Thailand will import more US LNG in the next five years.
Thailand will import more LNG from the United States in the next five-year period, said Finance Minister Pichai Chunhavajira on Wednesday. This was ahead of next week's meeting with U.S. officials to discuss tariffs. He said that there is an agreement for the import of 1 million metric tonnes of LNG valued at $500 million in 2020 as part of a plan to total 15 million tons over 15 years starting in 2026. Pichai stated that Thailand plans to sign an additional contract worth $600 million for the purchase of more than 1,000,000 tons of U.S. LNG over the next five-year period.
Spot prices expected to rise due to falling renewable energy supplies
The strong decline in wind and solar energy supply across the region is expected to exert bullish pressure on spot contract prices on Monday, while three unplanned outages and two planned ones will reduce French nuclear availability. LSEG data shows that the German and French baseload power prices for Monday were not traded by 0923 GMT. Riccardo Paraviero, LSEG analyst, says that the drop in renewable energy supply will increase residual load on Monday. LSEG data indicates…
BP warns about lower production in the first quarter and weak gas sales
Energy group BP said that it expects the first-quarter production of oil and gas to be lower than in the previous quarter. Lower gas output in Egypt and Trinidad and asset sales will offset gains in oil. The trading update provides an early look at BP's performance in its first quarter, as the company faces investor pressure on capital discipline, share repurchases and energy transition. This scrutiny has increased since activist investor Elliott Management purchased a stake.
Officials say that Libya offers 22 areas for oil exploration with attractive terms to investors
Libya will offer investors new and attractive terms in its first bid round in over 17 years. The country's top officials in the oil sector told a Libya Bid Round Roadshow held in London on Sunday. Africa's second largest oil producer, and a member of the Organization of the Petroleum Exporting Countries(OPEC), is looking to increase its oil production. According to the National Oil Corp. (NOC), the country's crude production is currently over 1.4m bpd. This is about 200,000 bpd below its high before civil war.
Spot contracts are pushed up by a combination of lower wind output and increased demand
The German spot electricity market was bullish on Tuesday, as renewable energy supply was expected to decrease throughout the region and demand to increase. LSEG data shows that the German baseload electricity for Tuesday at 0850 GMT was 103.75 Euros ($114.10)/MWh. The French power of the day was 68 Euros/MWh. The closing prices on Monday were 97.25 and 45.50 respectively. Both contracts were traded on Friday, but for delivery Monday. Natalia Kubaszek, LSEG analyst, says that the rising demand on Tuesday coupled with falling wind and solar supplies underpins a bullish signal.
Shell reduces its first-quarter LNG Production Outlook
Shell has lowered its outlook for first-quarter LNG production in a trading report on Monday. It cited the impact of bad Australian weather, before publishing results on May 2nd. The British company forecasted that the LNG production would be between 6.4 and 6.8 millions metric tons. This is a decrease from its previous forecasts of 6.6 to 7.2 tons. In the fourth quarter last year, it produced 7.1 millions tons of LNG. The company stated that the downward revision was due to cyclones in Australia and unplanned maintenance.
Front-year contracts are under pressure from falling gas and carbon prices
German and French power contracts for the year ahead traded lower on Monday as a result of losses in gas and carbon permits. The German power contract for 2025 has fallen by 1.9%, to 81.40 Euros ($89.41). Meanwhile the French baseload contract for 2025 has contracted by 1%, to 60.90 Euros/MWh. Dutch and British gas rates fell on Friday morning, and are near their lowest levels since early March. This is due to fears that the global tariff war caused by U.S. duties could reduce industrial activity and curtail gas demand.
French court halts onshore wind project
Court documents revealed on Friday that a project to build an onshore windfarm in the north-east of France had its licenses revoked due to "visual saturation". The Mont des Quatre Faux project, a 226 megawatt onshore wind farm in Belgium and France, was developed by the French power company EDF Renewables with the Belgian renewables firm Renner. Website for the project shows that investment costs were estimated at over 250 million euros (276 million dollars). Local activist groups brought the case, and the court decided that the project has a significant impact on the landscape.
Galp, a Portuguese company, is confident that it will find other markets in the event of US tariffs.
The Portuguese oil company Galp Energia is confident that it can find other destinations for its gasoline exports. Galp's Executive Board member Ronald Doesburg who is responsible for industrial assets said on Tuesday that the company will be able deal with a drop in demand from Americans due to higher prices resulting from proposed tariffs of 25%. Galp's Sines refinery produces approximately 2 million metric tonnes of gasoline each year. Of this, between 1.2 and 1.5 million tons is exported to the United States. The Portuguese market takes the remainder.
German contracts for the front year are affected by lower gas prices
German power contracts for the year ahead fell on Monday as gas contracts and carbon permit prices dropped. By 0957 GMT, the German baseload power for the year ahead fell by 1.1% to $85.24 per megawatt-per-hour (MWh), while its French counterpart rose 0.2% to $63.85/MWh. Dutch and British wholesale prices of gas fell on Monday morning, despite mild weather conditions and the beginning of talks between U.S. officials and Russians over a possible Ukrainian ceasefire. LSEG…
Saudi Arabia's GDP will grow by 1.3% between 2024 and 2024
Preliminary government data released on Sunday showed that Saudi Arabia's economy will grow by 1.3% in 2024. This growth is due to increased non-oil activities and government initiatives. Data released by the General Authority for Statistics revealed that non-oil activities grew by 4.3%, government activities grew by 2.6% and oil activities decreased by 4.5%. According to government estimates, the fourth quarter GDP of the Kingdom increased by 4.5% compared to last year.
