Prices of gas in Europe are rising as Norwegian supplies increase.
The Dutch and British gas wholesale prices were trading in a narrow band early on Tuesday, as the higher temperatures in Europe restricted heating use. Meanwhile, the cooling demand and low winds generation mainly affected the power market. LSEG data shows that the benchmark Dutch front-month contract was up 0.37 euros at 33.40 Euro per megawatt-hour or $11.55/mmBtu at 0848 GMT. The Dutch day-ahead contract increased by 0.25 euros to 32.38 Euro/MWh. The British day-ahead contract fell 0.25 pence to 78.00p/therm. The heatwave that has been sweeping Europe will likely end on Thursday.
Orlen Will No Longer Purchase Russian Oil Starting July
Polish refiner Orlen will not buy Russian oil for its Czech refinery after June 30, Chief Executive Ireneusz Fafara said on Monday.The contract with Rosneft for Russian oil to be supplied to the Litvinov refinery in the Czech Republic was the last one linking Orlen to Russian oil, it said in a statement."We freed Central Europe from Russian oil today," Fafara told a news conference.The Czech Republic had said in April that it had become fully independent of Russian oil supplies for the first time in its history following the completion of capacity upgrades on the TAL pipeline coming from the west.Since Russia's invasion of Ukraine,
German spot prices fall on increased wind and French nuclear supply
The wholesale price of German spot power dropped sharply on Friday, as Germany was expected to experience a 60% increase in wind generation in the coming day. In addition, the French nuclear sector increased its availability in the region. "We expect an overall bearish outlook for Germany", said LSEG Analyst Xiulan He. He also listed lower demand, improving brown coal supply and gas-derived supplies. At 0815 GMT, the German day-ahead power was trading at 76.3 Euros ($89.48 per megawatt (MWh), 19.3% lower than its previous close. In France, the day-ahead basisload was 0.7% higher, at 74.5 Euros/MWh.
According to Russia's spy agency, Serbia sold ammunition via Bulgaria and Czech Republic to Ukraine
Russia accused Serbia of selling artillery to Ukraine via Eastern Europe through intermediaries, the second time in a week that it has made such an accusation against its traditional Balkan allie. The Russian Foreign Intelligence Agency, SVR, posted a statement on its website in which it said that two Serbian companies had sold rockets or mortar shells to multiple rocket launchers, as well as components for these rockets, via two companies located in the Czech Republic and Bulgaria. Both Bulgaria and Czech Republic are members of NATO and the European Union and provide weapons and ammunition to Ukraine.
Maguire: Eastern Europe's secretive surge in solar power generation
In Europe, the discussion of solar energy generation is dominated by Germany and Spain. Solar capacity in the nine largest producers of solar energy in Eastern Europe grew at a pace that was more than twice as fast as the rest of Europe over the last five years. This has allowed Eastern Europe to double its regional solar production share since 2019. Solar farms will provide electricity to at least six Eastern European countries, when solar radiation levels reach their peak this summer. The rapid growth of solar…
Maguire: Eastern Europe's secretive surge in solar power generation
In Europe, the discussion of solar energy generation is dominated by Germany and Spain. Solar capacity in the nine largest producers of solar energy in Eastern Europe has increased at a pace that is more than twice as fast as the rest of Europe over the last five years. This has allowed Eastern Europe to double its regional solar production share since 2019. Solar farms will provide electricity to at least six Eastern European countries, with a combined total of over 20% of the monthly power they use this summer. This is when solar radiation levels in the region reach their highest level.
Serbia will investigate Russian allegations that it shipped arms to Ukraine
Aleksandar Vucic, the president of Serbia, said that Serbia and Russia would jointly investigate how Serbian-made ammunition ended up in Ukraine after Moscow accused Belgrade exporting weapons to the government of Kyiv. The SVR (Russian foreign intelligence service) accused Belgrade of a "stab in the back", alleging that Serbia's defence producers were selling weapons and ammunition to Ukraine. The SVR stated that Serbia sent arms to Ukraine via NATO intermediaries including the Czech Republic and Poland, as well some African countries.
Draft shows EU will work to more flexible filling targets for gas storage
A draft EU document revealed that the European Commission would work to develop more flexible targets so EU countries can fill their gas storage before winter. This follows concerns from some governments about Europe's strict deadlines for filling up. In 2022, after Russia cut gas supplies to Europe, the European Union introduced its current targets. Member countries must fill their storage caverns up to 90% capacity by November. Intermediate targets are February, May July and September. The document added that this will "reduce the stress on systems associated with gas storage refilling".
Document shows that ten EU countries have called for sanctions against Russian LNG and gas
A document obtained by revealed that ten European Union nations have asked the 27-nation group to ban the imports of gas from Russia. This comes as Europe is debating new sanctions against Moscow for its war in Ukraine. The EU is currently preparing its 16th set of sanctions against Russia's economic system, in advance of the third anniversary Moscow's invasion of Ukraine on a large scale. This will take place in February 2022. The 10 countries include the Czech Republic as well as Denmark, Estonia, and Finland. They want Europe to do more to target Russia's oil exports to reduce the revenue flowing to Moscow.
Austria Energy Regulator expects smooth transition when Ukraine gas deal ends
Austrian energy regulator E-Control says that it should not experience any disruption in supply as it is preparing to switch from eastern natural gas supplies to western alternatives following the expiration of Ukraine's Gazprom contract on Tuesday. Ukraine announced that it would terminate its gas transit agreement with Gazprom. This month, energy company OMV also ended its agreement with Gazprom after a dispute with the Russian firm. Markus Krug is the deputy head of E-Control's gas department. He said that the regulator closely followed the events but didn't anticipate any disruptions to gas supply…
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. The front-month contract in Britain increased by 2.44 pence to 118.20 cents per therm. The trend towards a cold, but only moderately unsettling situation during the first 10 Days of January is a certainty.
