Prices of EUROPE Gases drop on forecast for warm weather
Dutch and British wholesale prices of gas were lower on Monday due to a forecast for warmer weather and the market ignoring the geopolitical developments that have taken place in Syria. By 0948 GMT, the benchmark front-month contract for the Dutch TTF hub had fallen 0.81 euros to 45.56 Euro per Megawatt Hour (MWh), which is $14.38/mmbtu. The day-ahead contract in Britain fell by 1.4 cents to 113.5 pence per therm. On Sunday, Syrian rebels announced that they had overthrown President al-Assad. They ended a 50 year family dynasty with a lightning-fast offensive.
Greece announces new round of subsidies on household electricity bills
Greece announced on Friday a new round in subsidizing electricity bills to assist households struggling with the rising costs of electricity in December. Greece spent almost 10 billion euros ($10.58billion) on power bill subsidies to households and businesses between 2021 and 23. This is the largest amount of subsidies that an EU country had ever paid as a percentage of its GDP. In November, wholesale power prices in Europe reached their highest level in more than a year.
More wind and lower demand causes spot prices to fall
European power prices fell on Thursday, as the main German market was expected to have more wind energy and demand in the area had slowed down ahead of the weekend. LSEG data shows that German baseload power for the day ahead was 17.1% lower at 87 Euros ($91.69), while still remaining at multiple-week highs. The French equivalent contract was not traded but the settlement indicated a significant drop from its previous 108 euros. The German wind energy output is expected to increase by 12.3 gigawatts per day (GW), to reach 37.1 GW.
Sechin, Rosneft CEO, says that OPEC+ cuts in output made the US the top energy exporter.
Igor Sechin, head of Russia's biggest oil producer Rosneft, said that the OPEC+'s decision to reduce oil production in 2016 and 2020 has helped the U.S. shale sector and made it a major global energy exporter. Sechin said, at a forum held in the United Arab Emirates that Russia and its partners had made the most significant contributions to stabilising the global energy markets in the last 10 years. Sechin, a long-time ally of Russian president Vladimir Putin, has expressed scepticism in the past about Russia's collaboration with OPEC.
Azerbaijan's oil production for 9 months down 4.8%, says ministry
Azerbaijan’s oil production fell by 4.8% in the first nine-month period of 2024 to 21.6 millions metric tonnes, down from 22.7million metric tons one year ago, said Energy Minister Parviz Shabazov on Monday. He didn't explain the cause of the decline. Production of oil in Azerbaijan has been declining for several years as the output at Azeri-Chirag-Gunashli complex of offshore oilfields, operated by BP, has passed its peak. Azerbaijan belongs to the OPEC+, a group of major oil producers that has reduced oil production in order to stabilize energy markets.
Short-take: IEA predicts tight gas supply and record demand in 2025
The International Energy Agency (IEA), on Thursday, said that the world's gas demand would reach a record high in 2025, driven by Asia. However, delays in new liquefied gas (LNG), production, will limit supply. Why it's Important Gas demand in Europe fell dramatically in 2022-23, as prices rose after the Russian pipeline gas supply was cut off due to the conflict in Ukraine. The demand for LNG traded globally increased and Europe was in direct competition with Asian buyers.
Gunvor chair: Mideast conflict will not affect oil supply but demand is a concern
The CEO of trading firm Gunvor is confident that the conflict in the Middle East won't impact oil supply. He said this on Tuesday. He told the Gulf Intelligence Energy Markets Forum, held in Fujairah that the situation in the Red Sea and Yemen was a nuisance but not disruptive. The market, he said, was more concerned about the weak demand. Brent crude prices dropped by over 2% on Tuesday, to about $70. The prospect of increased supply and a tepid growth…
Putin wants BRICS to play a greater role in the global energy dialogue
On Wednesday, President Vladimir Putin called for a greater role for the BRICS group on global energy markets. Russia is looking for ways to counter Western influences. The Energy Week International Forum will be held in Russia this week. It is also expected to host a meeting between the energy ministers of the BRICS countries. In a letter addressed to participants and guests of the forum, Putin stated that it was "obvious" that cooperation in the energy industry would serve to improve the quality of life for people…
Key China Energy Indicators to Track for the Rest of 2024
Slower consumption in China spurred the Organization of the Petroleum Exporting Countries (OPEC) to cut estimates for global oil demand growth this week, highlighting the vital role that the world's second largest economy plays in energy markets.Yet overall electricity generation in China climbed to new highs in the first half of 2024 - indicating robust use by households and factories - and imports of liquefied natural gas (LNG) rose 10% to the highest…
Japan to Promote Gas, LNG, Hydrogen During G7 Presidency
Japan will stress the importance of investment in natural gas, liquefied natural gas as well as cleaner fuels such as hydrogen and ammonia during its presidency of the G7 this year, a source said, but would keep it clean to meet 2050 carbon neutral goal.Japan, president of the rich-country grouping for 2023, will hold a ministerial meeting on climate, energy and environment in the city of Sapporo on April 15-16, ahead of the main G7 summit in Hiroshima…
Watch the Webinar: How oil & energy firms can gain a competitive advantage by embracing the digital future
Watch the Webinar There is an increasing expectation that oil and gas firms can demonstrate their value and efficiency through more data-centric processes, managing costs, and reacting more quickly to changing market conditions.While the sector has typically been slow to adopt digital innovations, today’s offshore energy markets are fluid and fast-changing, and the ‘business as usual’ model will not necessarily yield the best future results.AI, automation…
Digitalization: Leveraging Digital Innovation in Offshore Energy
There is an increasing expectation that oil and gas firms can demonstrate their value and efficiency through more data-centric processes, managing costs and reacting more quickly to changing market conditions. While the sector has typically been slow to adopt digital innovations, today’s offshore energy markets are fluid and fast-changing, and the ‘business as usual’ model will not necessarily yield the best future results.AI, automation and data-driven solutions are helping companies across industries to reduce costs, improve efficiency and cut emissions.
