Poland Urges EU Members to End Russian Oil Imports by 2026
Poland has urged European Union member states that are still buying Russian energy to end those imports by the end of 2026 and will offer them help towards that effort, Energy Minister Milosz Motyka said on Wednesday.The Druzhba oil pipeline delivers Russian oil to Hungary and Slovakia, which continue to buy energy supplies from Russia after other…
EU Targets Power Grid Bottlenecks to Lower Prices, Improve Security
The European Union will prioritise fixing eight power grid bottlenecks, the Commission President said on Wednesday, in an effort to lower the bloc's uncompetitive energy prices and improve energy security."I am presenting today a new initiative called Energy Highways. We have identified eight critical bottlenecks in our energy infrastructure.
Italy, US to Boost LNG Ties, Infrastructure
Italy and the United States on Monday vowed to deepen energy ties including through increased exports to Italy of liquefied natural gas (LNG), as Europe continues to seek alternatives to Russian energy supplies following Moscow's invasion of Ukraine.Italian Energy Minister Gilberto Pichetto Fratin and U.S. Interior Secretary Doug Burgum, after talks in Rome…
Document from the Politburo shows Vietnam is open to using small modules nuclear reactors
According to a document released by the Communist Party’s Politburo (the most powerful body in the country), Vietnam is open to the use of small module reactors to power its planned nuclear plants. Southeast Asia, a manufacturing hub in the region, seeks to increase its capacity for power generation to support an economy that is one of the fastest growing in the world. The document is available on the internet.
Russian Oil Supplies to Hungary and Slovakia Halted After Ukraine Attack
Russian oil supplies to Hungary and Slovakia could be suspended for at least five days after a Ukrainian strike on a facility in Russia, Hungarian and Slovakian officials said on Friday, in a widening of the fallout of Russia's war in Ukraine.Russia and Ukraine have stepped up attacks on each other's energy infrastructure, hitting Ukrainian domestic heating supplies…
The local spot price rises with tighter French nuclear supply
Early wholesale trading on Thursday showed that tighter French nuclear supply was boosting domestic prompt prices. However, higher renewable supplies and an easing of demand in the region were giving bearish signals. German day-ahead deliveries were not traded. The price of French baseload electricity for Friday was 47.5 euros ($55.36 per megawatt-hour) at 8am GMT, which is 21.8% higher than the previous night.
Rising demand lifts French spot prices
On Monday, the French baseload power price increased from the previous one week due to an expected increase in demand that would offset a higher renewable supply for Tuesday. LSEG data shows that the French baseload electricity price for Tuesday at 0815 GMT was 72 euros ($72.43 per megawatt-hour (MWh), 50% more than it was last Monday. Data showed that the equivalent German contract had not been traded.
As Wars Rage, Middle East's Waning Influence on World Oil Prices Exposed
The contained move in oil prices during the Israel-Iran war highlights the increasing efficiency of energy markets and fundamental changes to global crude supply, suggesting that Middle East politics will no longer be the dominant force in oil markets they once were.The jump in oil prices following Israel's surprise attack on Iran was meaningful…
In Germany, solar power can offset the falling wind speed
In France, the baseload electricity prices were flat in comparison to the previous week. The lower wind supply that was expected across the region on Tuesday should be offset by a higher solar supply in Germany. LSEG data shows that the French baseload electricity price for Tuesday at 0855 GMT was 47 euros ($53.97 per megawatt-hour (MWh), the same as it was on Monday.
Yergin: The next 3-5 days will be critical for the global energy markets if Israel and Iran have a significant development.
The next three to five day developments in the Iran-Israel conflict will be crucial for global energy markets, even though the Gulf oil and gas supply has not been interrupted yet. This was the view of oil historian Daniel Yergin on Wednesday. Iran and Israel launched missile attacks on each other Wednesday, as the air conflict between the two longtime rivals entered its sixth day. This was despite the U.S.
Ukraine Approves Gas Import Via Transbalkan Pipeline To Avoid High Transit Fees
Ukraine's energy regulator has approved a gas import mechanism that will avoid high transit fees when supplying gas through the Transbalkan pipeline from Greece to Ukraine, the Ukrainian energy ministry said on Tuesday.Ukraine has faced a serious gas shortage since a series of devastating Russian missile strikes this year, which significantly reduced domestic gas production.Ukraine now imports gas via Slovakia and Hungary…
The US claims that there are significant oil and gas reserves in Wyoming.
The U.S. Interior Department announced on Wednesday that a new federal assessment identified significant oil and gas reserves in Wyoming, Utah, and Colorado which are technically recoverable but have not yet been discovered. Interior Department announced on Wednesday. The U.S. Geological Survey's Mowry Composite Total Petroleum System, which is also known as the Mowry Composite Total Petroleum System…
Indonesia offers three new oil blocks
An official from the Energy Ministry said that Indonesia has opened a new round of oil-and-gas block tenders, and offered three new blocks to contractors. This is part of efforts to increase energy supplies. Indonesia's oil production has declined over the last decade as reserves have been depleted. The government has promised to offer dozens more blocks in the coming years in order to reverse this trend.
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…
Want to reduce your trade surplus with Trump Russell
There are certain trends that will likely emerge amid the chaos and confusion created by U.S. president Donald Trump's global tariff rollout and retreat. One is that countries looking to make a deal will purchase more U.S. products in order to reduce their trade surpluses. Even relative successes like Boeing aircraft highlight the lack of U.S. products that are competitive.
Want to reduce your trade surplus with Trump Russell
There are certain trends that will likely emerge amid the chaos and confusion created by U.S. president Donald Trump's global tariff rollout and retreat. One is that countries looking to make a deal will purchase more U.S. products in order to reduce their trade surpluses. Even relative successes like Boeing aircraft highlight the lack of U.S. products that are competitive.
Kazakhstan will quickly adjust to OPEC+ quota
The Energy Ministry announced on Wednesday that Kazakhstan would quickly adjust its output to bring it back into line with the OPEC+ quota, after exceeding its limit in February. OPEC had said that Kazakhstan contributed the most to a significant increase in crude production by OPEC+ for February. In February, Kazakhstan produced 1.767 millions barrels of crude oil per day. This is up from 1.570 in January.
UAE's ADNOC CEO pledges US gas investment
ADNOC's international investment arm will begin investing in U.S. Natural Gas in the next few months, according to ADNOC CEO Sultan Al Jaber. The UAE is a part of OPEC+ and is one of the top oil producers in the world. ADNOC’s wholly owned international investment arm XRG, which has assets of about $80 billion, reported last week that the UAE is considering options for a XRG IPO.
Spot prices rise due to lower German solar power
The European spot electricity prices for Wednesday increased on Tuesday, as the German solar power shortage was expected to be greater than gains from wind power and lower demand. German day-ahead electricity gained 1.2% at 0912 GMT to 125.75 Euros per Megawatt Hour. LSEG data shows that the French baseload rate for the day to come was up 10.4%, at 109.60 Euro/MWh.
UAE's ADNOC CEO pledges US gas investment
ADNOC's investment arm will begin investing in U.S. Natural Gas in the next few months, according to ADNOC CEO Sultan Al Jaber. The UAE is a part of OPEC+ and one of world's largest oil producers. ADNOC’s fully-owned investment unit XRG, which has assets worth about $80 billion, reported last week that the UAE is considering options for a XRG IPO.