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24/05/22

UK general election set for 4 July

UK general election set for 4 July

London, 22 May (Argus) — A general election will take place in the UK on 4 July, prime minister Rishi Sunak said today. The announcement coincides with official data showing that UK inflation has fallen to its lowest level in nearly three years. Labour, the country's main opposition party led by Keir Starmer, has held a substantial lead in polls in recent months and performed well in local elections earlier this month. It won nearly 200 seats on local councils, as well as several regional mayoral contests, while the ruling Conservative Party lost almost 500 council seats. The Conservatives have been in power since 2010 and have fielded five prime ministers during that time. The two main parties are likely to release more detailed manifestos once the election campaign begins, but their current respective energy policies have many similarities. Both back a windfall tax on oil and gas producers and support nuclear power. They both also support offshore wind and solar power, although Labour has incrementally more ambitious targets for those renewables and has plans for more onshore wind. Labour also wants a zero-carbon power grid by 2030 , while the Conservatives are aiming for that in 2035. The Conservatives have rolled back some climate policy since Sunak became prime minister, while Labour in February backed down on its pledge to spend £28bn/yr ($35.6bn/yr) on the country's energy transition, if it wins the election. For a general election to take place in the UK, the prime minister must request permission from the British monarch — King Charles III — who then dissolves parliament. A general election must take place at least once every five years in the UK, although a prime minister can call one at any point. The UK's last general election was held on 12 December 2019 and Boris Johnson was elected prime minister. There have since then been two prime ministers — Liz Truss in September-October 2022 — and Sunak. Truss was selected by Conservative Party members and Sunak became prime minister in October 2022 after the only other candidate withdrew from the leadership contest. The Conservatives hold 344 seats out of 650 in the House of Commons, the UK's lower house of parliament. But 105 members of parliament have said that they will not run at the next election, 66 of whom are Conservatives. By Georgia Gratton Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

News

US crude stocks rise by 1.8mn bl last week: Update


24/05/22
News
24/05/22

US crude stocks rise by 1.8mn bl last week: Update

Adds report details starting in seventh paragraph. Calgary, 22 May (Argus) — US crude inventories rose by 1.8mn bl last week on a sizable build in the Gulf coast region, the Energy Information Administration (EIA) reported today. Crude stocks across the US came in at 458.8mn bl in the week ended 17 May, up from 457mn bl a week earlier. Inventories were up by by 3.7mn bl compared to a year earlier. Stocks in the US Gulf coast rose on the week by 3.6mn bl to 261.5mn bl, approaching a 12-month high set in the week ended 26 April when stocks were at 261.6mn bl. The week-over-week build in the US Gulf coast ranks as the fifth largest through the first 20 weeks of the year. Inventories at the Cushing storage hub in Oklahoma rose by 1.3mn bl to 36.3mn bl, but that was still 910,000 bl lower than the same week in 2023. Crude inventories at the US Strategic Petroleum Reserve (SPR) increased by 993,000 bl to 368.8mn bl, the largest weekly build so far this year. SPR stocks are not included in the overall EIA commercial crude inventory figures. US crude exports rose last week by 595,000 b/d to 4.7mn b/d, while imports fell by 81,000 b/d to 6.7mn b/d. Net imports fell by 676,000 b/d to 1.9mn b/d as a result. Domestic crude output was steady at 13.1mn b/d. US crude refiners processed about 16.9mn b/d last week, up by 241,000 b/d from the week prior and the highest since the week ended 12 January. Runs were 354,000 b/d higher than the same week in 2023. Refinery utilization rates on average rose to 91.7pc nationwide, up from 90.4pc in the prior week and 91.7pc in the same week of 2023. Refiners in the midcontinent and Gulf coast regions drove the weekly gains, each climbing to multi-month highs. Utilization rates in the midcontinent rose to 94.8pc from 90.8pc in the week prior while rates in the Gulf coast climbed to 93.7pc from 92.7pc. By Brett Holmes US weekly crude stocks/movements Stocks mn bl 17-May 10-May ±% Year ago ±% Crude oil (excluding SPR) 458.8 457.0 0.4% 455.2 0.8% - Cushing crude 36.3 35.0 3.8% 37.2 -2.4% Imports/exports '000 b/d Crude imports 6,663 6,744 -1.2% 5,850 13.9% Crude exports 4,730 4,135 14.4% 4,549 4.0% Refinery usage Refinery inputs '000 b/d 16,894 16,653 1.4% 16,540 2.1% Refinery utilisation % 91.7 90.4 1.4% 91.7 0.0% Production mn b/d 13.1 13.1 0.0% 12.3 6.5% — US Energy Information Administration Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

