Prices of EUROPE GAS remain stable as the market waits for news about Russian sanctions
The Dutch and British wholesale prices of gas were unchanged on Thursday, despite a weakening demand. Market participants also waited for news about new European sanctions against Russia. LSEG data shows that the benchmark Dutch front-month contract was 33.06 euros per Megawatt Hour (MWh) or $11.43/mmBtu at 0829 GMT. This is a decrease of 0.15 euros. The British gas day-ahead price increased by 0.30 pence to 80.60 pence a therm. LSEG data revealed that…
Exxon expects EU to sign long-term US gas deals, FT reports
The Financial Times reported that ExxonMobil expected the European Union would sign multi-decade contracts for U.S. natural gas as part of its pledge to purchase billions of dollars in American energy. As part of a broad trade agreement with Washington, the EU pledged in July to buy 750 billion dollars of U.S. power by 2028. Exxon, as well as the EU, did not immediately respond when contacted for comment. Peter Clarke is the senior vice president for Exxon’s liquefied gas business.
Supertanker Delivers Oil to Sanctioned Nayara Energy Refinery
Supertanker Kalliopi was in the process of discharging Iraqi oil for India's Nayara Energy on Wednesday, the first delivery of crude for the refiner since it was sanctioned by the European Union, five sources familiar with the matter said.More than half of the two million barrels of Basrah volume on board the vessel had been discharged, one of the sources said, with the unloading expected to be completed on Thursday, a second source said.The supertanker is the first to deliver crude to Nayara's Vadinar refinery in the past 12 days…
Argentina expects an $8 billion surplus in the energy trade balance for this year
Federico Valler said that Argentina is expecting an $8 billion surplus this year in its energy trade, up from a $5.7 million surplus last year. This is due to new government policies which encourage investment. An executive of Argentina's second largest shale producer Vista Energy told reporters earlier on Tuesday that the country may register an energy surplus between $5 billion to $6 billion this coming year. This is due to the activity of the Vaca Muerta Formation, which is one of the largest shale deposits in the world.
EU to publish plan in May to stop Russian gas and oil imports
After twice postponing the plan, the European Commission announced on Monday that it will unveil a more comprehensive strategy for phasing out Russian gas and oil imports in January. In response to Moscow's invasion of Ukraine in 2022, the EU has committed to stop using Russian fossil fuels before 2027. However, the Commission has not yet published its "roadmap" on how to achieve this. The plan was originally due last month. An agenda published Monday revealed that the Commission would now publish its roadmap on 6 May.
Nigeria’s Refining Revolution is Reshaping West Africa’s Energy Landscape
The launch of the Dangote Refinery near the Port of Lagos presents an exciting opportunity to transform the energy and shipping markets in West Africa. And it stands to boost Nigeria’s role as an influential player in the global oil industry, fostering economic growth and regional development.Nigeria’s standing in the global energy landscape is getting a boost with domestic refining capacity expanding in 2025. The Dangote Refinery near Lagos presents…
Baghdad seeks to replace Iranian gas after US action on Iraq-Iran energy trade
Baghdad, which has been unable to import electricity from Iran due to U.S. sanctions, is now looking at Qatar and Oman, should Washington also impose the same restrictions on their gas trade, according to the head of Iraq's South Gas Company. A spokesperson for the State Department said that President Donald Trump’s administration revoked on Saturday an exemption from sanctions which allowed Iraq since 2018 to pay Iran electricity. The move was part of its campaign of "maximum pressuring" against Tehran. Gas is the most important cross-border commodity.
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…