions.

These will be replaced over time by a new carbon border tax — formally known as a carbon border adjustment mechanism.

Under the timetable agreed at the weekend, the border tax will be phased in from 2026, but won't be fully implemented until 2034.

By 2025, the Commission will assess the risk of carbon leakage for goods produced in the EU and intended for export to non-EU countries. If necessary, it will present proposals to address that risk.

Transport Emissions

At present the ETS only covers stationary sources of emissions, but under the deal agreed at the weekend, the system will be extended to maritime transport, with 40% of shipping emissions covered from 2025 and 100% from 2027.

A new and separate ETS for road transport fuels and buildings will put a price on emissions from those sectors by 2027, or by 2028 if energy prices remain at exceptionally high levels.

This new ETS II will include a price stability mechanism to cap the price of emissions allowances at €45 ($48) per ton of CO2 by issuing additional allowances, if necessary.

Social Fund

Agreement was also reached at the weekend to create a new Social Climate Fund (SCF) to protect the EU's plans to protect its most vulnerable citizens and small businesses.

The new fund will start operating in 2026, one year before the ETS is extended to cover buildings and road transport.

The fund will initially be financed with the proceeds from auctioning 50 million ETS allowances (estimated at around €4 billion).

Once the ETS is extended, the SCF will be funded by auctioning ETS II allowances up to an amount of €65 billion through 2032, with an additional 25% of its disbursements covered by national resources.

The European Parliament and national governments still have to formally approve the agreement before it can come into force.
Ronan Kavanagh, London

Aramco, Sinopec Expand Petchems Partnership

Saudi Aramco has signed preliminary agreements with Sinopec to build an integrated refining and petrochemicals complex in China and a petchem facility in Saudi Arabia

Aramco said it had inked a heads of agreement with Sinopec to build an integrated refining and petchem complex at Gulei in Southeast China's Fujian province.

The so-called Gulei II complex will consist of a 320,000 barrel per day refinery and a 1.5 million ton per year petchem cracker, Aramco said on Sunday. It added that the project is expected to start operating by the end of 2025.

The Gulei peninsula is in the far south of Fujian and projects into the Taiwan Strait. It is within easy reach by sea of Aramco's crude oil storage facilities in Okinawa, Japan.

Aramco already has a partnership in Fujian with Sinopec, and with US major Exxon Mobil. It holds a 25% stake in Fujian Refining and Petrochemical, which operates a 280,000 b/d refinery and integrated petchem facility in the city of Quanzhou.

Aramco, the world's biggest oil exporter, has long pursued downstream joint ventures in Asia — and China in particular — to shore up future demand for its crude, although not all of those efforts have borne fruit.

More recently, the Saudi oil giant has been putting greater emphasis on producing chemicals, because demand for petroleum transportation fuels is projected to fall as the world transitions away from fossil fuels.

Aramco affiliate S-Oil decided last month to invest $7 billion in a crude-to-chemicals project in South Korea.

Sinopec's interest in building another large-scale petchem project is a bit more surprising.

China's top refiner has recently indicated that its capital spending on chemicals could fall this year. It had previously targeted capex of 66.1 billion yuan ($9.5 billion) on chemicals, or almost one-third of planned record spending in 2022.

Yes to Yanbu

Separately, Aramco, Sinopec and Saudi Basic Industries Corp. (Sabic) inked a memorandum of understanding (MOU) to study the economic and technical feasibility of developing a new petchem project in Saudi Arabia.

This facility is to be located at Yanbu on western Saudi Arabia's Red Sea coast and will be integrated with the existing Yanbu refinery. Aramco owns 70% of Sabic.

The MOU follows a final investment decision taken last week — by Aramco and TotalEnergies — on an $11 billion petchem complex in Jubail on Saudi Arabia’s eastern coast. That facility will be integrated with the existing Satorp refinery.

It also follows a visit to Riyadh by Chinese President Xi Jinping earlier this month, which saw Aramco and China's Shandong Energy Group sign an MOU on potential crude oil supply and the offtake of chemical products.

Aramco said the latest agreements with Sinopec and Sabic would further its ambitions to expand its liquids-to-chemicals capacity to up to 4 million b/d by 2030.

It currently allocates around 1 million b/d of its crude to chemical production.

"These projects represent an opportunity to contribute to a modern, efficient and integrated downstream sector in both China and Saudi Arabia," said Mohammed al-Qahtani, Aramco's senior vice president of downstream.

