Qatar reduces the April al-Shaheen term crude price, sources claim
QatarEnergy, according to trade sources, has reduced the term price of al-Shaheen oil loadings in April from the highest premium seen in over two years. Sources said that the term price for cargoes loaded in March was $3.50 per barrel above Dubai prices, a decrease from the $3.81 premium per barrel set by the March loading cargoes. Last month, the price was a week after the U.S. introduced aggressive sanctions against Russian energy trade. This immediately increased oil prices and shipping charges.
Germany's Gas Trading Hub to Hold Talks on How to Increase Storage Levels
The German gas trading hub said it will hold discussions with traders at a energy industry event in Essen on Tuesday evening to discuss ways to boost the country's declining gas reserves. Trading Hub Europe (THE) has proposed consultations at the E-World of Energy Trade Fair in response to concerns that storage caverns might not be adequately refilled next winter due to a reversal of seasonal price trends which have made summer filling less appealing.
Official Russian energy says US sanctions shouldn't hinder oil trade with India
The latest sanctions by the United States against Russia shouldn't affect the oil trade between Moscow and India, Pavel Sorokin said, Russia's first vice minister of energy, on Tuesday. He added that it is too early to determine the effects. India has become the largest buyer of Russian oil shipped by sea at a discounted price after Western nations implemented sanctions against Moscow and reduced their energy purchases as a response to Russia's invasion in Ukraine in 2022. Washington imposed new sanctions last month targeting Russia's supply chain for oil.
Russell: China's impact on US energy trade is minimal at first.
China responded to the tariffs imposed by President Donald Trump with its own measures, effectively killing off trade between the United States in crude oil and liquefied gas as well as coal. China, which is the largest importer of these three commodities in the world, imposed import duties on Tuesday of 15% for U.S. coal and LNG, and 10% for crude oil and farm machinery. Beijing made its move after the Trump Administration imposed an extra 10% tariff on all Chinese imports into the United States.
US Storm, Weaker Dollar Push Oil to 12-week High
Oil prices edged up to a 12-week high on Monday as a winter storm boosted demand for energy to heat U.S. homes and businesses, and on support from a weaker U.S. dollar and expectations of tighter sanctions on Iranian and Russian oil exports.Brent futures rose 27 cents, or 0.4%, to $76.78 a barrel by 11:33 a.m. EST (1633 GMT), while U.S. West Texas Intermediate crude rose 27 cents, or 0.4%, to $74.23.Both crude benchmarks gained for a sixth-straight day with Brent on track for its highest close since Oct. 14 and WTI on track for its highest close since Oct.
US energy lobby groups cautious about Trump tariffs
The U.S. oil industry said that they are concerned about President-elect Donald Trump’s threats to impose tariffs on Canada, Mexico and the United States, stating that such policies may affect consumers, industries and security. Trump, who will take office on January 20, has promised to impose a tariff of 25% on imports coming from Canada and Mexico. These are two of America's largest trading partners. He said he would do this until these countries crack down on drugs - particularly fentanyl - and migrants at the border.
Turkey talks with U.S. and Russia about sanctions waivers on energy imports
Turkish officials said that Turkey was in talks with both the United States of America and Russia to try and secure a waiver from U.S. Sanctions so it could continue paying Gazprombank in order to import Russian natural gas. The United States has imposed new sanctions against Russia's Gazprombank last week as President Joe Biden intensifies his efforts to punish Moscow for its invasion in Ukraine before he leaves the office in January. Turkey imports nearly all of its gas requirements and Russia is its top supplier, providing over 50% of its pipeline imports.
Industry says that the US dependence on Canadian oil should discourage Trump tariffs
Canada's oil industry doesn't expect tariffs to be included in the protectionist measures proposed by Donald Trump, U.S. president-elect. This is because U.S. refineries depend on Canadian barrels. Some Canadian oil industry players saw Trump's victory as a positive, which would encourage energy investment in North America. It could also boost the value of U.S. dollar that Canadian producers get for their crude. Some however, said that any increase in U.S. production of oil and gas could put Canadian exports into competition with other countries.
Vista Energy accelerates oil production in Argentina
Vista Energy's chief executive announced on Thursday that the company expects to reach a 100,000 barrels per day oil equivalent goal next year. This was originally set for 2026. The company is betting on a higher output from the top shale formations in the world. In a press release following a quarterly earnings conference, the company said it would invest between $1.1 billion and $1.3billion next year in order to achieve its revised target of bringing 60 wells online.
