Gazprombank's Gazprombank order has led to a rouble rally and a reduction in the gas market
The rouble and European gas prices both fell on Friday. This was due to market speculation that Moscow's efforts to assist Gazprombank in bypassing U.S. sanctions would keep Russian gas exports flowing. The decree was signed by Russian President Vladimir Putin on Thursday. It stated that the state-owned Gazprombank will only accept roubles for payment of gas exports.
Sources: Austria's 50-year relationship with Gazprom is ended by the gas seizure
Five sources said that the Austrian group's seizure and payment of Russian gas to cover an arbitration award was what triggered the end of more than 50 years gas flow from Russian state energy company Gazprom to OMV this month. OMV is one of the last remaining gas buyers in Europe, after Gazprom lost most of its European customers in the aftermath of the Russian invasion of Ukraine.
On Monday, the forecast calls for a lower wind demand and an increase in wind supply.
On Friday, European prompt power prices were not traded for Monday due to the expectation of a higher wind power supply in the region as well as lower demand. At 1050 GMT, the German and French baseload electricity contracts for Monday had not been traded. LSEG data indicated that the German wind output is expected to increase by 16.4 gigawatts on Monday, to 28.7 GW.
US natgas exports to LNG plants are on track to reach a 9-month high
According to data provided by financial firm LSEG, the amount of gas going to seven large U.S. liquefied gas export plants is on track to reach a new nine-month record on Thursday. This was due to feedgas reaching multi-week records at a few plants. Energy market is concerned about feedgas flow to U.S. Liquefied Natural Gas plants…
Gas prices in Europe rise on cold weather forecast
Dutch and British wholesales prices increased on Friday morning. They reached their highest level in over a week due to the expected cooler and less windy conditions in Europe. LSEG data shows that the benchmark front-month contract for the Dutch TTF Hub gained 0.85 euro to 42.45 Euro per Megawatt Hour (MWh), which is $13.41/mmbtu by 0949 GMT. This is the highest level of the contract since October 29.
EUROPE GAS - Prices rise due to colder weather and wind; attention on Trump
Dutch and British wholesale gas prices increased on Thursday morning due to colder weather and low winds, but uncertainty remains over the impact of the U.S. Donald Trump presidency on the global market. LSEG data shows that the benchmark front-month contract for the Dutch TTF Hub increased by 0.28 euros to 41.00 Euro per megawatt hour (12.92/mmbtu) or 12.92 euros per megawatt (MWh) at 0941 GMT.
Equinor expects a decrease in storages and a rise in gas prices next year.
The CEO of Norwegian oil-and-gas producer Equinor stated on Thursday that European gas prices continue to be under pressure because of the rising demand for gas in Asia, and due to concerns about future supplies of Russian gas and LNG. The weather and temperature will determine the demand for European products. "A normal or cold winter would put upward pressure on the prices…
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.
Demand plummets as spot prices drop during German holidays
The European power prices fell on Thursday as German demand dropped during the Unity Day holidays. Friday is the next official day of work in Germany, and this day usually has a low demand because it's a day between a long weekend. According to LSEG, the price of German baseload electricity for Thursday fell 17.1% from 80 euros ($88.53 per megawatt-hour (MWh) on Wednesday at 0903 GMT.
Goldman Sachs urges consumers to "go for gold" as China puts pressure on other commodities
Goldman Sachs believes that gold is the most likely to see a price increase in the near future due to its role as a hedge against risk. However, weak demand from China led to a more selective and less constructive view of other commodities. Goldman analysts stated on Monday that "imminent Fed rate reductions are poised bring Western capital into the gold markets…
US CFTC fines energy traders
The U.S. Commodity Futures Trading Commission ordered TOTSA TotalEnergies Trading SA on August 27 to pay a fine of $48 million for alleged gasoline price manipulation. Ian McGinley, CFTC Director of Enforcement, said that the CFTC had "guarded the integrity of the market in numerous cases during the past 20 years" by detecting these benchmark-related scheme and prosecuting them. The U.S.
UK energy prices rise 10% due to extreme weather and geopolitics
The British energy regulator Ofgem raised the price cap for household energy bills on Friday by 10%, from October 1, to a level of 2,250.64 pounds per year. This increase was blamed on extreme weather conditions and conflicts like the war in Ukraine. Brearley stated that the increase in price cap will be difficult for many families.
Exxon Secures Lead in top US Oilfield with $60B Buy of Shale Rival Pioneer
Exxon Mobil agreed to buy U.S. rival Pioneer Natural Resources in an all-stock deal valued at $59.5 billion that would make it the biggest producer in the largest U.S. oilfield and secure a decade of low-cost production.The deal, valued at $253 a share, combines the largest U.S. oil company with one of the most successful names to emerge from the shale revolution that turned the U.S.
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…
U.S. Natgas Demand, Price Nosedive Continues
U.S. natural gas futures held near a 21-month low on Tuesday, keeping the contract on track for its second-biggest monthly drop in history, as a decline in output from this week's extreme cold offset forecasts for warmer weather and less heating demand next week than previously expected.Gas prices have been depressed for weeks…
Greece's Sole LNG Terminal Ramps Up Imports to Replace Russian Gas
Greece has cut Russian gas imports by more than half this year thanks to increased deliveries from other producers to its sole liquefied natural gas (LNG) terminal near Athens, the country's gas grid operator said on Thursday.Greece has relied on Russia for about 40% of its gas needs for years but it has ramped up LNG purchases…
ConocoPhillips Beefs Up Stake in Australia Pacific LNG
ConocoPhillips has completed the acquisition of an additional 10% stake in Australia Pacific LNG (APLNG) from Origin Energy for $1.645 billion. After customary closing adjustments, cash paid for the additional interest is approximately $1.4 billion (AU$2.0 billion). The transaction resulted from the exercise of ConocoPhillips’…
South Korea's POSCO Launches Takeover Bid for Australia's Senex Energy
Australian coal seam gas producer Senex Energy Ltd said it had received a $605 million takeover proposal from POSCO International Corp and was opening up its books to the South Korean trader with the aim of gaining a sweeter offer.The A$815 million or A$4.40 per share offer from POSCO International, the trading arm of steel giant POSCO…
Rolling the Dice in Chaos: The Prospects of Investment in the Gas Industry
As stated in the Declaration of Malabo at the 5th Summit of Heads of State and Government of the GECF Member Countries, in order to sustain the security of demand and supply of natural gas, it is necessary to ensure sufficient investments through the entire gas value chain among all gas market stakeholders [1].Since the start of 2020…
Country-by-Country Look at Dropping Fuel Demand
It's hardly news that the COVID-19 pandemic has sent most every market into tumult, most notably the oil and gas market as political power plays flood the world with oil precisely when demand has plummeted. Here we provide some recent insights on just how steep falls in fuel demand has been as lockdowns to contain the spread of…
