Baker Hughes reports that US oil/gas rig counts have dropped for the 11th consecutive week, to their lowest level since 2021.
Baker Hughes, a leading energy services company, said that the U.S. firms have cut back on the number of oil rigs and natural gas production for the 11th consecutive week for the first since July 2020. This was when the COVID-19 epidemic reduced demand for fuel. The number of oil and gas drilling rigs, a good indicator of future production…
Gazprom and CNPC discuss future Russian Gas Supplies to China
Gazprom reported that the heads of Russia's Gazprom, and China's CNPC, discussed future Russian gas deliveries to China in Beijing during their talks. Moscow is seeking stronger ties with China, which is the world's largest energy consumer. Since the beginning of the Ukraine conflict in February 2022, Russia, which holds the world's largest reserves of gas, has diverted oil from Europe to India, and China.
Canada's New LNG Exports Have Yet to Lift Gas Prices
Last month's start-up of LNG Canada, the country's first large-scale liquefied natural gas export facility, has failed to lift Western Canadian natural gas prices as quickly as some market participants and observers expected, due to a persistent supply glut and the gradual pace of the facility's ramp-up.Shell-led Canada shipped its first cargo of 70…
EUROPE GAS-Dutch gas prices and British gas rates range-bound due to strong supply and warm weather
Due to a strong supply of gas and a warm weather forecast, Dutch and British wholesale prices for gas were slightly higher on Thursday morning. LSEG data shows that the benchmark Dutch front-month contract for the TTF hub rose 0.72 euros to 35.10 Euro per megawatt hour (12.06/mmBtu) or $12.06/mmBtu by 0910 GMT. The Dutch day-ahead contracts was up by 0.65 euros at 34.85 Euro/MWh.
Gas prices in the Netherlands and Britain are stable with warmer weather forecast
The Dutch and British wholesale prices of gas traded within a narrow range Wednesday morning, amid the expectation of warmer weather conditions and stable supplies. LSEG data shows that the benchmark Dutch front-month contract was up 0.07 euros to 34.65 Euro per megawatt hour or $11.92/mmBtu at 0818 GMT. The Dutch day-ahead contracts was down 0.17 Euro at 34.17 EUR/MWh.
Greece's DEPA signs out-of-court agreement with Gazprom on gas prices
DEPA Commercial, the Greek gas supplier, announced on Tuesday that it had reached an agreement outside of court in its dispute with Gazprom regarding gas prices. DEPA signed with Gazprom a contract in January 2022 for 2 billion cubic meters of gas annually through 2026. The price was 80% index to the Dutch TTF benchmark price, with the remaining 20% index to oil prices.
Exxon warns that lower gas and oil prices could affect second-quarter profits
Exxon Mobil said on Monday that lower prices for oil and gas could reduce its second-quarter profits by $1.5 billion compared to the previous quarter. The earnings snapshot of the biggest U.S. producer of oil is closely monitored for clues as to how the oil sector in general will do when companies release their quarterly results within a few short weeks.
EUROPE GAS - Prices in a narrow range due to stronger winds and healthy supply
Due to a healthy supply of gas and forecasts for higher wind output, Dutch and British wholesale prices traded in a tight range on Friday morning. According to LSEG, the benchmark Dutch contract for August deliveries at TTF hub increased by 0.08 euros to 33.83 Euro per megawatt-hour (MWh) as of 0844 GMT. The weekend contract increased by 0.43 euros to 33.08 Euro/MWh.
Baker Hughes reports that US drillers have cut oil and natural gas rigs in the US for the 10th consecutive week.
Baker Hughes, a leading energy services company, said that the U.S. firms have cut back on the number of oil rigs and natural gas wells for a tenth consecutive week for the first since July 2020. The number of oil and gas drilling rigs, a good indicator of future production, dropped by eight in the week ending July 3 to 539, the lowest level since October 2021.
As the heat fades, spot prices will continue to fall.
The day-ahead power prices in France and Germany fell for the third consecutive day on Thursday, as temperatures began to cool after a prolonged heatwave. Meanwhile, nuclear availability increased in France. The price decline was less dramatic than it had been on Wednesday. This is because the temperatures are expected to drop more slowly and German wind output will be lower after a sudden increase in mid-week.