Tom Daly, London

Turkey Accelerates Domestic Gas Development

The energy crisis is prompting Turkey to double down on developing its own oil and gas industry, with a particular focus on bringing its 40 million cubic meter per day offshore Sakarya field on line in a timely manner.

A 10 MMcm/d first phase of the Black Sea project is due to start flowing by the end of the first quarter of 2023, and if achieved this would represent stellar project management, given that Sakarya's discovery was only announced in August 2020.

Sakarya is Turkey's biggest upstream development, with projected output equal to some 25% of current gas demand, which will provide material support for Ankara's ambitions to become a regional gas hub.

It could also open up the Black Sea as a new source of oil and gas, potentially triggering an influx of new investment into the region as Europe seeks to develop alternatives to Russian gas supplies.

But there has been more than a little skepticism in some quarters about the accelerated timetable for development, both in Turkey and across the wider industry.

"Many people, especially the opposition, consider it as just a perception management campaign of [Turkish President Recep Tayip] Erdogan," says Mustafa Oguz, a Turkish political commentator.

That kind of dismissive talk is at odds with an update from a source close to the project, who maintains that the Sakarya project is on schedule and that "the tender process for Phase 2 has recently been launched."

Projecting Confidence

The Turkish state has been projecting a high level of confidence, from state-owned TPAO, which has been issuing frequent updates, to Erdogan himself, who recently visited the Black Sea port of Samsun to highlight progress on Sakarya.

But one consultant suggests that while some initial small volumes of gas will start to flow by the end of the first quarter of 2023, the first phase of the project won't be firing on all cylinders until early 2024.

During his visit to Samsun, Erdogan touted the high levels of local content in the project, which he said was now employing some 8,000 workers.

Limited information provided by a contractor working on the project also reinforces official claims of significant progress.

"In Turkey, the fast-track Sakarya project has reached 73% progress, up from 50% at Q2," contractor Subsea 7 noted on Nov. 17.

"The main shallow-water umbilical scope was completed during the quarter, and the Seven Arctic sailed into the Bosphorus Straits, commencing installation activities in Q4," it added.

TPAO is pushing hard on all fronts.

It has three drillships — the Fatih, Yavuz and Kanuni (all named after Ottoman sultans — at work in the Black Sea.

And earlier this month the Abdulhamid Han started drilling the Tasucu-1 well in the Mediterranean, where Turkey has clashed with both Greece and Cyprus over offshore oil and gas development.

On Dec. 12, Erdogan announced the Gabar onshore oil discovery in southeastern Turkey, with an estimated 150 million barrels of recoverable reserves. TPAO is targeting output of 25,000 b/d by the end of 2023.

And at the end of last week, Erdogan and Energy Minister Fatih Donmez inaugurated an expansion of the Silivri underground gas storage facility from 3.2 Bcm to 4.6 Bcm.

Rafiq Latta, Nicosia

Shareholder Activists Push Big Oil on Scope 3 Cuts

Activist group Follow This and other ESG-focused investors are upping their demands of major oil and gas companies by calling for companies to set targets for absolute reductions in their Scope 3 emissions by 2030.

The resolutions call on BP, Chevron, Exxon Mobil and Shell to align their existing 2030 targets for reductions in Scope 3 greenhouse-gas emissions from the use of their energy products with the goals of the Paris climate agreement.

Current pledges that companies will achieve net-zero emissions by 2050 were too slow to combat the worst effects of climate change, says Follow This Founder Mark van Baal.

"These companies will only change when you use the only power you have, which is the power of the vote," Van Baal told Energy Intelligence.

Follow This has been one of the most successful groups that seek to change Big Oil's approach to the energy transition through shareholder initiatives.

In 2021, 30% of Shell investors supported a resolution calling for more aggressive cuts in absolute emissions as did 21% at BP. But shareholder support wavered this year as supplies of fossil fuels became tight and prices rose, driving inflation higher.

The degree of success of the Follow This proposals could be one important metric in the year ahead to judge whether last year's results signal a more permanent shift in investor attitudes around ESG.

"I hope investors realize that engagement without voting doesn't bring enough change," Van Baal said.

One key difference in his approach this year was that for the first time, he had institutional investors as co-sponsors of the proposals, Van Baal said.

He cited six money managers controlling $1.3 trillion in assets, although none of those publicly supporting the filings are significant owners of oil company shares.

Backsliding by Big Funds

The support of major index fund managers — including BlackRock, Vanguard and State Street — who own large stakes in oil firms through their funds, was instrumental for the success of Follow This proposals in 2021.

However, a decline in index fund support was blamed for the weaker showing this year.