Argentina's energy investments are expected to reach $15 billion next year due to deregulation
The Energy Secretary Eduardo Rodriguez Chirillo stated on Tuesday that Argentina expects to see investments in its energy sector reach $15 billion by 2025, and $16.5 billion by 2026 as a result of the market deregulation efforts. According to Rodriguez, the estimated expenditure includes additional funds flowing from the country's investment promotion regime RIGI, which Rodriguez estimates ranges from $2 billion to $25 billion per year. At an event hosted by Shell…
FuelTrax, TOPL Partner on BaaS Platform to enhance Energy Trade Transparency
FuelTrax has partnered with Topl to use Topl’s Blockchain-as-a-Service (BaaS) platform to meet the demand for greater transparency in energy trading operations.With blockchain integrated into EFMS products, each step in the energy trading process has an equivalent digital step, including contract formation, asset tracking, and delivery of the product. As supply chain events occur in real-time, each is added to the Topl Blockchain, where a tamperproof record will live forever…
NOIA Elects Cobb, McCarroll to Board Leadership Roles
The National Ocean Industries Association (NOIA) Board of Directors has elected Galen Cobb, Vice President of Industry Relations of Halliburton, as Chairman and Matt McCarroll, President & CEO of Fieldwood Energy, as Vice Chairman for the 2020-21 term. Cobb and McCarroll were confirmed in their positions during a virtual Board Meeting today.NOIA President Erik Milito said, “As the offshore industry continues to navigate unprecedented energy uncertainty…
Centrica Pauses Spirit Energy Sale, Scraps Dividend. Shares Hit Record Low
Britain's largest energy supplier Centrica canceled its 2019 dividend and cut costs in anticipation of an increase in nonpayments by customers and a drop in demand due to the COVID-19 outbreak, sending its shares to record lows.The government has ordered sweeping measures to slow the spread of the new coronavirus, shutting down much of the economy and raising the prospect of mass job losses.Shares in the company hit 34.35 pence on Thursday, morning…
U.S. Clean Energy Sector Seeks Subsidies to Keep Projects Moving
Wind and solar energy companies on Thursday called on Congress to pass tax incentives that would help the sector avoid project delays and keep financing flowing amid a pandemic that has choked off supply chains and slowed construction.In a letter to House and Senate leadership, seven clean energy trade groups asked lawmakers to extend deadlines that would allow their projects to qualify for generous wind and solar federal tax credits despite delays caused by the spread of the coronavirus across the globe.The American Wind Energy Association…
Sempra LNG, Aramco Sign Deal
North American energy infrastructure company Sempra Energy and Saudi Aramco's Aramco Services Company, signed an Interim Project Participation Agreement for the Port Arthur LNG export project under development in Jefferson County, Texas.According to a press release, the IPPA represents another milestone for both companies after having signed a heads of agreement in May last year for the purchase of 5 million tonnes per annum (Mtpa) of liquefied natural gas (LNG) and a 25% equity investment in the Port Arthur LNG project.Jeffrey W.
LNG Suited for Select VLCC Routes
SEA\LNG has released the results of its third investment study, which underlines liquefied natural gas (LNG) as a compelling investment solution for Very Large Crude Carriers (VLCCs) on the Arabian Gulf to China trade route.Conducted by Opsiana, the study demonstrates benefits of LNG as a marine fuel for a newbuild 300K DWT VLCC on the Arabian Gulf to China trade route, in comparison with other alternatives currently available and scalable to the shipping…
For China, U.S. Soybeans are Small Fry
China's purchase of some U.S. soybeans is being viewed as a tentative sign of a little détente in the dispute between the world's two largest economies, but real progress would be a resumption of what had been a burgeoning energy trade.U.S. and Chinese negotiators are meeting for two days of talks in Shanghai starting on Tuesday amid modest expectations for progress to resolve the trade imbroglio that has resulted in tit-for-tat tariffs being imposed…
Wind Provides 14% of European Electricity
Wind energy provided 14% of the European Union’s electricity last year, according to figures published by the region’s wind energy trade body, WindEurope, with 11.7 gigawatts (GW) of new capacity added, including 2.65 GW of offshore wind. Continued growth in capacity and the use of more powerful turbines are helping to drive up wind’s share in the electricity mix. Denmark had the highest share of wind in its electricity last year (41%) followed by Ireland (28%) and Portugal (24%).
As Renewables Soar, BP sees China Hitting Brakes
Global demand for renewable power will soar at an unprecedented pace over the coming decades, BP said in a benchmark report on Thursday, while China's energy growth is seen sharply decelerating as its economic expansion slows.Still, China is set to remain the largest energy consumer by a long stretch into 2040 although India should overtake it in terms of demand growth beginning in the next decade, the British oil and gas giant said in its 2019 Energy Outlook.China's energy demand rose by 5.9 percent over the past 20 years…
Europe Offshore Wind Capacity Up 18% in 2018
Europe installed a total of 2.6 gigawatts (GW) of new offshore wind capacity in 2018, an 18% increase which takes the region to a total capacity of 18.5 GW.According to new figures published this week by the region’s wind energy trade body, WindEurope, 15 new offshore wind farms came on line. The UK and Germany accounted for 85% of the new capacity: 1.3 GW and 969 MW respectively.Europe now has 105 offshore wind farms across 11 countries with a total capacity of 18.5 GW.
