Japan adopts new policies on energy, climate and industry through 2040
The Japanese government approved new targets on Tuesday to reduce the country's emissions of greenhouse gases through 2040. It also approved a revised energy policy and updated industrial policies for the same time period. The measures are aimed at enhancing long-term stability of policy for businesses. They focus on decarbonisation and ensuring stable energy supplies…
Egypt, Cyprus sign gas export deals, boosting Eastern Mediterranean energy cooperation
Egypt and Cyprus signed an agreement on Monday that allows the export of natural gas from Cyprus offshore fields to Egypt, for liquefaction, and then re-export into Europe. Both countries are seeking to strengthen the role of the Eastern Mediterranean as an energy hub. The 2025 Egypt Energy Show deals formalise the long-anticipated plan of linking Cypriot reserves with Egypt's LNG facilities.
Maguire: Recovering wind power may cool Europe's hot gas market
The wind-powered electricity produced in Europe in January 2024 was down by more than 7%, denying regional power producers a vital source of clean energy just as the demand for heating reached its peak. This wind shortage triggered an increase in Europe's natural gas-based electricity generation to its highest level in three years. It also supported…
Hungary: US exemption of gas payments from Russia Gazprombank sanctioned
In a video on social media, Hungarian Minister of Foreign Affairs Peter Szijjarto stated that the United States had granted exemptions for gas payments from the sanctions they imposed against Russia's Gazprombank. The U.S. implemented sanctions against Gazprombank in November, creating a barrier for European gas buyers. Gazprombank was used by buyers to pay for their purchases.
Biden's DoE LNG Export Study Tepid on New Permits
The administration of U.S. President Joe Biden released a long-awaited study on the economic and environmental impacts of liquefied natural gas exports on Tuesday, saying the results underscored the need for a cautious approach to new permits.Biden in January had paused the Department of Energy's approvals of U.S. LNG exports to big consumers in Asia and Europe so that his administration could conduct the review…
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…
Russia, Pakistan Mull Energy Exploration JV
Russia and Pakistan discussed cooperation on oil and gas offshore exploration and refining at intergovernmental meetings this week in Moscow, the Interfax news agency reported, citing Russia's deputy energy minister.Talks also covered the prospect of Russia supplying Pakistan with crude oil and grains, according to the report."Yesterday we received…
Germany pushes 17-billion-euro gas power plan despite election uncertainty
According to sources in the government, Germany's Economy Minister pushed forward on Friday legislation that would provide billions of Euros to build gas-powered plants. However, the chances of this plan being approved by the parliament were slim. Robert Habeck, who was previously the head of the Economy and Energy Ministry, has been given a caretaker…
Faced with a tariff threat, Europe looks for ways to appease Trump
The European Union considers options to appease Donald Trump upon his return to the White House. It is bracing for a resumption in U.S. trade threats and tariffs, as well as a tough exchange on how to deal with China. Trump warned the 27-nation group shortly before he won the U.S. presidency that they would "pay a high price" if they did not buy enough American exports.
Orsted Addresses Swedish Baltic Sea Wind Concerns
Orsted CEO assures Sweden that the offshore wind industry has solutions that would address defense concerns. At issue: Sweden's rejection of a proposed 13 offshore wind farms in the Baltic Sea.Swedish Defense Minister Pal Jonson said on Monday that building wind farms in the Baltic Sea would pose defense risks, by making it harder to detect and shoot down missiles.
Oil hedging activity reaches record levels in October as traders take on market risks
Oil futures and option trading reached record levels during October as investors sought to hedge against the growing uncertainty caused by the ongoing war in the Middle East, and an upcoming bearish supply and demand forecast for 2025. This led to big swings in oil prices. By locking in an oil price, hedging can protect producers from market volatility and reduce their risk.
Prices of EUROPE Gas are lower as Middle East Risk Premiums recede
Dutch and British wholesale prices of gas fell on Monday, as the market reduced its Middle East premium following Israel's weekend retaliation attack against Iran and forecasts for milder weather. LSEG data shows that the benchmark front-month gas contract at Dutch TTF hub dropped by 1.25 Euros to 42.25 Euros per megawatt hour by 0915 GMT. The front-month contract in the British market fell 2.75 pence, to 107.25 p/therm.
Spot prices fall on German wind supply surging
The European power prices fell dramatically on Thursday as wind and solar energy supplies were seen to be increasing in the entire region. German wind production is expected to be nearly six times higher than what was expected on Wednesday. German baseload electricity for Thursday dropped 46.8% to 68.75 Euros ($76.01 per megawatt-hour (MWh) at 0840 GMT. The French power price for the day ahead fell by 20.8%, to 82 Euro/MWh.
Britain to Receive Rare LNG Cargo from Australia
Britain is set to receive a rare shipment of liquefied natural gas (LNG) from Australia later this month, as countries across Europe strive to secure enough supplies ahead of winter.European nations are seeking to diversify energy supplies following Russia's invasion of Ukraine and a sharp drop in Russian gas flows to the continent.LNG tanker Attalos…
Wintershall Dea Looks to Domestic Production as Russia has 'Destroyed' Trust
Germany's Wintershall Dea, a shareholder of the Nord Stream 1 pipeline and longstanding Gazprom partner, on Tuesday said it would look to increase domestic oil and gas output since Russia has lost its status as a reliable energy supplier.If Europe wants to reduce its dependence on imports it has to look at domestic energy supplies, Chief Executive…
Indonesian Coal Export Ban Rattles a Sector
The world's leading exporter of thermal coal on Saturday banned the shipments because of concerns it could not meet its own power demand, prompting President Joko Widodo on Monday to threaten to revoke business permits for any miners who failed to meet domestic market requirements.In turn, Indonesian coal miners want a quick resolution as fuel…
Deal Struck to Deliver Maritime Biofuel in Fujairah
Uniper Energy DMCC (UED) and Neutral Fuels will collaborate to provide maritime biofuel in Fujairah, UAE.The companies will blend UED’s VLSFO and Neutral Fuels biofuel, creating a maritime fuel that meets IMO standard under their ISO8217:2010 RMG380 specification, cutting emissions of carbon dioxide.“The collaboration is aimed to address climate protection…
Japan to Develop Offshore Wind Farms at 30 Sites in 10 years
Japan will craft new rules and support infrastructure in a drive that aims to build offshore wind farms at 30 sites during the next decade, the Nikkei business daily said on Thursday.Industry Minister Hiroshi Kajiyama is expected to announce policy measures soon to target the goal, the paper said, without identifying sources.The new policy aims…
Chinese Buyers Snap Up U.S. Oil Purchases at Widest Discounts Ever
China has increased U.S. crude purchases with some buyers snapping up cargoes at the widest discounts ever as sellers seek to offload excess supplies in Asia, six trade sources said on Wednesday.China started processing in March applications from its companies to waive import tariffs on U.S. energy goods as part of the Sino-U.S. Phase 1 trade…
Ukraine's Odessa Gets First WTI Oil Cargo from US
Ukraine's Black Sea port of Odessa is set to receive on Wednesday its first ever West Texas Intermediate (WTI) oil cargo from the United States, according to industry sources and shipping data, just a month after the front-month futures for the blend turned negative.U.S. West Texas Intermediate (WTI) May crude futures sank to minus $38 per barrel on April 20…
