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Even With an Average Drop of 11.1% in Petrobras Natural Gas Prices by February, the Brazilian Oil Company Is Expected to Continue Charging Higher Prices Than Rivals in the Brazilian Market, According to Estimates from Gas Energy.
The drop in the value of Petrobras natural gas for next month is the result of a quarterly adjustment, as stipulated in the contract with the pipeline gas concessionaire. Gas Energy calculated that in the Northeast, prices for private suppliers are expected to fall by the same proportion, averaging R$ 1.81 per cubic meter, compared to R$ 2.5 per cubic meter from Petrobras. The region has attracted more new suppliers such as Shell, Galp, PetroReconcavo, Origin Energia, Equinor, 3R, and Alvopetro.
Petrobras Natural Gas in the Southeast and Other Contracts
In the Southeast, where Petrobras’ market is more concentrated, the spreads are smaller. The consultancy estimates that the average value from other suppliers will fall by 8.4% to R$ 2.15/m3. Even so, it is still below Petrobras’s level.
The drop in prices among state-owned companies reflects two things: the depreciation of oil, to which gas is tied, and the reduction of the Brent factor in the gas price stipulated in contracts. — The indexing of Brent oil drops from 16.75% to 14.4% by 2023 in contracts with distributors at the end of 2021. However, some distributors have older contracts with Petrobras and are subject to different prices.
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Other supplier-distributor contracts involve different formulas and adjustment deadlines, but most are also linked to oil. Therefore, with the greater impact of the drop in barrel prices, prices are also expected to fall in the next quarter. Methodology: Gas Energy calculates the average price for suppliers based on the weighted average of the number of contracts in each state. The regional averages are then calculated by simple arithmetic average among the states.
More Details on Petrobras Natural Gas
The natural gas is widely used in homes to heat showers and ignite stoves. However, its choice as a fuel is not limited to these uses. It can also be used to heat saunas, pools, washing machines and dryers, refrigeration systems, fireplaces, space heaters, and even for barbecues. The option for natural gas has created a thriving market, especially in the country’s metropolitan centers. National distribution companies have been expanding their networks, investing heavily in the renovation and remodeling of homes.
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