News

ThyssenKrupp Schulte to close seven sites: sources


24/05/22
News
24/05/22

ThyssenKrupp Schulte to close seven sites: sources

London, 22 May (Argus) — ThyssenKrupp Schulte will close seven sites as part of its restructuring drive, market sources told Argus today. The company will close stockholding warehouses in Braunschweig, Rheine, Munich, Nuremberg, Freiberg, Mannheim and Frankfurt, according to multiple market sources. Last month the company said it would be closing sites and cutting around 450 jobs, but did not reveal which sites would be affected. "Fundamental structural adjustments are necessary to better respond to market changes in the future", the company said when it announced the restructuring, citing declining materials demand and increasing demand for materials-related services. All the impacted locations are stockholding sites and do not provide additional processing. ThyssenKrupp Schulte is part of ThyssenKrupp Materials Services and distributes stainless, carbon and non-ferrous metals from around 40 locations. A ThyssenKrupp Materials Services spokesperson said it could not comment on the affected locations, as "discussions with the respective co-determination bodies have only just begun and the details of the transformation are the subject of these discussions". "At ThyssenKrupp Schulte we are aiming to transform the business model in order to increase the company's profitability and enable Schulte to respond even better to changing customer needs," the spokesperson added. By Colin Richardson Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

News

Japan’s Mol adds to LNG fleet for Jera


24/05/22
News
24/05/22

Japan’s Mol adds to LNG fleet for Jera

Osaka, 22 May (Argus) — Japanese shipping firm Mitsui OSK Lines (Mol) is to launch a new LNG carrier in 2026, the seventh vessel to be supplied under an unspecified time charter agreement with the country's largest power producer by capacity Jera. The 174,000m³ membrane-type vessel is being built by South Korean shipbuilder Samsung Heavy Industries at its Geoje shipyard. It will be installed with a dual-fuel engine that can run on low-sulphur fuel oil or boil-off gas stored in the ship's cargo tank, Mol said. LNG is dominant in Jera's power portfolio, with its gas-fired output accounting for 75pc of its power generation in the April 2023-March 2024 fiscal year. The company consumed around 23mn t of LNG during 2023-24, which accounted for 35pc of Japan's LNG imports of 64.9mn t. Jera is planning to maintain its LNG handling volumes at no less than 35mn t/yr until 2035-36 , so to ensure power security in Japan through more flexible operations. It is also looking to further promote LNG along with renewable electricity in Asian countries, while helping to reduce their dependence on coal- and oil-fired power generation. By Motoko Hasegawa Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

News

Shell to develop new gas wells for Australia’s QGC


24/05/22
News
24/05/22

Shell to develop new gas wells for Australia’s QGC

Perth, 22 May (Argus) — Shell has begun work on new coal-bed methane wells for its Queensland-based gas division QGC, which services domestic customers and exports through its two-train 8.5mn t/yr Queensland-Curtis LNG (QCLNG) project. Around 138 new wells with an estimated 15-year lifespan will be drilled and connected in the state's Western Downs region, across existing tenements in the onshore Surat basin in the central, southern and northern development areas. Preparations for drilling will start during October-December with construction planned to be under way for January-March 2025 and take approximately two years. Federal and state environmental approvals are already in place for the infill and backfill development, a Shell spokeswoman said on 22 May. Shell reported output rose from a year earlier and the previous quarter for its LNG sector in January-March with 7.58mn t of LNG produced in the first quarter, of which 3.55mn t or 47pc was from its Oceania division. This includes QCLNG and the 3.6mn t/yr Prelude floating LNG offshore northwest Australia, which resumed exports in late 2023 following a major turnaround in the second half of 2023. By Tom Major Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

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