Turkey Takes Russia to Arbitration on Gas Dispute
Turkish state gas importer Botas has appealed to the International Chamber of Commerce (ICC) to resolve a row over the price of gas from Russia after the two countries failed to sign a deal, the company said on Tuesday. Turkey said in February it had obtained a 10.25 percent price discount on the 28-30 billion cubic metres (bcm) of gas it buys from Russia each year but the two sides have been at loggerheads over the deal for months. Botas, which is also Turkey's state pipeline operator, said in a statement…
Russia Receives EU Request for Gas Talks
The European Union's Energy Commissioner Guenther Oettinger wants to hold gas talks over the telephone with Russia on Friday, Energy Minister Alexander Novak was quoted on Tuesday as saying. "We will hold the telephone conversation, agree a meeting, discuss issues related to the South Stream pipeline and the pumping of gas to underground storage," Interfax news agency quoted Novak as saying in the Russian southern city of Vladikavkaz. Novak added Russia was not going to change its offer in a gas price dispute with Ukraine that is threatening to disrupt supplies to the EU.
CEE Day Ahead Gains on Low Wind, Hungarian Spot Premium Remains
Central European day ahead power rose on Monday, boosted by forecasts for low wind generation levels while outages in the Balkans helped to keep Hungarian prices at a premium, traders said. On regional exchanges, Czech and Slovak electricity for Tuesday rose more than 7 percent to 38.77 euros ($52.90) per megawatt hour while Hungarian day ahead rose more than 14 percent to 42.23 euros on the HUPX exchange. Demand from the Balkans - where recent floods have knocked out a number of power plants - supported Hungarian prices as low wind production levels offset healthy solar output throughout the central European region.
Prices Drop on Low Summer Demand, Ukraine Gas Compromise
European physical coal prices in July dropped on Monday as an outlook for mild weather entering the warm summer months pulled down the demand side while fears over a Russian gas cut to Ukraine eased and improved Europe's energy supply outlook. Cargoes for July delivery to Amsterdam, Rotterdam and Antwerp (ARA) were trading at $73.50 a tonne, down $1.9 since Friday, according to the GLOBALcoal trading platform, and the contract is now over 40 percent below its last peak in the first quarter of 2011. Traders…
Oil Steady Above $109 on Multiple Variables; U.S. Stockpiles Rising
Libyan output capped at 210,000 bpd; western oilfields still shut; Total moves staff from Tripoli; Sonatrach withdraws staff from Libya. Statoil shuts Snorre B platform in North Sea after oil leak and U.S. crude stocks rose 1 mln barrels last week. Brent oil held steady above $109 a barrel on Tuesday as unrest and low output in OPEC exporter Libya offset downward pressure from expectations of a weekly build in U.S. crude stocks to a record high. Libyan output has dwindled to about 210,000 barrels per day (bpd)…
U.S. Oil Prices Rally
U.S. oil prices rose to near one-month highs on Monday as a weak dollar prompted buying a day before the June contract's expiration, while Brent prices fell as slumping global equities outweighed the impact of low Libyan output. The U.S. dollar fell to its lowest level in more than three months against the yen, which is supportive for oil and commodities priced in dollars. Asian and European equities fell after data released late on Sunday showed growth in average new home prices in China slowed to a near one-year low in April.
U.S. Oil Up on Weak Dollar, China Weighs on Brent
U.S. dollar slumps to 3-month low against Japanese yen. U.S. oil prices rose on Monday as a weak U.S. dollar prompted buying, while Brent prices fell as concerns about China's slowing economy dragged global equities down and outweighed low Libyan output. The U.S. dollar fell to its lowest in more than three months against the yen, making dollar-denominated commodities cheaper for buyers using the Japanese currency. Shanghai shares hit a three-week low and European equities slumped after data on Sunday showed growth in average new home prices in China slowed to a near one-year low in April.
Progress Made in Russia-Ukraine Gas Dispute
Europe's Energy Commissioner said on Monday progress had been made in the gas price dispute between Russia and Ukraine after talks with Russia's energy minister and Gazprom and said a fresh round of negotiations was scheduled for May 26. Russian President Vladimir Putin has urged EU leaders to do more to help Ukraine through its economic crisis and resolve the standoff over gas. He has threatened to cut exports if Kiev fails to pay in advance for June deliveries. "We have in the last few days made progress on a number of issues but we still have no agreement…
Serbian Day Ahead Up on Floods; Wind Supports Central Europe
Flooding in the Balkans pushed Serbian day ahead power higher on Monday while low levels of wind generation supported central European prices, traders said. Czech and Slovak electricity for Tuesday rose 6 percent to 39.67 euros ($54.37)per megawatt hour with Hungary trading at a premium to its central European neighbours at 43.16 euros. The worst Balkan floods in more than a century continued to limit energy production in Serbia where day ahead prices traded about 1.5 euros above those in Hungary, traders said.
EU: Progress in Russia-Ukraine Gas Dispute
Europe's Energy Commissioner said on Monday progress had been made in the gas price dispute between Russia and Ukraine after he held talks with Russia's energy minister and a senior representative of Gazprom. "We have in the last few days made progress on a number of issues but we still have no agreement," said Guenther Oettinger, also reiterating that the next round of talks between Russia, Ukraine and the EU would take place on May 26. He said that prices for the period from November to March were cleared up but that they were still working on prices for April, May and June.
Russia's Gazprom: Ukraine did not pay for gas on time
Gazprom and Ukraine locked in gas price dispute; Russian gas transit to Europe via Ukraine stable. Russian natural gas producer Gazprom said on Tuesday Ukraine had failed to pay for its March gas supplies on time but did not say whether the company would take any action against Kiev. "They haven't paid for March," a spokesman said, confirming that Ukraine's total debt of $2.2 billion had not been reduced by the deadline of midnight on Monday. Gazprom has often in the past not taken any action when Kiev failed to pay its bills on time.
