Qatar will stop EU gas exports if fined for due diligence, reports FT
In an interview with the Financial Times published on Sunday, Energy Minister Saad Al-Kaabi said that Qatar would stop shipping gas into the EU if the member states enforced a new law aimed at cracking down against forced labour and environmental damages. Corporate Sustainability Due Diligence, approved in this year, is a directive that requires large companies operating within the European Union…
Israel strikes port, energy targets in Yemen
Israel launched strikes against ports and energy infrastructure in Houthi-held parts of Yemen on Thursday and threatened more attacks against the Iran-aligned militant group, which has launched hundreds of missiles at Israel over the past year.As Israeli jets were in the air, the Israeli military said it intercepted a missile headed…
Treasury: US sanctions against North Korea and Russia include new sanctions
New sanctions imposed by the United States on Monday targeted Pyongyang’s financial activities as well as its military support for Moscow, according to the Treasury Department. The sanctions list North Korean generals, banks and officials, as well as Russian oil companies. They are the latest U.S. measures aimed at disrupting North Korea’s support for Russia’s war in Ukraine.
NW Europe Fuel oil Imports at 3-year High
A rush to replenish scarce supply of high-sulphur fuel oil (HSFO) pushed Northwest European imports of residual fuel oil to their highest in three years in November, analysts told Reuters.The Amsterdam-Rotterdam-Antwerp (ARA) area, Europe's main trading and refining hub, received around 450,000 barrels per day (bpd) of all types of fuel oil in November…
Oil rises by 1% in a 3-week period as sanctions on Russia and Iran increase
The price of oil rose by about 1% on Friday to a record high for three weeks, as a result of expectations that additional sanctions against Russia and Iran would tighten up supplies. Lower interest rates in Europe or the U.S. may also boost the demand for fuel. . U.S. West Texas Intermediate crude (WTI), which is a blend of oil from Texas and Louisiana, rose by 79 cents or 1.1% at $70.81.
In 2025, the global diesel price will be supported by refinery closures
Analysts and traders said that the global diesel market would likely see a price boost in 2025 due to the closing of around 1% of the refining capacity. This will offset the current weakness of the market and the structural downward pressure caused by the shift towards cleaner fuels. Markets end 2024 in a shaky state, despite the peak season demand.
Pakistan Pushes Qatar LNG Contract with Qatar for a Year
Pakistan has deferred its liquefied natural gas (LNG) contract with Qatar for a year, Petroleum Minister Musadik Malik said, adding that the country will now get LNG cargoes from Qatar in 2026 instead of 2025.Annual power use in Pakistan, which gets over a third of its electricity from natural gas, has declined 8-10% year-on-year over the past three quarters, the country's power minister told Reuters in Nov
LNG traders divert cargoes to Asia from Europe as demand in the east increases
Analysts and shipping data indicate that three LNG cargoes bound for Europe were diverted to Asia in order to meet the stronger Asian demand, and because gas prices have decreased in Europe. The rapid change of course shows the agility of the trading firms to send LNG supplies either to Europe or Asia. As Asian prices rise, the arbitrage window for sending U.S.
Sources say that Chinese exporters will increase prices and renegotiate after the tax rebates are cut.
Analysts and traders said that Chinese exporters will increase prices on a variety of products, from used cooking oil to aluminium, and renegotiate their contracts to pass the cost of Beijing’s tax incentives. On Friday, the world's second-largest economy announced that it would reduce its export tax rebate rates for certain refined oil products…
Sovcomflot's revenue drop blamed on Western sanctions
Sovcomflot, the largest Russian tanker company, said that Western sanctions against Russian oil tankers are affecting its financial performance. It reported a decline in revenues and earnings. In February, the United States imposed sanctions against Sovcomflot as part of Washington’s efforts to reduce Russia’s revenue from oil sales which it could use to fund its war in Ukraine.
Starmer sets new climate goal for 2035 at COP 29
Keir starmer, the British Prime Minister, said that Britain will cut greenhouse gas emission by 81% between 2035 and 2040. He made this commitment at the United Nations COP29 Climate Summit. The new goal aligns with a committee's recommendation. Climate advisers said last month that the target should be higher than the current 78% reduction in emissions measured from 1990 levels.
KKR will take 25% of Eni's biofuel unit valued at $13 billion.
The U.S. Fund KKR has bought a 25% stake of Enilive's biofuels business, owned by the Italian energy company Eni. This deal values Enilive at 12.7 billion dollars ($11.75 billion), including debt. Eni said that KKR’s 2,94 billion euro acquisition improves Eni’s financial position and ensures it retains its control over Enilive.
French and Benelux stocks: Factors to watch
Here are some company news and stories that could impact the markets in France and Benelux or even individual stocks. French IT company, struggling to survive, reported on Thursday a 4.4% drop in organic revenue for the third quarter. It blamed softer market conditions but also said that it saw an improvement in order entry. Bic…
French and Benelux stocks: Factors to watch
Here are some company news and stories that could impact the markets in France and Benelux or even individual stocks. The largest food retailer in Europe has maintained its financial targets for 2024. The French luxury goods group warned that its operating income for the full year would almost halve following a steeper-than-expected decline in sales during the third quarter.
Enphase's forecast for fourth-quarter revenue is below expectations due to muted demand
Enphase Energy, a maker of solar inverters, forecast revenue for the fourth quarter below Wall Street's expectations on Tuesday. This was due to weak demand across some markets. Shares fell 9% following the bell. The demand for residential solar in Europe has declined due to lower electricity prices, and increased competition on key markets like the Netherlands and Germany.
Data shows that Russian LNG tankers are avoiding the Arctic as winter approaches.
LSEG data on Thursday showed that ships carrying Russian liquefied gas (LNG), to Asia, are returning to longer routes around Africa’s Cape of Good Hope instead of those along the Arctic coast as the winter season starts. The new Arctic LNG 2 project in Russia also lacks sufficient ice-class tankers to continue the navigation along Northern Sea Route. However, some of these tankers still do so.
Arbitration awards Kosmos Energy Senegal LNG project to BP, as the sole purchaser
Kosmos Energy announced on Tuesday that a Paris arbitrator ruled in favor of BP, preventing Kosmos to sell liquefied gas from the Greater Tortue project off Senegal and Mauritania. LNG is a key part of BP's energy transition strategy. Energy major BP has established a significant LNG pipeline across the globe, including Sub-Saharan Africa.
Slovak gas buyer SPP continues to talk about extending Ukraine transit
SPP's Chief Executive Vojtech Ferrencz stated on Thursday that the Slovak government-owned gas buyer SPP continues negotiations with Ukraine to extend the gas transit contract after Kyiv’s contract with Russian gas supplier Gazprom expires in the next few months. Ukraine has stated that it does not wish to renew the transit agreement…
TotalEnergies denies knowing about alleged torture and killings at Mozambique Liquefied Natural Gas site
PARIS, September 26 - French oil giant TotalEnergies responded to a report in the media by saying that it was unaware of the torture and killings allegedly committed on site of the future Mozambique Liquefied Natural Gas plant. Politico reported earlier Thursday that Mozambican soldiers working out of this site, which has not been completed…
Sources say that the distillation and catalytic cracker units at Venezuela's Amuay Refinery have resumed operations.
Five sources said this week that a catalytic cracker, and two distillation machines, at Venezuela's Amuay Refinery, the largest in the country, had resumed operation following an interruption of power earlier this month. Sources claim that a blackout occurred on September 12 which knocked the catalytic cracker of the refinery, which produces the finished fuel, offline.
