Home / Oil & Energy / General Energy News (page 5)

General Energy News

Europe Gas: Prices rise as Nord Stream 1 curbs continue to roil market

Dutch wholesale gas prices rose on Monday morning as lower flows of Russian gas to Europe via Nord Stream 1 aggravated concerns about winter gas supplies, while near-term British prices rose on higher demand from the power sector. The Dutch July contract was up 2 euros at 126 euros per megawatt hour (MWh) by 0934 GMT, and August gas was up 8 euros at 125 euros/MWh. The cuts to Russian gas deliveries to Europe via the Nord Stream 1 pipeline are the main driver for the market, a trader said. ...

Read More »

Qatar signs Italy’s Eni as second partner in LNG expansion after cementing lead as top exporter

QatarEnergy said June 19 it signed up Italy’s Eni as its second partner in the world’s largest LNG expansion program after the Gulf state cemented its lead as the largest global exporter of the fuel, with buyers chasing to replace supplies from Russia. QatarEnergy will own 75% of the shares of the joint venture, and Eni the remainder, for the North Field East project, QatarEnergy CEO Saad al-Kaabi said at a press conference in Doha, marking the first time the Italian company will be involved in Qatar LNG. The joint ...

Read More »

Australia needs coal, gas to back up renewables – regulators

Australia’s Energy Security Board proposed on Monday paying coal- and gas-fired generators for buffer supply on the grid but offering longer-term contracts for new back-up capacity, such as batteries, to smooth the transition to cleaner energy. The country’s new Labor government, facing soaring power prices and blackout risks in its first month in office, has urged regulators to develop the “capacity mechanism” as fast as possible to encourage development of renewable energy and energy storage to fill the gap as coal-fired plants are retired. The board is seeking comments on ...

Read More »

ASIA RESIDUAL FUELS: Key market indicators for June 20-24

Marine fuel oil supply in Singapore is expected to remain tight June 20-24 amid a high gasoil crack spread, though the city-state is likely to receive a higher inflow of arbitrage cargoes in July than in June. However, high sulfur fuel oil supply is likely to remain ample in the week due to increasing inflows from the Middle East to Asia and high refinery operating rates, market sources said. Crude oil futures kicked off the week lower in mid-morning trade in Asia June 20, with August ICE Brent at $112.72/b ...

Read More »

Time is running out for Africa to profit from its gas, IEA says

Africa must act quickly to profit from its vast reserves of natural gas that the world will only want until it can shift towards lower carbon technology, the International Energy Agency said on Monday. In its Africa Energy outlook for 2022 published on Monday, the IEA said Africa could be in a position by the end of the decade to export some 30 billion cubic metres (bcm) to Europe, which is currently hungry for gas because it is trying to reduce its reliance on Russia. The group of 31 mostly ...

Read More »

Global LNG: Asia spot prices jump, tracking sharp rise in Europe

Asian spot liquefied natural gas (LNG) prices jumped this week, tracking a rise in European gas prices, on further market tightening as an extended shutdown at a U.S. export plant prompted buying by Japan and South Korea. The average LNG price for August delivery into north-east Asia was estimated at $36.50 per million British thermal units (mmBtu), up $13.00 or 55.1% from the previous week, industry sources said. Freeport LNG, the operator of one of the largest U.S. export plants, said on Tuesday that last week’s fire damage to its ...

Read More »

Russian gas to Europe falls short as heatwave drives demand

Russian gas flows to Europe fell short of demand on Friday, coinciding with an early heatwave gripping its south and boosting benchmark prices already lifted by concerns the continent may struggle to build up storage in time for winter. Italy and Slovakia reported receiving less than half of the usual volumes through the Nordstream 1 pipeline, which crosses the Baltic Sea from Russia to Germany and accounts for around 40% of Russian pipeline flows to the European Union. France said it had received no Russian gas from Germany since June ...

Read More »

US Freeport outage, Nord Stream drop lift global gas markets

European TTF gas and East Asian spot LNG prices jumped this week because of an extended plant outage at Freeport LNG and lower Russian gas pipeline flows through Nord Stream 1. The combination of supply issues looks certain to tighten the global balance over the remaining summer months, and potentially further into the year. Fear over rising prices and tight supply are being raised globally, with Singapore this week the latest Asian country to express its concern over the availability of gas and discussing how it will take steps to ...