"We convinced BlackRock in 2021, but in 2022 they backtracked on Scope 3," he said.

The proposals will need to regain index fund backing to improve on the 2022 results.

Follow This has "tried to engage" with those fund managers on this year's filings Van Baal said, but added that those were "confidential conversations."

Van Baal said he has also reached out to the companies themselves, but they mostly tried to get Follow This to withdraw the proposals.

"To be honest, these are very tiresome talks," he said.

Shell, which aims to reduce its Scope 3 carbon intensity by 20% by 2030, dismissed Van Baal's calls for absolute reductions as "simplistic, unrealistic and against the best interests of Shell."

"We believe our targets are aligned with the more ambitious goal of the Paris Agreement: to limit the increase in the global average temperature to 1.5°C above pre-industrial levels," a company spokesperson said.

The spokesperson argued that there "is no standard methodology to determine how to align companies' plans and targets with the goal of the Paris Agreement."

A BP spokesperson declined to comment.

Noah Brenner, London

Oil Rises on Hopes for China's Economy

Oil prices rose on Monday, as optimism around China relaxing its Covid-19 restrictions outweighed fears of a global recession that would curb energy demand.

China, the world's top crude oil importer, is experiencing its first of three expected waves of Covid-19 cases after Beijing relaxed mobility restrictions, but said it plans to step up support for the economy in 2023.

"There is no doubt that demand is being adversely influenced," said Naeem Aslam, analyst at brokerage Avatrade. "However, not everything is so negative, as China has vowed to fight all pessimism about its economy, and it will do what it takes to boost economic growth."

Brent crude gained 76¢ to settle at $79.80 a barrel, while US West Texas Intermediate crude rose 90¢ to $75.19.

Created with Highcharts 9.0.0($/bbl)ICE BRENT VS. NYMEX WTI FUTURESFront Month ContractsNymex Light SweetICE Brent6. Dec7. Dec8. Dec9. Dec10. Dec11. Dec12. Dec13. Dec14. Dec15. Dec16. Dec17. Dec18. Dec19. Dec19. …70758085

Prices pared gains earlier before rising again in a volatile session.

"The reality here is that we still have a fear of a great recession looming on the horizon that has not gone away," said Bob Yawger, director of energy futures at Mizuho. "It's going to be difficult to make big gains here."

Oil surged toward its record high of $147 a barrel earlier in the year after Russia invaded Ukraine in February. It has since unwound most of this year's gains as supply concerns were edged out by recession fears.

EU energy ministers on Monday agreed to a price cap for natural gas after weeks of talks on the emergency measure that has split opinion across the bloc as it seeks to tame the energy crisis.

The cap can be triggered starting from Feb. 15, 2023, the document detailing the final deal showed. The deal will be formally approved by countries in writing, after which it can enter into force.

The US Federal Reserve and European Central Bank raised interest rates last week and promised more. The Bank of Japan, meanwhile, could shift its ultra-dovish stance when it meets on Monday and Tuesday.

"The prospect of further rate rises will hit economic growth in the new year and in doing so curb demand for oil," said Stephen Brennock of oil broker PVM.

Oil was supported by the US Energy Department saying on Friday that it will begin repurchasing crude for the Strategic Petroleum Reserve — the first purchases since releasing a record 180 million barrels from the reserve this year. (Reuters)


In Brief

Chinese Product Exports Surge

China's exports of gasoil and gasoline surged in November as refinery crude throughput spiked and refiners utilized bumper export quotas granted by the government.

Gasoil exports nearly doubled from October to 2.1 million tons in November, according to Chinese customs data.

Gasoline exports surged by 49% from October to 1.49 million tons in November.

Chinese refineries revved up crude runs by 700,000 b/d from October to 14.57 million b/d in November — the highest level in a year.

Domestic demand has been soft due to Covid-19 restrictions while an additional 13.25 million tons of export quotas for gasoil, gasoline and jet fuel have been available since September to state-owned refiners and the Zhejiang Petrochemicals refinery.

These factors all likely combined to drive the surge in November exports.

Freddie Yap, Singapore

New Chief for Iraq's Basrah Oil Co.

Basim Abd al-Karim — an experienced former deputy director of Basrah Oil Co. (BOC) — has been appointed as head of the state-run Iraqi firm.

The move adds to hopes that key projects in Iraq's energy sector might move forward now that a new government and top ministry officials are in place.

Abd al-Karim is an engineer with 30 years of experience at BOC, which was formerly known as the South Oil Co.

