The benchmark Dutch front-month contract rose slightly on Friday morning while British prompt prices eased amid a balanced supply and demand picture, after prices dropped heavily the previous day. The front-month contract on the Dutch title transfer facility (TTF) traded on the Intercontinental Exchange rose 0.80 euros to 23.90 euros per megawatt hour (MWh) by 0923 GMT. On Thursday, it hit a fresh two-year low of 22.94 euros/MWh on the exchange, as concerns over a disruption to Norwegian liquefied natural gas (LNG) supply waned. Equinor EQNR.OL had to shut production ...

Tanzania’s government said on Wednesday it had completed negotiations with the investors of its $42 billion liquefied natural gas (LNG) project, with the agreements set to be reviewed for approval next month. Energy minister January Makamba said the agreements for the approval of the long-delayed project – aimed at unlocking the country’s vast but remote offshore gas resources – would be presented to the government’s cabinet before they are signed. While Makamba did not provide a time frame in his address to parliament, the ministry of energy’s budget speech for ...

U.S. natural gas futures rose about 2% on Friday on forecasts for more demand over the next two weeks than previously expected and record exports to Mexico. The price jump occurred despite near record U.S. output and continued low amounts of gas flowing to U.S. liquefied natural gas (LNG) export plants due to maintenance. Front-month gas futures for July delivery on the New York Mercantile Exchange (NYMEX) were up 4.5 cents, or 2.1%, to $2.203 per million British thermal units (mmBtu) at 9:01 a.m. EDT (1301 GMT). On Thursday, the ...

Global additions of renewable power capacity are expected to jump by a third this year as growing policy momentum, higher fossil fuel prices and energy security concerns drive strong deployment of solar PV and wind power, according to the latest update from the International Energy Agency. The growth is set to continue next year with the world’s total renewable electricity capacity rising to 4 500 gigawatts (GW), equal to the total power output of China and the United States combined, says the IEA’s new Renewable Energy Market Update, which was ...

British and Dutch wholesale gas prices declined on Thursday morning after a leak at a Norwegian liquefied natural gas (LNG) plant was stopped. The benchmark Dutch front-month contract TRNLTTFMc1 down 1.70 euros at 24.90 euros per megawatt hour (MWh), while the Q4 price TRNLTTFQc2 declined by 0.55 euro to 39.20 euros/MWh, according to Refinitiv Eikon data. The British within-day contract TRGBNBPWKD was 3.00 pence lower at 62.00 p/therm, and the day-ahead contract TRGBNBPD1 was down 3.40 pence at 60.00 p/therm. A gas leak at Norway’s Hammerfest liquefied natural gas (LNG) ...

European leaders have taken a bold first step in harnessing the massive potential of the North Sea in accelerating Europe’s energy transition following the second North Sea Summit held in Belgium last April. Leaders from the EU, Germany, Belgium, Denmark, the Netherlands, Luxembourg, France, Ireland, Norway, and the United Kingdom – the so-called North Sea Coalition – gathered in the coastal city of Ostend to confirm their goal to upscale the offshore power generation capacity by building the largest green power plant in Europe by 2050 in the middle of ...

North American midstream company Pembina has forged an agreement with one of Japan’s largest trading firms to establish an end-to-end blue ammonia supply chain that will link Western Canada ammonia to Japan and other Asian markets, Pembina said. Pembina Pipeline announced the signing of a memorandum of understanding with Marubeni May 30 in which the companies will jointly develop a production facility on Pembina-owned lands. The facility will produce low carbon hydrogen and ammonia near Fort Saskatchewan, Alberta. The plant is anticipated to produce up to 185,000 mt/year of blue ...

The East-West spread for naphtha, the differential between CFR Japan swaps and Northwest Europe swaps, plunged to the lowest in more than a month on Wednesday amid closed arbitrage opportunities with Asian prices dropping on poor demand. The first-half July naphtha dropped by $18.50 to $569.50 a tonne and traded 50 cents cheaper than the following month. The profit margin on making naphtha rose to $18.40 per tonne over Brent crude. June naphtha cargoes into Asia from Northwest Europe, the Mediterranean, the U.S. and Russia are expected to total around ...

Inspections of Norway’s offshore gas pipelines after the Nord Stream blasts found nothing suspicious, an executive at energy major Equinor told Reuters, in the first official word on the security sweep. However, risks remain after last year’s still-unexplained explosions at the Nord Stream pipelines built to carry Russian gas to Germany via the Baltic Sea, warned Jannicke Nilsson, who manages security for Equinor. Europe’s largest gas supplier after a drop in Russian flows last year, Equinor also acts as technical service provider for offshore pipelines operator Gassco. It launched the ...

Sibur, Russia’s largest liquefied petroleum gas (LPG) exporter, in 2022 switched fully to conducting financial settlements with China in yuan, Russia’s state news agency on Wednesday cited a top manager at the company as saying. “We trade with Vietnam in dong, in China last year we completely switched to yuan,” RIA cited Pavel Lyakhovich, a member of Sibur’s board, as telling the agency in an interview. “We sell to Turkey in lira. But we will also master other exotic currencies.” It was not immediately clear whether all settlements with Vietnam ...

Europe’s largest economy is also one of the region’s most aggressive advocates for shifting energy systems away from fossil fuels, and leads the continent in emissions reduction targets and investments in renewable energy supplies. However, Germany is also home to Europe’s largest chemicals sector which churns out plastics, paints, acids and other key inputs that are critical to manufacturers and heavy industries that form the backbone of the German economy. And as most chemical plants run off natural gas or coal, and use crude oil as a major feedstock, Germany’s ...

Russian energy company Novatek NVTK.MM plans to build a new plant to produce 20.4 million tonnes of liquefied natural gas (LNG) in northern Murmansk region, Kommersant daily reported on Tuesday, citing unnamed sources. It said that the plant with consist of three production lines with capacity of 6.8 million tonnes per year. First two lines are expected to start production in the end of 2027, while the last line is scheduled to start operations in 2029. Novatek told the newspaper that the company has embarked on implementation of the Murmansk ...

The offshore Aphrodite natural gas field being developed in Cypriot waters will be connected to an existing processing and production facility in Egypt via a subsea pipeline, one of the partners in the project said on Wednesday. NewMed Energy said it had submitted with partners Chevron and Shell a development plan for Cypriot government approval. The group met the Cypriot energy minister on Monday to discuss progress. “The updated plan is expected to accelerate and reduce the cost of development,” NewMed said. Aphrodite, discovered more than a decade ago about ...

Asia’s spot premiums for 10 ppm sulphur gasoil received support and rose for the third straight session on Wednesday, to 27 cents per barrel from a bout of open market buying for June parcels against a backdrop of zero offers. Sellers were waiting for a clearer outlook on demand-supply fundamentals for July before they offer. Separately, 10 ppm sulphur gasoil margins continued to trade sideways in the $14 and $15 per barrel range as thin liquidity in the swaps market continued for a third consecutive day. Jet fuel refining margins ...

British and Dutch gas prices edged higher on Tuesday morning as lower supplies of liquefied natural gas (LNG) offset weak demand. The benchmark Dutch front-month contract inched up by 0.28 euro to 25.13 euros per megawatt hour (MWh) by 0953 GMT according to Refinitiv Eikon data. The equivalent front-month British contract rose by 0.60 pence to 58.60 p/therm. The British within-day contract was up 5 pence at 61.00 p/therm. “On the bullish side, exports from Norway remain subdued… LNG sendout (in Britain) is also down with South Hook nominating down ...