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Energy Snapshot: High US gas prices, low European refining margins

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In this month’s Energy Snapshot we comment on the cold US winter supporting a surge in US gas prices,Gazprom’s giant oil discovery offshore Sakhalin, the expansion of the Panama Canal, global oil supply, European refining margins, tax changes incentivising Russian firms to switch from exporting feedstock to product, and we provide an updated snapshot of corporate upstream valuations versus enterprise values.

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