Bloggers claim that Russian special forces attacked Ukrainian forces at Kursk via a gas pipeline
Pro-Russian bloggers claimed that Russian special forces snuck miles through a large gas pipeline near Sudzha to try to surprise Ukrainian troops as part of a massive offensive to eject Ukrainian soldier from the western Russian region Kursk. In August of last year, thousands of Ukrainian soldiers took over about 1,300 sq km of Russia's Kursk Region in an effort to gain bargaining power in future negotiations as well as to force Russia to withdraw its military forces from eastern Ukraine.
Bloggers say that Russia used a gas pipeline to surprise Ukrainian troops in Kursk.
Pro-Russian bloggers reported that Russia stormed the town of Sudzha Sunday, after special forces surprised Ukrainian units with a gas pipe as part of a massive offensive to eject Ukrainian troops from the western Russian region Kursk. In August of last year, thousands of Ukrainian soldiers took over about 1,300 sq km of Russia's Kursk Region in an effort to gain bargaining power in future negotiations as well as to force Russia to withdraw its military forces from eastern Ukraine. Yuri Podolyaka is a pro-Russian blogger who was born in Ukraine.
Irish Government approves floating LNG emergency facility
On Tuesday, the Irish government announced that it had approved the development of an emergency temporary facility for importing liquefied gas (LNG) and storing it. Ireland is one out of five EU members without domestic storage. The government says this is a problem in the event that one or both subsea interconnectors are damaged. The emergency reserve is a floating storage unit and regassification (FSRU) with a capacity of 170,000 cubic meters of LNG. It will be able supply 200,000 domestic gas customers on average for six months.
Data shows that Portovaya, Kryogaz-Vysotsk and other Russian LNG exporters have stopped LNG exports due to sanctions.
LSEG data on Thursday showed that two small-scale Russian LNG producers located along the Baltic Sea shores, Portovaya LNG, and Kryogaz Vysotsk have stopped LNG deliveries. This is due to the U.S. sanctions. Washington introduced new sanctions last month against Russia for the conflict in Ukraine. These included the two nuclear plants. There was a grace period up until the 27th of February. LSEG data show that Kryogaz-Vysotsk (controlled by Novatek and Gazprombank) last shipped a cargo in February, with delivery at the Zeebrugge terminal in Belgium on February 22.
Gas prices drop and forward contracts are cancelled
On Monday, European spot prices rose for Tuesday. The wind supply in Germany is expected to drop to less than half the levels of Friday while demand has increased in many countries across the region. LSEG data shows that the German day-ahead electricity price was 143 euros ($149.79 per megawatt hour (MWh), up 61.6% on Friday's rate for Monday. LSEG data shows that the French baseload electricity for Tuesday is 106 euros/MWh. This is 71% more than what was paid on Friday, for delivery Monday.
Local news reports say that Equinor is planning to sell its assets in Argentina.
Mas Energia, a Mas Energia-published online magazine, reported that the Norwegian oil and gas company Equinor was looking to sell their onshore assets located in Argentina's Vaca Muerta Region, citing anonymous sources. Equinor has appointed Bank of America as the agent to sell its 30% stake in Bandurria Sur and 50% in Bajo del Toro Norte. However, no decision on the divestment has been taken yet, according to the report. Mas Energia said that the Norwegian company has no plans to sell its stakes offshore licenses in Argentina. A spokesperson for Equinor declined to comment.
Local news reports say that Equinor is planning to sell its assets in Argentina.
Mas Energia, citing anonymous sources, reported that Norwegian oil and gas company Equinor was looking to sell their onshore assets located in Argentina's Vaca Muerta Region. Equinor has appointed Bank of America as the agent to sell its 30% stake in Bandurria Sur and 50% in Bajo del Toro Norte. However, no decision on the divestment has been taken yet, according to the report. Mas Energia said that the Norwegian company has no plans to sell its stakes offshore licenses in Argentina. A spokesperson for Equinor declined to comment.
Air Liquide and TotalEnergies invest over 1 billion Euros in green hydrogen projects
Air Liquide, a French industrial gas company, announced on Tuesday a joint venture with TotalEnergies, a French oil giant. The two companies will develop in the Netherlands two large-scale low-carbon hydrogen plants. Air Liquide said in a press release that the two projects represented a combined investment totaling more than 1 billion euro ($1.05 billion). TotalEnergies wind farms will supply the first project in Rotterdam. It is expected to start operation by the end of 2027. This represents an investment of approximately 600 million Euros for each partner.
Spot prices drop on increasing wind power supply
European spot prices fell on Monday for Tuesday, as a rise in wind power production across the region is expected to exceed demand increases. LSEG data shows that the German day-ahead electricity price was 135.75 Euros ($142.29 per megawatt hour (MWh), down 9.5% on Friday's prices for Monday. LSEG data shows that the French baseload electricity price for Tuesday is 129.50 Euros/MWh. This is a 5.8% decrease from Friday's price for Monday's delivery. Naser Hashemi, LSEG analyst, said that residual load was down in Germany (on Tuesday) as well as France and the Netherlands.
