EUROPE GAS-Prices remain volatile amid tariff, gas storage target uncertainty
The Dutch and British gas price are not clear on Friday, but they remain close to recent multi-month-lows. This is because the market continues grappling with the effects of the U.S. trade war induced by tariffs on the global economic situation and the EU countries meeting to discuss filling gas storage targets. LSEG data shows…
EUROPE GAS-Global trade fears fuel market volatility
Dutch and British gas rates recovered some of their earlier losses, after increasing on Monday. However, they then fell back down again as fears about a global war leading to a weaker demand for energy fuelled volatility. LSEG data shows that the benchmark Dutch front-month contract fell 0.55 euros, or $11.55/mmBtu to 35.90 Euros per megawatt hour.
Gas giants claim that Australia's opposition plan to reserve supplies may worsen the shortage
Gas giants around the world said that a proposal made by Australia's coalition of opposition to force producers to divert more gas from exports into the domestic market in an attempt to win votes would discourage investment and not solve the looming gas shortages. The conservative Liberal-National Coalition has pledged to lower power bills by implementing a gas reservations scheme.
Prices of gas in Europe drop ahead of Trump-Putin call
Dutch and British wholesale prices for gas eased Tuesday morning, as the market awaited news of a possible peace agreement between Russia and Ukraine. However, low storage levels are still a concern while weather forecasts remain mixed. LSEG data shows that the Dutch front-month contract has dropped by 0.55 euros to 40.65 Euro per megawatt hour at 0917 GMT.
German Gas Storage Group urges clarification on summer filling policy
Storage operators' group INES warned on Thursday that if the German government does not decide to fill up gas caverns in time for winter, there may be shortages. The ongoing discussions over the formation a new government and the fact that the summer prices are higher than the winter prices complicate the task. Some market participants bet that Germany will need to subsidise feed-in.
Sources say that most EU countries support softer storage targets for gas
In a meeting held behind closed doors on Wednesday, a majority of European Union member countries supported plans to relax some of the bloc’s binding gas storage targets when they were extended until 2026-2027. EU diplomats confirmed this. Germany, France, and the Netherlands warned that the EU's deadlines for filling gas storage were pushing prices up.
EUROPE GAS-Dutch prices rangebound amid gas storage target extension
The Dutch wholesale gas price ranged on Wednesday morning, as warmer temperatures were expected to continue through this week before turning colder the following week. In addition, the European Commission had proposed an extension of two years for gas storage targets. According to LSEG, the benchmark front-month contract for the…
Expand Energy is on track to increase US natgas production to meet the growing demand
Expand Energy, previously known as Chesapeake Energy, and the largest natural gas producer in America, announced on Thursday that it is on track to increase output by over 5% from the levels expected in 2020, as long as the market conditions allow for such an action. The CEO of Expand, Nick Dell'Osso, told analysts on the company's…
EUROPE GAS - Prices rebound on technical purchases and strong demand
The Dutch and British wholesale gas market rebounded Thursday on technical buying and strong demand. According to LSEG, the benchmark front-month contract for the Dutch TTF Hub was up by 2.00 euros, at 43.40 Euros per megawatt hour, or $13.33 / mmBtu at 0909 GMT. The front-month contracts hit a low of 40.85 euro/MWh, a 10 week low on Wednesday.
EUROPE GAS - Prices stable amid ample supply and milder weather
The European and British gas contract prices were mostly unchanged on Friday, despite the milder weather forecast. Supplies from Norway and LNG are also steady. There is still uncertainty about future Russian gas supplies in the event of a peace agreement with Ukraine. LSEG data shows that the benchmark front-month contract for the Dutch TTF hub fell 0.09 euros to 47.51 Euro per Megawatt Hour (MWh)…
EU wants more US gas and renewable energy to replace Russian supplies
The EU energy commissioner said that the EU will look to other countries, including the U.S., to supply more gas to replace Russian supplies and to expand renewable energy to reduce its reliance on fuel. In response to Moscow's invasion of Ukraine in 2022, the EU has committed to stop using Russian fossil fuels before 2027. Despite a decline in Russian pipeline gas supplies…
Australia's Santos posts 16% drop in annual profit on lower prices, slashes dividend
Santos, an Australian oil and natural gas company, reported a lower-than expected annual profit and declared a smaller payout on Wednesday. The lower realized prices and decreasing production were to blame. The oil and gas market remained volatile throughout the year. Supply chain disruptions caused by geopolitical concerns and a slowdown in demand from China…
Brazil adheres to OPEC+ Cooperation letter; No output caps
The Brazilian energy ministry announced on Tuesday that the country has decided to adhere the OPEC+ declaration of cooperation. This formalizes a decision it first made in 2023. Brazil is the biggest oil producer in South America. According to the country's oil regulator, its output will reach 4.32 million barrels equivalent per day by 2024.
Cornwall Insight: Britain to see a 5% increase in energy prices by April
Analysts at Cornwall Insight predicted that Britain's energy price cap would rise by almost 5% this April. Cold weather and low levels of gas storage in Europe are keeping wholesale prices high. This would be the third consecutive quarter of increases, and would be a major blow to the government, who has set a goal of reducing energy costs. Craig Lowrey is a principal consultant with Cornwall Insight.
Maguire: Recovering wind power may cool Europe's hot gas market
The wind-powered electricity produced in Europe in January 2024 was down by more than 7%, denying regional power producers a vital source of clean energy just as the demand for heating reached its peak. This wind shortage triggered an increase in Europe's natural gas-based electricity generation to its highest level in three years.
Equinor's trading arm and the French energy regulator fined Equinor $12.5 million
The French energy regulator CRE fined Equinor of Norway and its trading subsidiary Danske Commodities 12 million euros ($12.5million) for violating wholesale gas market regulations. The Norwegian group announced that Equinor, Danske and the other companies fined 4 and 8 millions euros, respectively, would appeal the decision. In its announcement of Thursday…
Storage levels are falling as a result of the German gas event.
The German gas market manager's meeting with key stakeholders at a trade show has not led to the subsidised gas auctions that could boost the flagging underground caverns. In the absence of progress, the biggest economy in Europe faces a question mark over its energy supply during the winter months. The country is trying to conserve funds before a general elections.
EU rules could overheat a gas market already on fire: Bousso
European policymakers who are worried about rising energy prices have already shot themselves in two feet. Two rules designed to manage the gas market of the region run the risk instead of overheating the market during the summer months, when stocks should be refilled. In response to the disruption of gas supplies caused by the Russian invasion of Ukraine…
TotalEnergies exceeds expectations in the fourth quarter profit and signals a stronger 2025
TotalEnergies, the French oil giant, beat the expectations for its fourth-quarter earnings Wednesday. Higher trading profits on the gas market helped to offset the impact of low fuel prices and weak demand. The adjusted net income for 2024's final quarter was $4.4 billion. This is down 15% on the $5.2 billion of the previous year, but still slightly above the $4.1 billion in the third quarter.
French spot prices increase on lower wind output
The French prompt electricity prices surged Tuesday due to a drop in supply of wind power and a slight increase in demand. At 1026 GMT on Tuesday, the French baseload power rose by 81.1% and was trading at 67 euros ($69.89). The German equivalent had yet to trade. LSEG data indicated that the German wind power production was expected to increase by 850 Megawatts (MW) to 30.7 gigawatts.
