NFE Mexico LNG plant is producing at capacity, the company claims
The company said that it has shipped nine loads from its floating LNG plant off the coast of Mexico, which is operated by U.S. firm New Fortress Energy. Its production rate is 20% higher than its capacity. NFE is struggling to find LNG on long-term contracts for its power generation operations. The company has been trying to improve its finances and raise cash by taking on partners in its primary businesses.
European firms exposed as Trump targets US offshore wind
U.S. President Donald Trump in his first day of office on Monday suspended new federal offshore wind leasing pending an environmental and economic review, saying wind mills are ugly, expensive and harm wildlife.Former President Joe Biden supported the offshore wind industry, setting a target for 30 gigawatts (GW) of projects by 2030, up from 42 megawatts at the end of 2023…
Trump's complaint about the trade deficit with EU and what could come next
Donald Trump, President of the United StatesTrump has pledged to reduce a long-standing trade deficit between the United States and the European Union. He says he will do this by imposing tariffs, or forcing the EU to buy more U.S. gas and oil. In a memo entitled "America First Trade Policy", issued by Trump on his first day in the White House, he directed the Commerce and Treasury Departments and the U.S.
Can Trump reverse Biden's offshore oil drilling ban?
In an executive order issued on Monday, President Donald Trump revoked the ban placed by former Democratic president Joe Biden against new offshore oil-and-gas development along most of America's coasts. Trump will face legal challenges regarding his authority. What did BIDEN and Trump do? Biden used his authority, granted by the Outer Continental Shelf Lands Act of 1970…
Six US LNG cargoes diverted to Europe by LNG traders
Analysts and shipping data indicate that traders diverted six cargoes of LNG bound for Asia into Europe in the first half of this month due to higher European prices, and weaker Asian demand. Weather forecasts indicate lower temperatures for northwest Europe. Data from analytics firm Kpler revealed that the vessels were loaded in America and initially headed for China, South Korea Thailand and Singapore. Between Jan.
Republican-led states file suit against Biden administration for offshore drilling ban
A group of Republican states filed a suit on Friday to challenge a ban on offshore oil and natural gas development announced earlier this month by the outgoing Democratic U.S. president Joe Biden. According to a court document, the lawsuit is seeking a reversal Biden's prohibition with declaratory and judicial relief. The filing argues that Biden…
Portugal is keen to create an offshore wind cluster that could reach up to 10 gigawatts
Portugal's Government said on Friday that it is keen to create a cluster wind farms off the coast of its Atlantic Ocean. The total power of these wind farms could reach around 10 gigawatts. Lisbon approved last week four areas where offshore wind farms could be installed. This is a big step towards the launch of the first offshore license auction that it plans to conduct this year.
Canada approves Bunge-Viterra merger worth $34 billion with conditions
Canada approved Bunge's $34 Billion merger with Glencore-backed Viterra on Tuesday, subject to conditions. This was the last remaining obstacle for an unprecedented global agricultural tie-up. According to a release from the Transport Ministry, the conditions of the approval are Bunge's divestiture six grain elevators located in Western Canada as well as a binding Bunge commitment to invest C$520…
Biden Team wraps up expanded Clean Energy Credit Guidance
The Biden Administration released Tuesday guidance to assist companies in securing clean energy tax credits as part of the 2022 Inflation reduction Act. This program finalized a program that extends subsidies previously available for solar and wind to other low-carbon sources. This move is a part of the actions taken by outgoing president Joe Biden to support his administration's efforts to combat climate change.
Biden bans offshore oil and gas drilling before Trump's term
The U.S. president Joe Biden has announced that he will ban all new offshore oil and natural gas development along the majority of U.S. coasts. This is a decision which President-elect Donald Trump who has pledged to increase domestic energy production may find hard to reverse. Biden, according to the White House on Monday, will exercise his authority…
Biden bans offshore oil and gas drilling before Trump's term
The U.S. president Joe Biden has announced that he will ban all new offshore oil and natural gas development along the majority of U.S. coasts. This is a decision which President-elect Donald Trump who has pledged to increase domestic energy production may find hard to reverse. Biden, according to the White House on Monday, will exercise his authority…
Bloomberg News: Biden will ban new oil drilling in vast areas of US Atlantic and Pacific waters
Bloomberg News reported that President Joe Biden will ban any new offshore oil and natural gas development on 625 million acres of U.S. coast territory (250 million hectares), effective immediately. According to the report, which cited unidentified sources familiar with the issue, the ban will be announced on Monday and prevent the sale of drilling licenses in certain areas of the Atlantic…
Winter storms in the US could lead to power outages and a reduction of natgas supplies
According to energy analysts, the next few weeks could see massive power outages across the U.S. and a spike in natural gas demand. As a result of the "freeze offs" of oil and gas pipes and wells, the demand for gas is expected to increase. According to the U.S. Energy Information Administration, gas is responsible for 43% of America's electricity generation and 45% of its homes are heated by it.
Constellation wins $1 billion contract to supply nuclear energy to the US government
Constellation Energy announced on Thursday that it had been awarded contracts worth a record-breaking $1 billion to supply nuclear energy to the U.S. Government. As part of an agreement with the U.S. General Services Administration, Constellation, America's largest nuclear power plant operator, will provide electricity to over 13 federal agencies.
Top five contrarian commodity scenarios for 2025: Russell
In 2025 it may be worth being a contrarian, since the year ahead could be one of most volatile ever, especially in commodities. Donald Trump is back, threatening to disrupt the global trade flow with a wall on imports. He will be able to do little this time, with a Republican-led Congress. China is the second largest economy in the world and the biggest buyer of commodities.
Top five contrarian commodity scenarios for 2025: Russell
In 2025 it may be worth being a contrarian, since the year ahead could be one of most volatile ever, especially in commodities. Donald Trump is back, threatening to disrupt the global trade flow with a wall on imports. He will be able to do little this time, with a Republican-led Congress. China is the second largest economy in the world and the biggest buyer of commodities.
EUROPE GAS - Prices rise due to colder weather forecast and transit concerns in Ukraine
Dutch and British wholesale prices for gas rose on Friday, boosted by cold weather forecasts in January and the fading hope of a new agreement to transit Russian gas via Ukraine. By 0914 GMT, the benchmark front-month contract for the Dutch TTF hub had increased by 1.27 euros to 46.80 euros/megawatt hour or $14.36/mmBtu. The contract for February was increased by 1,211 euros to 46,96 euros/MWh.
Chevron CEO: No discussions on Venezuela with President-elect Trump
Michael Wirth, CEO of Chevron, said that the company hasn't had any talks with Donald Trump or his team about its operations in Venezuela. The first Trump administration will end in 2019. Petroleos de Venezuela, the state-owned oil firm in Venezuela, was targeted to reduce its oil exports. It also hoped to force a change of government. Chevron…
LNG traders divert cargoes to Asia from Europe as demand in the east increases
Analysts and shipping data indicate that three LNG cargoes bound for Europe were diverted to Asia in order to meet the stronger Asian demand, and because gas prices have decreased in Europe. The rapid change of course shows the agility of the trading firms to send LNG supplies either to Europe or Asia. As Asian prices rise, the arbitrage window for sending U.S. and African Liquefied Natural Gas to Asia opens.
LNG can solve Europe's gas problems, but it comes at a cost: Russell
The fears that Europe will face a shortage of natural gas this winter are exaggerated. The liquefied gas (LNG), market has already taken steps to prevent any shortage, although at higher prices.The price of natural gas in Europe reached its highest level in over two years on November 22, when the benchmark contract for the front-month contract, at the Dutch TTF Hub, reached 49.03 euros/megawatt hour.
