EUROPE GAS - Prices edge up on weaker winds, correction after falling
Dutch and British wholesale prices for gas rose on Friday morning due to a weaker wind production. Meanwhile, the Slovak government-owned gas purchaser SPP denied a report that an agreement was nearing to replace Russian gas by Azerbaijan gas. LSEG data show that the benchmark front-month contract at the Dutch TTF hub…
Deep sea oil drilling drillers are now subject to new safety regulations in the US
The Bureau of Safety and Environmental Enforcement, or BSEE, released new rules on Tuesday for U.S. off-shore drillers. This is because breakthrough technology allows them to operate in extreme subsea conditions and unlock untapped oil reserves worth billions of dollars. BSEE final rule was issued after Chevron…
Egypt to bid for LNG cargoes up to 20 to meet Q1 2025 Demand
Three trading sources said on Monday that Egypt will issue an tender to procure up to 20 LNG cargoes to meet the demand in the first quarter 2025. The largest Arab country, which has the most people in it, is now a net gas importer. It has bought more than 50 cargoes this year. Plans to be a reliable gas supplier to Europe have been abandoned.
Gas prices in Europe are falling, but the geopolitical risks remain.
The Dutch and British wholesale prices of gas fell on Friday morning due to a steady supply. However, the market is still closely watching the Middle East situation as there are still geopolitical concerns. LSEG data shows that the benchmark front-month contract for the Dutch TTF hub fell 0.38 euros to 39.70 Euro per Megawatt-hour (MWh)…
Gas prices in Europe are falling amid steady supply
The wholesale gas price in the Netherlands and Britain fell on Friday morning. Prices have been falling from recent highs of three weeks, thanks to a steady supply that helped offset cooler temperatures. LSEG data shows that the Dutch TTF hub had dropped 0.08 euros to 37.3 euros per Megawatt Hour (MWh), which is $12.17 mmBtu by 0814 GMT.
New refineries bring down profits for global refiners
Oil refiners across Asia, Europe, and the United States have seen their profitability drop to multi-year-lows. This is a significant downturn in an industry which had previously enjoyed booming returns following the pandemic. It also highlights the global slowdown. This weakness is…
Sources confirm that Egypt has awarded the tender for 20 LNG winter cargoes to Egypt.
Four trading sources said on Friday that Egypt's recent bid for 20 cargoes (cartons) of liquefied gas to cover winter demand following a sharp decline in domestic production has been fully allocated. It is the first time Egypt issued an tender to cover the winter demand since 2018.
APPEC-Weak Oil Demand Affects Singapore Industry Gathering
Next week, the largest gathering of energy traders in Asia will be dominated by discussions about the weak demand for oil in Asia and China as well as the plans of OPEC+ producers in order to reduce supply. APPEC 2024 is organised by S&P Global Commodity Insights and will begin on Monday, in Singapore.
Sources say Egypt is seeking 20 LNG cargoes to meet winter demand, as the gas crisis worsens.
Three trading and industry sources confirmed on Friday that Egypt issued a tender for 20 cargoes (cartons) of liquefied gas to meet the demand for electricity during winter, despite a sharp decline in domestic production. It is the first time Egypt issued an tender to cover the winter demand since 2018.
Record Oil Output Cuts Fail to Make Waves in Coronavirus-hit Market
The minimal impact on oil prices from a global deal for record output cuts showed that oil producers have a mountain to climb if they are to restore market balance as the coronavirus shreds demand and sends stockpiles soaring, industry watchers said.After several days of discussions…
Japan's Oil Refiners Keep Running Even as Coronavirus Curbs Fuel Sales
Sales of petroleum products are slumping in Japan as the coronavirus outbreak worsens in the world's fourth-biggest importer of crude, but the country's biggest refiners say they are not planning to cut production.Oil product sales, including gasoline and jet fuel, slumped more than a quarter last week…
Oil Soars 10%
Oil futures jumped 10% on Monday after an attack on Saudi Arabian crude oil processing facilities over the weekend sliced the kingdom's production in half and threatened to hamper shipments from the world's largest crude exporter.Prices initially surged more than 20% after the open on Sunday evening…
U.S. Oil Makes it to Ukraine, a blow to Moscow
U.S. crude exports are gaining traction in Europe as even Ukraine turns into a significant consumer of American barrels at the expense of Russian supplies amid heightened U.S. political pressure on Moscow and problems over contaminated Russian oil.Ukraine this month received its first ever barrels from the United States…
Qatar to Leave OPEC
Qatar said on Monday it was quitting OPEC from January to focus on its gas ambitions, taking a swipe at the group's de facto leader Saudi Arabia and marring efforts to show unity before this week's meeting of exporters to tackle an oil price slide.Doha, one of OPEC's smallest oil…
Venezuela, Mexico Divert Crude to U.S. as Canadian Barrels Get Stuck
Cash-strapped state-run oil companies in Mexico and Venezuela have begun diverting crude historically processed for domestic use and sending it to U.S. refiners now facing transportation constraints to secure similar grades from Canada, data shows.The situation reflects an unusual set of events…
New U.S. LNG Projects, Enough to Double Exports, on Verge of Launch
New U.S. liquefied natural gas terminals with enough capacity to double U.S. exports have either begun commissioning their facilities or are waiting for approval from the energy regulator, a review of their documents showed this week.Although long planned, the actual commissioning…
Saudi Refinery Exports First Gasoline Barrels to U.S.
A refinery in Saudi Arabia has shipped its RBOB gasoline to the United States for the first time, a potential precursor for more deliveries to a region where prices are currently at seasonal three-year highs.The 400,000 barrels-per-day Jubail Satorp refinery, a joint venture between Saudi Aramco and French company Total…
Oil Prices Climb on Global Demand and U.S. Sanctions on Iran
Oil prices rose on Monday as increased global demand and U.S. efforts to shut out Iranian output through the use of sanctions outweighed drilling data suggesting that U.S. shale production would climb.Benchmark Brent crude oil was up 60 cents at $77.71 a barrel by 1330 GMT. U.S. light…
EnBW: No Impact on Coal Generation from Low Rhine Water
German utility EnBW said on Friday it had enough stocks and rail transport options for the time being to secure coal deliveries from the Amsterdam-Rotterdam-Antwerp port areas while the river Rhine had low water levels. "There are currently no important limitations on our coal receipts via the Rhine…
OPEC Output Hike Will Squeeze Oil Buffer to Historic Lows
The oil industry will face the biggest squeeze on its spare production capacity in more than three decades if OPEC and its allies agree next week to hike crude output, leaving the world more at risk of a price spike from any supply disruption.Spare capacity is the extra production oil producing states can bring onstream and sustain at short notice…
