Sinopec, a top refiner, claims that China's oil demand will peak in 2027.
Sinopec, the state-owned refinery, said that China's oil demand will peak in 2027. This is due to a decline in diesel and gasoline consumption, which has slowed down global oil markets. Sinopec stated that the peak oil demand in 2027 will not exceed 800 million metric tonnes…
The spot price rises on the drop in wind and nuclear demand, as well as higher French demand
European power prices rose Thursday as the main wind producer Germany was expected to experience a sharp drop in wind production output, and French nuclear availability fell sharply. LSEG's analysis painted a positive picture. It noted that…
Sinopec predicts China's oil consumption will peak in 2027
Sinopec (China Petrochemical Corp.) expects China’s petroleum consumption will peak in 2027, at no more that 800 million metric tonnes or 16 million barrels a day. The state energy group released an outlook on Thursday. The forecast is more…
EIA: US natgas production will decline in 2024 as demand reaches record levels, EIA reports
The U.S. Energy Information Administration's (EIA) Short Term Energy Outlook, released on Tuesday, predicted that U.S. Natural Gas production would decline by 2024 and demand would rise to a new record. EIA predicted that dry gas production would decline from a record 103…
ADNOC, the state oil company of UAE, has established an international investment arm XRG
ADNOC, the state-owned oil company of the United Arab Emirates, announced on Wednesday that it had launched XRG. This investment firm focuses on low-carbon energy sources and chemicals. It is valued at over $80 billion. When it starts operating in 2025's first quarter…
US natgas manufacturers chase AI-driven surge of power demand to weather low price
Shale gas producers are contacting data-center operators in the U.S. Permian Basin to build up the capacity needed to power an AI boom. They want to relieve the pressure of a two-year-old slump in prices. Devon Energy, Expand Energy Diamondback…
US natural gas drillers will increase output in 2025, reversing a year-long cut
The U.S. Natural Gas producers will increase output in 2025 after a series production cuts this past year. Rising demand from LNG export plants should raise prices, which had dropped to multi-decade lows. According to the latest U.S. Energy Information Administration outlook, U.S.
TC Energy expects higher core profit in 2025 on natgas and electricity demand
TC Energy announced on Tuesday that it expects its core profit in 2025 to be between C$10.7 and C$10.9 Billion, higher than the C$9.9 to C$10.1 Billion forecast for 2024. This is due to an increase in demand for electricity and natural gas.
Prices for gas in Europe are rising as the low wind increases demand.
Dutch and British wholesale prices of gas rose on Monday as low wind speeds increased gas demand for electricity generation. Strong inventories and temperatures above normal could limit further increases. LSEG data shows that the benchmark…
Mitsubishi Japan expects LNG production to reach 17 million tonnes per year by early 2030
Mitsubishi, a Japanese trading company, expects to see its LNG production capacity grow by over 17 million tonnes per year in the early 2030s. This is due to its stakes including projects in Malaysia and Canada. Mitsubishi has invested in 12 LNG projects with a total production capacity of 110…
Sinopec's Q3 profits fall by 52.1% due to lower oil prices and refining margins
Sinopec, a Chinese refiner, reported a 52.1% drop in its net profit year-on-year to $8.54 billion yuan (US$1.2 billion) during the third quarter due to lower oil prices. Sinopec, the world's biggest refiner based on capacity, reported 790.4 billion Yuan in revenue for its third quarter…
EIA: US natgas production will decline in 2024 as demand reaches record levels, EIA reports
The U.S. Energy Information Administration's (EIA's) Short Term Energy Outlook, released on Tuesday, predicted that U.S. Natural Gas production would decline by 2024 and demand would rise to a new record. EIA projects that dry gas production…
China will remain the world's largest LNG buyer by 2024-25 according to IEA
Keisuke Sadamori, a director at the International Energy Agency, said that China will remain the top LNG buyer in the world this year and the next due to strong industrial demand. China, which is the second largest economy in the world after the U.S.A.…
Short-take: IEA predicts tight gas supply and record demand in 2025
The International Energy Agency (IEA), on Thursday, said that the world's gas demand would reach a record high in 2025, driven by Asia. However, delays in new liquefied gas (LNG), production, will limit supply. Why it's Important Gas demand in Europe fell dramatically in 2022-23…
Gas prices in Europe are falling amid steady supply
The wholesale gas price in the Netherlands and Britain fell on Friday morning. Prices have been falling from recent highs of three weeks, thanks to a steady supply that helped offset cooler temperatures. LSEG data shows that the Dutch TTF…
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.
Austrian election puts Russian gas habits and a sputtering economic in focus
After the general elections on Sunday, the government in Austria that comes to power will be under increasing pressure to diversify their energy supply and move away from dependence upon Russian gas. This is happening at a time when Austria's economy is in reverse.
The rising German wind power generation is a factor in spot prices
European prompt electricity prices fell on Friday, as a result of expectations that German wind energy supply will double on Saturday. Riccardo Paraviero, LSEG analyst, said: "The fundamental outlook (for Friday) is decisively negative.
Grid operators predict a 20% drop in French gas consumption by 2030
French grid operators announced on Thursday that the consumption of gas in France will drop by nearly 20% by 2030, as a result of changes made to meet climate targets and to reduce costs. France is Europe's biggest energy consumer and its…
EIA: US natgas production to decline by 2024, while demand will rise to record levels
The U.S. Energy Information Administration's (EIA) Short-Term Energy Outlook for 2024 predicts that natural gas production in the United States will decrease in 2024, while demand will reach a new record. EIA projects that dry gas production…
