Engie, U.S. Strategic Petroleum Reserve Contracts: Your Daily Energy News

Energy Market highlights gathered by Industrial Info and IIR Energy

CRUDE OIL
U.S. Awards Contracts for Crude Oil Sales from Strategic Reserve - The U.S. Department of Energy said on Thursday it has awarded contracts for 30 million barrels of crude oil put up for sale from the Strategic Petroleum Reserve (SPR) in response to price hikes caused by Russia's invasion of Ukraine. Contracts were awarded to 12 companies. Combined with already-scheduled releases, these contracts mean that the SPR is now scheduled to deliver 50 million barrels of oil in May and June, the department said, adding it plans to issue a third notice of sale on May 24 for an additional 40 million barrels. (Reuters)

PIPELINES
Engie to Book Entire $1 Billion Credit Loss from Nord Stream 2 Pipeline - French utility Engie (La Defense) plans to account for a credit loss on the entirety of its 987 million-euro ($1.07 billion) exposure to the Nord Stream 2 gas project, it said at a shareholders' meeting on Thursday. The company had warned of the credit exposure last month after Germany blocked the project in response to Russia's invasion of Ukraine. The $11 billion project finished construction late last year but never started operations. Subscribers to Industrial Info's Global Market Intelligence (GMI) Pipelines Project Database can click here for related project reports. (Reuters)

NATURAL GAS
U.S. Natural Gas Reserves Grow - U.S. Energy Information Administration (EIA) data showed utilities added 53 billion cubic feet of natural gas to storage for the week ending April 15. (Reuters)

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