Saudi Arabia’s energy minister has warned speculators to “watch out” – an implied threat to cut production again to drive prices higher when ministers from the expanded OPEC+ group of exporters meet on June 4. “I keep advising them (speculators) that they will be ouching, they did ouch in April, I don’t have to show my cards, I am not a poker player … but I would just tell them watch out,” Energy Minister Prince Abdulaziz bin Salman said at a conference on May 23. Total hedge fund short positions ...

Oil prices rose on Friday as U.S. officials appeared close to striking a debt ceiling deal, and as the market weighed conflicting messages on supply from Russia and Saudi Arabia ahead of the next OPEC+ policy meeting. Brent crude was up 48 cents, or 0.6%, at $76.74 a barrel at 01:09 p.m. ET (1709 GMT). U.S. West Texas Intermediate rose 64 cents, or 0.9%, to $72.47 a barrel. Both prices were poised to post a second week of gains. A deal to raise the U.S. debt ceiling, which appears in ...

European LNG import capacity is expected to increase by 74% over the next few years based on the projects announced so far, Fitch Ratings says in a new report. European LNG import capacity already totalled 169 billion cubic metres (bcm) in October 2022. We expect a further increase in LNG purchases to 155bcm in 2023 after a 45bcm yoy increase to 120bcm in 2022. In our view, Europe will be able to reach the necessary level of purchases. The key limiting factor for the planned increase in European LNG imports ...

Turkey’s runoff election is compounding delays to restart roughly 450,000 barrels per day of Iraqi crude oil exports, as Ankara studies its relationship with Baghdad, analysts and market sources told CNBC. Oil typically flows through Turkey from both the Iraqi state and the semi-autonomous Kurdistan Regional Government (KRG). More specifically, this Kirkuk crude flows down the Iraq-Turkey Pipeline linking the north of the Gulf country with Turkey’s Ceyhan port in the Mediterranean. But the flows have been paralyzed since March 25 by a legal dispute involving federal Iraq, the KRG ...

The Dutch benchmark wholesale gas price touched its lowest level in two years on Friday morning as prices across the energy complex fell in response to news Germany has slipped into recession, along with mild temperatures and healthy supply. The benchmark Dutch front-month contract TRNLTTFMc1 inched down by 0.35 euro to 25.15 euros per megawatt hour (MWh) by 0803 GMT, having dipped to 24.56 euros/MWh in early trade, its lowest since the third week of May 2021, according to Refinitiv Eikon data. The Dutch July contract TRNLTTFMc2 was down 1.20 ...

PetroChina International said on Friday it has won via a tender to handle 2 billion cubic metres (bcm) of gas annually for 20 years at the Gate regasification terminal in Rotterdam, marking the Chinese state firm’s first long-term access to a European gas terminal. PetroChina 0858.HK expects to start using the terminal from 2026, the company said in a statement posted on its official Wechat account. Source: Reuters (Reporting by Beijing newsroom and Chen Aizhu; editing by Jason Neely)

Saudi oil giant Aramco will develop a gas field in Iraq that could produce more than 400 million cubic meters of gas per day, Iraqi Oil Minister Hayan Abdel-Ghani said on Thursday. Aramco 2222.SE will invest and develop Akkas gas field in the western Iraqi Anbar province, the Iraqi oil ministry said in a statement citing Abdel-Ghani. The statement added that there was also an initial agreement with Saudi Arabia to invest in the Nebras project, “one of the most promising strategic projects in the petrochemical industries in Iraq and ...

Egypt’s Suez Canal economic zone said on Friday that it signed investment agreements worth $487 million with Chinese companies. The investments are in the fields of energy, textiles, and petrochemicals, according to the statement from the General Authority for Suez Canal Economic Zone. Source: Reuters (Reporting by Yousri Mohamed; Writing by Tala Ramadan; Editing by Sharon Singleton)

TECO2030 releases its Q1 2023 Report. The report is attached to this Stock Exchange Notice and can be found on our website. TECO2030 has reached a series of significant milestones and great progress through Q1 2023: * During January, TECO 2030 completed the selection of all major component suppliers and procured necessary parts for the first fuel cell modules (FCM400) marking that the FCM400 development is close to completion and the first units are ready for assembly. * During February, the HyEkoTank project which has been awarded a EUR 5 ...

THB Verhoef, global market leader in the field of components and spare parts, is joining Green Award as incentive provider. The company will support the Green Award programmes for seagoing as well as inland navigation. The special Green Award plaque was presented to THB Verhoef’s chief executive officer Mr. Adriaan Verhoef and director marketing & business development Mr. Jeroen Kortsmit during a ceremony at the Maritime Industry exhibition in Gorinchem, the Netherlands. As incentive provider THB Verhoef gives a four percent discount on all orders for diesel and gas engine ...

During the regular meeting of Port Commission of the Port of Houston Authority on Tuesday, Port Houston Chairman Ric Campo announced the results of the latest study of the economic impact of the Houston Ship Channel and Port Houston. “The Houston Ship Channel and the more than 200 private and eight public terminals along it continue to be a major economic generator in the state of Texas as well as the U.S. economy,” Chairman Campo stated. He said the nation’s busiest waterway is “contributing a massive amount of economic value ...

The Incheon Port Authority (IPA) announced that it conducted marketing activities from May 22 to 25. The activities were aimed at stabilizing the Pacific South Express (PSX) – the regular Americas container route – and securing increased cargo volumes for Incheon Port. The targets of this initiative were logistics companies and ports in Oakland, California, the U.S. On May 22, the IPA Port Sales Team visited the Port of Oakland, a sister port to Incheon Port. They met with Ron Brown, the head of the marketing division at the Port ...

The Saudi Ports Authority (Mawani) has announced the inclusion of Dammam to the India to South Africa freight route run by container giant MSC. The new weekly rotation, which kicked off in early May from King Abdulaziz Port, links Dammam to major hubs that include Mundra, Hazira, Nhava Sheva, Colombo, Port Louis, Durban, Khalifa, Jebel Ali, and Khalifa bin Salman on board five vessels with an average holding capacity of 6,000 TEUs. It also marks the twelfth such shipping service to call at the Kingdom’s ports since the beginning of ...

U.S. natural gas futures fell about 4% to a two-week low on Friday on a collapse in global gas prices, record U.S. output, rising Canadian exports and forecasts for milder U.S. weather and lower than previously expected demand next week, which includes the U.S. Memorial Day holiday on Monday. Prices declined despite a lack of wind power in recent weeks that forced power generators to burn more gas to produce electricity, reducing the amount of gas left over to go into storage. The amount of U.S. power generated by wind ...

Movement in Asia’s 10 ppm sulphur gasoil margins and spot premiums diverged for the first time in three weeks on Friday, against a backdrop of late week oil price volatility and narrower backwardation swap price structure through the week. The divergent trend was also attributed to firmer spot buying interest in the past week from one trader for June arrival parcels and some shortcovering for prompt cargoes. Chinese export volumes for June are currently estimated almost steady from May at slightly below 500,000 tonnes, some industry sources said. Cash differentials ...