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.
Prices rise for low LNG storage and concerns about prices
The wholesale gas prices in the Netherlands and Britain rose mostly on Tuesday morning as withdrawals from storage sites for gas and uncertainty about LNG supply continued to support. According to LSEG, the benchmark front-month contract for the Dutch TTF Hub increased by 0.78 euros to 48.50 euro per megawatt hour, or $14.70/mmBtu by 0914 GMT.
IEA: Global gas markets will remain tight due to rising demand
LONDON (Jan. 21) - The global natural gas market will remain tight in 2019 as the demand for gas increases and production grows slower than it did before the energy crises of 2022 and 2020-2021. This was revealed by a report released on Tuesday by the International Energy Agency. Political factors have exacerbated the volatility of gas prices, including the uncertainty surrounding the energy policy of U.S.
Australia's Competition Regulator flags gas import requirements for the East Coast
The Australian Competition Regulator said that the east coast of Australia is likely to experience a gas shortage by 2027, which could lead to imports. It cited its gas inquiry report. The Australian Competition & Consumer Commission stated that the report found the development of new production and supporting infrastructure for gas has not kept up with the increasing demand.
Chevron CEO: Chevron targets a growth of $6-8 billion in free cash flows next year.
Michael Wirth, CEO of Chevron, said on Wednesday that the company is in a position to increase its cash flow from free to $8 billion and to reduce expenses "by a couple of billion dollars". The U.S. oil producer No.2 expects to benefit from the start of new or expanded oil production projects in Kazakhstan, U.S. shale and offshore Gulf of Mexico. The No. 2 U.S.
Prices of EUROPE Gases rise slightly as trading is thin ahead of holidays
The Dutch and British wholesale prices of gas were slightly higher on Wednesday, in light trading ahead Christmas holidays throughout Europe. This is because there remains uncertainty over Russian gas supplies when the Ukraine Gas Transit Deal expires this year. The benchmark contract for the Dutch TTF hub, the front-month contract…
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.
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…
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.