Read More »

U.S. natgas futures ease 2% on lower demand forecasts

U.S. natural gas futures slid about 2% on Friday on forecasts for lower demand this week and next and expectations the extended shutdown of the Freeport liquefied natural gas (LNG) export plant in Texas would allow utilities to quickly rebuild low U.S. gas stockpiles. That price decline came despite record power demand in Texas, forecasts for much higher U.S. gas demand in two weeks as the weather turns hotter, and small declines in U.S. gas output in recent days. The Freeport shutdown on June 8 reduced the amount of U.S. ...

Read More »

German gas storage levels up slightly, situation remains ‘tense’ – regulator

Germany’s gas storage facilities were filled slightly overnight despite a major drop in Russian deliveries, the country’s network regulator said on Saturday, but it confirmed the situation around gas supplies remained “tense”. Gas storage levels stood at 56.67% on Saturday, up slightly from the 56.29% on Friday, Germany’s network regulator Bundesnetzagentur said in its daily gas supply report, reiterating its plea to save as much gas as possible. Germany’s government has urged companies and households to bring down gas consumption to a bare minimum, under pressure to ensure storage levels ...

Read More »

NYMEX natural gas futures tumble amid ‘risk reduction’ before holiday weekend

NYMEX front-month natural gas futures fell significantly June 17 amid a wave of “risk off” liquidation trading action. At the end of trading the NYMEX July gas futures contract tumbled 52 cents to close at $6.944/MMBtu. In under two weeks, after topping out at around $9.66/MMBtu on June 8, NYMEX gas futures have fallen by 28%. It was a lousy day for energy market bulls as NYMEX WTI oil futures and Henry Hub natural gas futures prices tanked. In addition to the hefty decline in gas, which bottomed out at ...

Read More »

Russian gas deliveries via TurkStream to halt June 21-28 for annual maintenance

Russia’s Gazprom said June 18 that gas shipments via both lines of its TurkStream pipeline will be temporarily suspended June 21-28 due to scheduled annual maintenance. “All interested parties agreed to the gas transportation suspension in advance,” Gazprom said in a statement posted on its Telegram channel. The suspension comes amid major disruptions to Gazprom’s supplies to Europe, with flows through the Nord Stream pipeline from Russia to Germany currently capped at just 67 million cu m/d — 40% of the pipeline’s capacity — after Gazprom reported issues with maintenance ...

Read More »

Gas flows from Germany to France have halted, pipeline operator says

Gas flows to France from Germany have been at a halt since June 15, France’s pipeline operator GRTgaz said on Friday, citing the effects of reduced Russian deliveries. “Since June 15, GRTgaz has noted a halt in the physical flow between France and Germany. This flow was around 60 GWh/d (gigawatt hours per day) at the beginning of 2022, which is only 10% of the capacity of the interconnection point”, GRTgaz said in an e-mailed statement. Source: Reuters (Reporting by Tassilo Hummel Editing by Mark Potter)

Read More »

‘India may need $10 trn investment to achieve net-zero emission by 2070’

India will need an investment of over USD 10 trillion to achieve its net-zero emission target by 2070, a report said on Thursday. Prime Minister Narendra Modi had announced India’s zero emission target to be achieved by 2070 at COP-26 (26th United Nations Climate Change Conference in 2021). “India may require an investment of over USD 10 trillion to achieve its net-zero target by 2070,” a joint white paper issued by GE-EY said on Thursday. It said that India would continue to rely on coal power, at least in the ...

Read More »

EUROPE GAS-Prices mostly rise on sustained Russian supply cuts

British and Dutch wholesale gas prices mostly rose on Friday morning as Russian deliveries through the Nord Stream 1 pipeline remained curtailed. The British day-ahead contract TRGBNBPD1 jumped by 60 pence to 150 pence per therm by 0851 GMT. The Dutch day-ahead contract TRNLTTFD1 was up 13.40 euros at 130 euros per megawatt hour (MWh), while the front-month contract TRNLTTFMc1 was up 13.90 euros at 133.15 euros/MWh. However, both contracts were still off three-month highs seen in intra-day trading on Thursday, before dropping on some profit-taking, analysts said. “Volatility should ...

Read More »

Recent Videos

Hellenic Shipping News Worldwide Online Daily Newspaper on Hellenic and International Shipping