The host of the Climate Summit, Turkey, proposes a 2035 global electric target
The president of this year’s global climate conference said that Turkey would'seek to gather support for a 'global target' for electricity, which is to'meet' 35% of the energy demand of the planet by 2035. This will aim to reduce fossil fuel consumption. As part of Turkey’s preparations for the COP31 U.N. Climate Conference in November…
Australian Energy Producers claim that the gas review fails to meet supply goals
Australian Energy Producers' (AEP) Chairman Cecile Wake said on Tuesday that government's review of the gas market falls short of its goal to increase supply. Wake said, "We must not make a false choice" between a well-supplied gas?market at home and a strong industry (liquified natural?gas). This month, following the review first…
Equinor: Europe will not reach the 80% target for pre-winter storage of gas
Europe will have a difficult time replenishing its depleted 'gas storage sites, to the 80% target before next winter. This is due to unfavourable price spreads, and lower than expected supply. On a conference call with analysts, Torgrim Reitan, the Chief Financial Officer, said that European gas storage facilities are around 30% full. This is six percentage points lower than the seasonal average.
Top sector official: Iran war could cause systemic gas demand destruction
Gas Exporting Countries Forum head said that if the conflict continues, the natural gas demand destruction caused by the 'Iran war' will become structural. Kpler data shows that since the Middle East Crisis began in February, over 500 million barrels have been removed from the global market. This is the biggest disruption of energy supply in modern history.
The 2025 profits of energy trader Danske Commodities are cut in half due to lower volatility
Danske Commodities, a Danish energy trader, reported on Thursday that its profit would be lower than expected by 52% in '2025. They cited low 'volatility' and structurally challenged gas market. Danske Commodities (owned by Norwegian oil producer Equinor) reported a full-year adjusted profit before tax of 88 millions euros ($103.88million), down from the 186 million euro?in 2024.
Middle East Conflict Restricts Supply for European LNG Stock Refill
The escalating conflict in the Middle East due to the U.S.-Israeli war with Iran is tightening global liquefied natural gas (LNG) availability and constraining Europe's ability to refill storages which depleted to their lowest since 2022 over the summer, the European Network of Transmission System Operators for Gas (Entsog) said on Thursday.The conflict between the U.S.-Israel alliance and Iran has shut the
The Iranian ceasefire has eased fears, but the LNG sector is still scarred.
The Middle East ceasefire signaled a de-escalation. However, the conflict had a lasting impact on the global LNG industry. It has eroded the confidence of Gulf'suppliers' and raised doubts in Asian buyers about the fuels affordability and reliability. Since the U.S. launched its strikes against Iran on February 28, the Strait of Hormuz was closed to all ships.
Freeport LNG wants to tear down outdated import facilities in Texas
Freeport LNG asked U.S. regulators to allow it to demolish Texas facilities that were used to import Liquefied Natural Gas, according to regulatory filings. The U.S. used to be a major LNG importer. However, the Shale Revolution transformed the gas market in the U.S. and made it the largest LNG exporter in the world. Freeport hasn't imported LNG since 2011.
Prices of EUROPE GAS continue to fall as the market watches developments in Iran war
Dutch and British wholesale contracts for gas extended losses on Tuesday, following a sharp fall in the previous session. This was after U.S. president Donald Trump announced that he would delay military strikes against Iran, and that an agreement with Iran could be reached "within five or less days". Data from the Intercontinental…
US energy and interior secretaries met executives amid market turmoil
Energy executives gathered in Houston on Sunday to discuss everything from increasing domestic oil production to Venezuelan opportunities. This was during the worst global supply disruption due to the U.S. and Israeli war against Iran. The meeting was held over dinner on the eve of the CERAWeek energy conference where oil ministers…
EUROPE GAS - European prices are rising due to Middle East energy war fears
Dutch and British Gas Contracts rose on Monday morning and are likely to face another volatile trading session, as the Middle East war risks escalating strikes against energy infrastructure. The reopening of Strait of Hormuz is still a long way off. Data from Intercontinental Exchange showed that the benchmark Dutch front-month contracts?at TTF hub were up?3.01 euros at 62.35 euros per megawatt hour (MWh)…
Salzgitter CEO: Germany's Salzgitter has at least 50% of its gas hedged as the Iran war continues.