Prices of EUROPE Gases rise slightly as trading is thin ahead of holidays
The Dutch and British wholesale prices of gas were slightly higher on Wednesday, in light trading ahead Christmas holidays throughout Europe. This is because there remains uncertainty over Russian gas supplies when the Ukraine Gas Transit Deal expires this year. The benchmark contract for the Dutch TTF hub, the front-month contract, was up 0.25 euro at 46.00 euros per Megawatt Hour, or 14.36 mmBtu by 0947 GMT. Meanwhile, the day-ahead contracts was up 0.69 euro at 45.92 Euro/MWh. The day-ahead contract in Britain was 2.15 pence more expensive at 114.50p per therm.
Orban: Hungary is in talks with Ukraine about Russian gas deliveries via Hungary
Viktor Orban, the Prime Minister of Hungary, said that Hungary was in talks with Russia, Ukraine and other countries to keep open gas deliveries via Ukraine, even though it imports Russian gas via Turkstream. The pipeline via Ukraine is one of the main Russian gas routes into Europe. However, it will close at the end this year because Kyiv doesn't want to extend the five-year transit deal that brings gas to Slovakia and the Czech Republic. Orban said in a press briefing: "We're now trying to pull off the trick...
Germany waives gas storage fees outside of the country starting Jan. 1, 2025
The German lower house of Parliament passed on Friday a change in energy law that will waive the domestic market storage fee at border points and virtual trading centers, effective Jan. 1, 2025. This will free foreign consumers from a costly element of price. Parliament approved the law change based on its incompatibility with European energy solidarité and to help south-western neighbors diversify their gas supply away from Russian gas. The levy that Trading Hub Europe (THE) charges domestic gas consumers will increase by 20%, to 2,99 euros per megawatt-hour (MWh), on January 1, 2025.
Putin is clear: there will be no Ukraine Gas Transit Deal
Vladimir Putin, President of Russia, said that it is now clear that no new gas transit agreement will be signed with Kyiv for Russian gas to be sent through Ukraine to Europe. However, Russia will survive. As the EU attempts to reduce its dependency on Moscow, Russia has lost nearly all its European clients. Before the Ukraine War, Russia was Europe's largest single natural gas supplier. The Nord Stream gas pipeline, which was destroyed in 2022, cut off a major artery of Russian gas exports. Now one of the last…
Prices of EUROPE GAS are bound by range as stable supply caps gains
The Dutch and British wholesale gasoline prices were mostly range bound on Thursday morning, despite the colder weather. The benchmark contract for the Dutch TTF hub rose by 0.18 euros to 41.45 euro per megawatt-hour (MWh) at 0920 GMT. Meanwhile, the contract for February was up by 0.13 euro and now stands at 41.38 euro/MWh. The day-ahead contract in Britain was 0.80 pence more expensive at 100.00 pence a therm. The temperature in North-West Europe is forecast to be around 3 degrees Celsius below average on the day ahead, which will increase demand for heating.
Document shows EU countries want more transparency about Russian gas imports
In a letter to the European Commission on Monday, a group of EU member states including France and the Baltic States asked for tighter reporting requirements across the EU on Russian LNG imports. In June, the EU approved a 14th set of sanctions that included a prohibition on the trans-shipment of Russian LNG in its ports. Moscow has used European ports for transshipment onto other vessels bound for Asia. Imports of Russian LNG were not banned. Several EU countries continue to receive Russian pipeline gas via Ukraine and Turkey. In the past few years, the imports of Russian gas to Europe has increased in Belgium and the Netherlands.
Thyssenkrupp steel faces a $1.4 billion funding shortfall in its planned separation from parent
The supervisory board chair of Thyssenkrupp’s steel division said that the company needs an additional 1.3 billion euro ($1.4 billion) to cover costs beyond what its parent was willing to pay as part of a planned separation. Sigmar Gabriel said, after a supervisory meeting of Thyssenkrupp Europe (TKSE), that an external audit will be conducted to determine the unit’s restructuring and financing needs. He added that this could occur before the end of the year. Gabriel said that the board will reconvene to continue their discussions on August 29 and that Friday's meetings only marked a step in the separation of TKSE Thyssenkrupp AG.
European Refiners Leave Oil Cargoes On Water
A growing number of oil tankers across Europe have been unable to unload their cargo over the past month as refining demand crashes, turning them into de facto floating storage, according to shipping data and trading sources.European refineries have had to cut runs after measures put in place to contain the coronavirus outbreak crushed fuel demand.More than 25 tankers with roughly 18 million barrels onboard were anchored near European ports, with most them already there for over a week as of Thursday, Refinitiv…
Europe Gas Trade Volume on Track for Record in 2018
European gas trading volumes in 2018 may beat the record 51,000 terawatt hours (TWh) recorded in 2016 unless unseasonally warm weather prevails for the rest of this year, Prospex said in a report on Friday.The British research company said slower trading in 2017 was followed by an upturn in the first half 2018 as consumption grew and business on the Dutch gas exchange Title Transfer Facility (TTF) picked up.Natural gas trading rose by 4 percent year-on-year to 26,000 TWh in January to June across a region of 11 countries monitored by Prospex…