The price of EUROPE GAS has recovered after a loss earlier in the week
The wholesale gas prices in both the Netherlands and Britain rose on Wednesday morning after falling earlier in this week. LSEG data shows that the benchmark Dutch contract for August deliveries at TTF hub rose 0.86 euros to 33.30 Euro per megawatt-hour at 0813 GMT. The Dutch contract was 0.43 euros higher, at 34.83 Euro/MWh. The British contract in August increased by 2.03 pence to 80.35 cents per therm.
US LNG Exports Fall in June Amidst Maintenance
U.S. liquefied natural gas exports fell to their second lowest monthly level for the year in June, as maintenance work at some of the country's largest export facilities hurt output, according to preliminary data from financial firm LSEG.The United States, the world's top exporter of LNG, sold 8.4 million metric tons of the superchilled gas during the month…
Germany reduces its gas security alert as supply bottlenecks ease
Katherina Reiche, Germany's Economy Minister, said that the German government had lowered its gas supply security grade to an early warning level from alarm as supply bottlenecks have eased. Berlin declared alert in June 2022 after Russia's invasion. There was a sudden decrease in the imports of gas from Moscow. Reiche stated that Germany…
Baker Hughes reports that the US oil/gas rig counts fell for a fourth month, to a low of Oct 2021.
Baker Hughes, a leading energy services company, said that the U.S. has cut its number of operating oil and gas rigs for the fourth consecutive month to the lowest level since October 2021. The number of oil and gas drilling rigs, a good indicator of future production, dropped by seven in the week ending June 27. Baker Hughes reported that the number of rigs is down by 34 this week…
Baker Hughes reports that US oil/gas rig counts have fallen for the 4th consecutive month, to a low of Oct 2021.
Baker Hughes, a leading energy services company, said that the U.S. has cut its number of operating oil and gas rigs for the fourth consecutive month to the lowest level since October 2021. The number of oil and gas drilling rigs, a good indicator of future production, dropped by seven in the week ending June 27. Baker Hughes reported that oil rigs dropped by six this week to 432…
Low wind and hot weather will increase spot prices
German and French power contract prices for the next week will rise due to low wind output, which is limiting supply. Hot weather also increases demand. However, more forward-looking contracts were at a lower price on Friday morning in line with gas market. LSEG data shows that the German and French baseload power contracts for Monday were not traded by 0926 GMT.
EUROPE GAS - Prices fall further due to mild weather and solid supply
The Dutch and British wholesale prices of gas continued to fall on Friday morning, as the mild weather and stable supplies weighed heavily on the market. Also, the risk premiums related to the Middle East conflict dwindled. LSEG data shows that the benchmark Dutch front-month contract for the TTF hub fell 0.80 euros to 33.00 Euro per megawatt hour or $11.33/mmBtu at 0813 GMT.
EU agrees on loosening gas storage regulations
After concerns were raised that the EU's earlier rules regarding filling gas storage could have led to an increase in energy prices, the EU member states and the EU parliament reached agreement on a loosening of the EU's regulations on filling. The European Commission announced the agreement on Tuesday. In 2022, the EU introduced its gas storage regulations to ensure that EU countries have a buffer during winter.
Baker Hughes reports that US drillers have cut their oil and gas rigs in the US for eight weeks running.
Baker Hughes, a leading energy services company, said that the U.S. firms have cut back on the number of natural gas and oil rigs for the eighth consecutive week for the first since September 2023. The number of oil and gas drilling rigs, a good indicator of future production, dropped by one in the week ending June 20 to 554. This is the lowest it has been since November 2020.
Baker Hughes reports that US drillers have cut oil/gas drilling rigs by 7th week, to the lowest level since 2021.
Baker Hughes, a leading energy services company, said that the U.S. firms have cut back on the number of natural gas and oil rigs for the seventh consecutive week. This is the lowest level since November 2021. The number of oil and gas drilling rigs, a good indicator of future production, dropped by four in the week ending June 13 to 555.