He briefly served as acting director in 2019 after his predecessor was sacked, and was subsequently appointed as head of Iraq Drilling Co.

A former senior official at BOC described Abd al-Karim as a "very good choice," noting that he was deputy head of the company when current Oil Minister Hayan Abd al-Ghani was in charge prior to 2017, meaning they know each other well and should be able to coordinate policy.

Basrah Oil Co. is the nearest thing Iraq has to a national oil company, absent a full rebirth of the Iraq National Oil Co. (INOC), which has been dogged by political wrangling. Many of BOC's chiefs have gone on to become oil minister.

Abd al-Karim's appointment comes at a pivotal time for Iraq's energy sector, with TotalEnergies awaiting the green light to launch a potentially transformative project in the south, in which BOC would be its main local partner.

The ministry is also hoping to advance projects to transform Iraq's southern export infrastructure and boost its export capacity, for which BOC is responsible.
Simon Martelli, London

Eni and Snam Finalize CCS Project

Italy's Eni and Snam have finalized plans to develop the first phase of the Ravenna carbon capture and storage (CCS) project through a 50-50 joint venture.

Phase 1 of Ravenna will see the pair build a plant with the capacity to capture 25,000 tons of CO2 from Eni's Casalborsettie gas treatment plant that will be piped back offshore for injection into the Ravenna natural gas field.

Future expansion of the project could include capture and disposal of CO2 from other industrial sources in Italy's Po Valley.

"Today it is necessary to join forces in order to reconcile decarbonization goals, energy security and competitiveness," said Eni CEO Claudio Descalzi.

"CCS is complementary to renewables, to energy efficiency solutions and to the other available levers, and is central to avoiding CO2 emissions from highly energy-intensive sectors that currently have no technological alternatives for decarbonization."

The project will be Italy's first carbon capture project.
Noah Brenner, London

Repsol Gets EU Biofuels Loan

Repsol said it has signed an agreement for a €120 million ($127 million) loan from the European Investment Bank (EIB) to finance a biofuels plant in Spain.

The deal with the EIB, the EU's lending arm, underscores the political support in Brussels for biofuels as the bloc looks to reduce its dependence on fossil fuels.

By 2030, the EU aims to increase the share of renewable energy in transport to at least 14%, including a minimum share of 3.5% for advanced biofuels.

In March, Repsol announced the start of construction work on the €200 million biofuels plant, which is part of its transition strategy, at the company’s Cartagena refinery in southeastern Spain. Completion is scheduled for the second half of 2023.

It will produce 250,000 tons/yr of advanced biofuels such as biodiesel, biojet and bionaphtha, primarily from agri-food industry waste such as used cooking oils.

"These biofuels are a sustainable solution for all segments of mobility, especially for those that have no other alternative to decarbonize their activity, such as maritime, long-distance or aviation transport," Repsol said.

They can reduce CO2 emissions by 70%-90% compared with the traditional fuels they are replacing, it added.

In April, Repsol acquired a minority stake in Canadian waste-to-biofuels firm Enerkem.

Tom Daly, London

Romgaz, Socar Sign Gas Supply Deal

Romania's Romgaz has signed a long-term natural gas supply deal with the trading arm of Azerbaijan's Socar, the first such contract between the two countries.

The contract does not have a fixed duration, but deliveries will start on Jan. 1, 2023. No details about volumes or pricing were provided.

The gas is expected to be shipped through the 10 Bcm/yr Trans Adriatic Pipeline through Turkey into Greece and then north via the new Interconnector Bulgaria Greece line, and then into Romania via the Bulgarian gas grid.

The deal builds on a framework agreement signed by the two companies earlier this year.

In October, Romgaz and Socar signed a memorandum of understanding (MOU) to perform a feasibility study for an LNG project in the Black Sea, which would include liquefaction and regasification facilities for exports/imports of Caspian gas.

The EU and Azerbaijan also signed an MOU in July, under which Baku committed to double its gas exports to Europe to 20 Bcm by 2027.

