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 front-month contract for the Dutch TTF hub at 0926 GMT was 0.98 euros higher, at 39.88 Euro per megawatt hour.
Net zero target needs $3.5 trillion in annual green energy investment, Wood Mackenzie says
Wood Mackenzie's report on Tuesday said that the investment in green energy must double every year to $3.5 trillion if we are to reach the Paris Agreement goal of net zero emissions by the year 2050. The consultancy's report said that, in addition to the investment gap, global efforts to switch to cleaner energy are…
Prabowo wants to increase Indonesia's energy independence through biofuels and oil and gas reforms
Officials have stated that Indonesia's new Government aims to revitalize oil and gas production. They plan to reduce regulations, reactivate inactive wells, and increase output in producing assets to reverse a decades-long drop in output.The new president, Prabowo Subianto, took his oath on Sunday. He also plans to…
Prices of gas in Europe are falling due to a weaker demand and stronger forecast winds
Dutch and British wholesale price fell slightly on Friday morning due to continued high temperatures, lower demand and the expectation of higher wind output. LSEG data shows that the benchmark front-month contract for the Dutch TTF hub dropped by 0.20 euros to 39.40 Euro per megawatt hour at 0854 GMT. The contract for December was lower by 0.37 euros at 39.78 Euro/MWh.
China's rapid electricification is hurting oil producers, says Russell
O Ver-estimating China's desire for crude oil has played a role in the oil markets, particularly by OPEC. This theme is likely to continue into future years. China is the leader in the transition to electric cars, having already reached 50% of new sales. The rest of the globe is expected to reach this level by 2030.
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., overtook Japan last year as the top LNG buyer, as Japanese demand…
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, as prices rose after the Russian pipeline gas supply was cut off due to the conflict in Ukraine.
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 hub had dropped 0.08 euros to 37.3 euros per Megawatt Hour (MWh), which is $12.17 mmBtu by 0814 GMT.
Gas prices in Europe are correct after a 3-week high
Dutch and British wholesale prices of gas fell on Thursday amid forecasts for more wind energy generation. This was a correction from the three-week high that they had reached earlier in the day due to supply concerns. LSEG data shows that the benchmark front-month contract for the Dutch TTF hub fell 0.72 euros to 36.86 Euro per megawatt hour at 0952 GMT.
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 gas consumption has a significant impact on the region's trade and price flows.
Japan's LNG stocks are above the 5-year average and buyers want more cargoes
The data showed that the liquefied gas stocks held by Japan's major electric utilities increased 14% from the previous week to 2,09 million tons on Sept. 8. This is above the average five-year figure for this time of year. Rystad Energy's analyst stated that buyers wanted to buy more cargoes in September due to the forecast of temperatures above average until early October…
Prices of EUROPE GAS rise on demand and tight supply
The Dutch and British wholesale prices of gas extended their previous session's gains Tuesday. This was due to the rising demand for gas from cooler weather, the ongoing Norwegian supply restrictions, and fears that a hurricane could impact the U.S. liquefied gas supply. LSEG data shows that the benchmark front-month…
APPEC-Gunvor expanding Asia operations and into power, according to chairman
Gunvor Group, a global energy trader, is expanding its Asia operations in order to expand into existing markets, such as liquefied petrol gas (LPG), gasoline, naphtha and aromatics, as well as new areas, including power. Power is one of the areas that Torbjorn Tornqvist - who is also a founder - said had potential in Asia.
APPEC-Weak Oil Demand Affects Singapore Industry Gathering
Next week, the largest gathering of energy traders in Asia will be dominated by discussions about the weak demand for oil in Asia and China as well as the plans of OPEC+ producers in order to reduce supply. APPEC 2024 is organised by S&P Global Commodity Insights and will begin on Monday, in Singapore. More than 1,000 participants are expected to attend from more than 50 countries.
Shell to make large cuts in its oil exploration division: sources
Shell will cut its oil and natural gas exploration and production workforce by 20%, according to company sources. CEO Wael Sawan is extending his cost-saving efforts to this highly profitable division following the deep cuts made in renewables and low carbon businesses. Sources said that the restructuring of the exploration…
Sources say Shell plans to make large cuts in its oil exploration division.
Shell will cut its oil and natural gas exploration and production workforce by 20%, according to company sources. CEO Wael Sawan is extending his cost-saving efforts to this highly profitable division following the deep cuts made in renewable energy and low-carbon businesses. Sources say that the restructuring of the exploration…
Key China Energy Indicators to Track for the Rest of 2024
Slower consumption in China spurred the Organization of the Petroleum Exporting Countries (OPEC) to cut estimates for global oil demand growth this week, highlighting the vital role that the world's second largest economy plays in energy markets.Yet overall electricity generation in China climbed to new highs in the…
Wave of New LNG Export Plants Threatens to Knock Gas Prices
A flood of liquefied natural gas (LNG) export projects due online worldwide in mid-decade will vie against lower-cost renewable energy and a revived nuclear power sector, which could rock gas prices and hurt some proposed projects, analysts say.Proposed and approved new LNG plants would boost LNG supply by 67% increase to 636 million tonnes per annum (mtpa) by 2030 from 2021 levels…
Indonesia's Medco Energi maintains production forecast for 2024
PT Medco Energi Internasioanl in Indonesia is keeping its oil and gas production guide for 2024 at 145,000-150,000 barrels per day despite the fact that output was above guidance during the first half. An executive revealed this on Monday. Director Ronald Gunawan stated that the company's production of oil and gas in the first half of this year was 153,000 boepd.
Switzerland supports EU gas savings drive during the upcoming winter
The Swiss government announced on Wednesday that it had reached an agreement on a voluntary target for gas savings of 15% during the winter period from October 2024 until March 2025, in order to help support European efforts to reduce gas demand after the war in Ukraine. In March, European Union member states extended…