IEA: World Must Triple Renewable Energy Spending by 2030 to Curb Climate Change
Investment in renewable energy needs to triple by the end of the decade if the world hopes to effectively fight climate change and keep volatile energy markets under control, the International Energy Agency (IEA) said on Wednesday."The world is not investing enough to meet its future energy needs ... transition‐related spending is gradually picking up, but remains far short of what is required to meet rising demand for energy services in a sustainable way," the IEA said."Clear signals and direction from policymakers are essential.
Shale Pioneer Chesapeake Energy Files for Bankruptcy
Chesapeake Energy Corp filed for Chapter 11 on Sunday, becoming the largest U.S. oil and gas producer to seek bankruptcy protection in recent years as it bowed to heavy debts and the impact of the coronavirus outbreak on energy markets.The filing marks an end of an era for the Oklahoma City-based shale pioneer, and comes after months of negotiations with creditors. Reuters first reported in March the company had retained debt advisers.Chesapeake was co-founded by Aubrey McClendon…
U.S. Tops List of Most Attractive Countries for Renewables Investments. Overtakes China
The United States has overtaken China as the most attractive country in the world for renewables investment and the global clean energy sector is expected to bounce back quickly despite the coronavirus pandemic, research showed on Tuesday.In an annual ranking of the top 40 renewable energy markets worldwide by consultancy EY, the United States was ranked first for the first time since 2016, followed by China.U.S. growth was largely due to a short-term extension…
Reinauer Group Ramps Up for the Business of Offshore Wind
The promise of a vibrant U.S. offshore wind business has been long in the making. While questions remain on timing and pace, there is renewed confidence in the offshore wind sector, particularly in the northeast United States (global pandemic notwithstanding). Investment in the sector had escalated to start 2020, embodied best by Reinauer Group and its WindServe Marine unit, which when combined with its Senesco Marine boatbuilding and logistics hub give its an ‘ A-to-Z…
Oil Rises from 18-Year Lows after U.S., Russia Agree to Talks
Oil recovered ground on Tuesday after U.S. President Donald Trump and Russian President Vladimir Putin agreed to talks to stabilize energy markets, with benchmarks climbing off 18-year lows hit as the coronavirus outbreak cut fuel demand worldwide. Brent crude was up by 30 cents, or 1.3%, at $23.06 a barrel by 0635 G5MT, after closing on Monday at $22.76, its lowest finish since November 2002. U.S. crude was up by $1.21, or 6.0%, at $21.30 a barrel, after settling in the earlier session at $20.09, lowest since February 2002.
Coronavirus Leaves China-bound Tankers Stranded
The coronavirus's effect on energy markets is worsening, as the sharp fall in demand in China, the world's largest importer of crude, is stranding oil cargoes off the country's coast and prompting shippers to seek out other Asian destinations.More than 1,360 people have died from the coronavirus in China, which has disrupted the world's second largest economy and shaken energy markets, with international benchmark Brent crude oil down 15% since the beginning of the year.Major international energy forecasters expect demand to fall in this quarter…
Tekmar Wins OWP in Taiwan from Seaway 7
Tekmar Energy, a provider of protection systems for subsea cable, umbilical and flexible pipes and offshore engineering services, has secured an award in Taiwan from a repeat client Seaway 7 for wpd’s 640MW Yunlin project.The developer and manufacturer of sub-sea cable protection systems for the renewable energy industry said that under the contract, it will be supplying 150 of their patented CPSs (cable protection systems) which protect the subsea power cables as they transition from the offshore structures into burial.Russell Edmondson…
Costain Reports Contract Wins
Infrastructure solutions company Costain aid it has secured some £4 million ($5.1 million) worth of design, engineering and consultancy contracts for the energy market which will see the Group shaping the future for sustainable operations and improved efficiencies at several UK onshore gas terminals.The contract awards being delivered by the Aberdeen team also include topside modification projects for several subsea tie-backs in the North Sea, both at front…