Romgaz is developing the Neptun Deep offshore gas field in the Black Sea alongside OMV Petrom, which is expected to reach a final investment decision on the project in 2023, with first gas planned for 2027.
Jaime Concha, Copenhagen


Data Snapshot

Oil and Gas Prices, Dec. 19, 2022

All data are produced by Energy Intelligence in cooperation with Refinitiv.
CRUDE OIL FUTURES
($/bbl)Chg.1st Mth.2nd Mth.
ICE Brent+0.7679.8080.14
Nymex Light Sweet+0.9075.1975.38
DME Oman+1.4277.0376.64
ICE Murban+0.9379.1678.22
INTERNATIONAL SPOT CRUDES
($/bbl)Chg.PricePrior Close
Brent (Dated)+1.4781.6680.19
Dubai-1.0075.3576.35
Forties+1.3882.3981.01
Bonny Light+1.9883.0981.11
Urals+1.9856.7954.81
Opec Basket* 78.73
NORTH AMERICAN SPOT CRUDES
($/bbl)Chg.PricePrior Close
WTI (Cushing)+0.8675.0574.19
WTS (Midland)+0.8675.1574.29
LLS+0.8677.2076.34
Mars+0.8670.4069.54
Bakken+0.8679.8578.99
Created with Highcharts 9.0.0($/bbl)ICE BRENT CRUDE FUTURESJul '21Sep '21Nov '21Jan '22Mar '22May '22Jul '22Sep '22Nov '22$0$25$50$75$100$125$150
Created with Highcharts 9.0.0$/bblNYMEX LIGHT CRUDE FUTURESNymex Light crude FuturesJul '21Sep '21Nov '21Jan '22Mar '22May '22Jul '22Sep '22Nov '22$0$25$50$75$100$125$150Energy Intelligence
REFINED PRODUCT FUTURES
NymexChg.1st Mth.2nd Mth.
Gasoline (¢/gal)+4.53217.76219.06
ULSD Diesel (¢/gal)-6.64305.35301.79
ICE
Gasoil ($/ton)-6.25879.75867.25
Gasoil (¢/gal)-1.99280.78276.79
Created with Highcharts 9.0.0($/ton)ICE GASOIL FUTURESICE GasoilJul '21Sep '21Nov '21Jan '22Mar '22May '22Jul '22Sep '22Nov '22$0$500$1000$1500$2000
Created with Highcharts 9.0.0(¢/gallon)NYMEX GASOLINE FUTURESJul '21Sep '21Nov '21Jan '22Mar '22May '22Jul '22Sep '22Nov '220100200300400500
US SPOT REFINED PRODUCTS
New York (¢/gal)Chg.PricePrior Close
Regular Gasoline+3.85227.52223.67
No.2 Heating Oil-4.16289.17293.33
No.2 ULSD Diesel-4.16307.17311.33
No.6 Oil 0.3% * 82.38
No.6 Oil 1% * 67.13
No.6 Oil 3% * 57.03
Gulf Coast (¢/gal)
Regular Gasoline 200.92
No.2 ULSD Diesel-3.91288.17292.08
No.6 Oil 0.7% * 67.33
No.6 Oil 1% * 67.33
No.6 Oil 3% * 51.73
INTERNATIONAL SPOT REFINED PRODUCTS
Rotterdam ($/ton)Chg.PricePrior Close
Regular Gasoline+17.50685.00667.50
ULSD Diesel-14.25891.25905.50
Singapore ($/bbl)
Gasoil-5.13107.40112.53
Jet/Kerosene-4.10112.00116.10
VLSFO Fuel Oil ($/ton)+3.86552.84548.98
HSFO Fuel Oil 180 ($/ton) +3.14364.89361.75
Created with Highcharts 9.0.0($/MMBtu)NYMEX NATURAL GAS FUTURESNatural Gas FuturesJul '21Sep '21Nov '21Jan '22Mar '22May '22Jul '22Sep '22Nov '22$0$2$4$6$8$10$12Refinitiv
NATURAL GAS PRICES
($/MMBtu)Chg.Price
Henry Hub, Nymex-0.755.85
Henry Hub, Spot-0.136.59
Transco Zone 6 - NY+8.9818.00
Chicago Citygate+0.116.33
Rockies (Opal)-3.5529.63
Southern Calif. Citygate-1.6733.97
AECO Hub (Canada)+0.065.05
Dutch TTF (euro/MWh)-12.75106.25
UK NBP Spot (p/th)-36.00246.00

Equity Markets, Dec. 19, 2022

All data are produced by Energy Intelligence in cooperation with Reuters.

EQUITY MARKET INDEXES
Chg. IndexYTD %Chg.
EIF Global*-2.63336.33+17.47
S&P 500-34.703,817.66-20.35
FTSE All-World*-8.24724.76-19.58

Created with Highcharts 9.0.0EIF IndexFTSE All-WorldEIF INDEXEIF IndexFT All WorldJul '21Jan '22Jul '22Oct '21Apr '22Oct '22180240300360420640720800880960EIF Global Oil and Gas Index of 21 traded equities