Salzgitter's CEO said that the company had hedged against rising gas prices. The group has locked in over 50% of its costs for this year and the next, as the Middle East conflict continues to have a ripple effect on the energy markets. Gunnar Grbler said after the company?released its full-year results that they were "very well hedged" in the gas market through 2026, and to a certain extent 2027.
EUROPE GAS - European prices fall in line with crude oil as Middle East hopes for de-escalation are raised
Dutch and British wholesale gasoline prices fell from their 3-year highs in the morning of?Tuesday, mirroring oil market movements after?U.S. Donald Trump claimed that the Middle East conflict would end "soon". Data from Intercontinental Exchange (ICE), showed that the benchmark Dutch front-month contract at the TTF hub had fallen by?7.98 euros to 48.47 euros per megawatt hour(MWh) as of 0852 GMT.
Enverus reports that global dealmaking for oil and gas upstream in 2025 was muted.
Enverus, a firm that provides analytics, said Wednesday that the upstream oil and natural gas market in the world will remain?subdued' for the second consecutive year, with only $18 billion in deals. The firm stated in a recent report that fewer 'high-quality resources' and lower oil prices have limited the value of mergers and acquisitions well below the historical norm of $60 billion.
Russia warns of a possible oil shortage due to the closure of Strait of Hormuz
The Russian Foreign Ministry said on Sunday that the closing of 'the Strait of Hormuz' to shipping would lead to "significant imbalances" in a global oil and gas market. Trading sources reported on Saturday that a number of tanker owners, major oil companies and trading houses had suspended crude oil, fuel, and liquefied gas shipments through the Strait of Hormuz following the U.S.
EUROPE GAS-European gas prices soar as Iran had conflict halts Qatar LNG output
The benchmark Dutch and British wholesale gas prices rose by nearly?50% after Qatar Energy, a major LNG exporter, announced that it had stopped production because of attacks in the Middle East. Qatar is soon to become the second largest LNG exporter in the world after the United States. It plays a significant role in balancing the demand for LNG on both the Asian and European market.
The European market is seeking clarity about Qatari LNG supplies, which has led to a reduction in prices.
The Dutch and British gas price were lower on Wednesday, after rising earlier in the week. However, they could still be volatile, as traders try to gauge how long Qatari LNG supply will remain interrupted. Data from Intercontinental Exchange (ICE), showed that the benchmark 'Dutch front month contract' at the TTF hub had fallen by 1.02 euros to?53.27 per megawatt-hour (MWh) as of 1018 GMT.
EU not planning an emergency response to spike in energy prices caused by Iran
Officials told reporters on Wednesday that the European Union had warned its'member states' about the soaring gas prices caused by Iran, but did not see any immediate threat to supply and was not planning a response of emergency. The U.S. and Israeli war against Iran, and Iran's attacks in the Middle East have jolted the global oil and gas market.
Brent oil prices continue to rise amid Iran conflict with Brent reaching a 19-month high
The price of crude oil rose by about 7% Tuesday. This is the third time that oil prices have risen in a row. As the U.S./Israeli conflict with Iran intensifies, fuel shipments are disrupted, and 'fears' of further disruptions to Middle East oil supply and gas supplies increase. Brent crude futures rose $5.70 or 7% to $83.44 per barrel at 1326 GMT, after reaching their highest level since July 2024, $85.12.
Statkraft CEO: Iran crisis could cause European power prices to rise and industry woes
The prolonged Iran crisis, which has hampered shipments of key energy and halted the production of?Qatari gas in Qatar, is expected to increase European electricity prices and erode industrial competitiveness. This was stated by Statkraft's CEO on Thursday. The United States, Israel and Iran have all launched attacks on Iran. In addition, Iran has also struck at its Arab Gulf neighbours.
