Trafigura warns about volatility in 2025 after first-half profits inch up
Commodities traders may struggle to capitalize on supply and demand disruptions rather than market volatility driven by politics in 2025. This was revealed on Thursday by trading house Trafigura, which reported a slight increase in its first-half net profits. The Swiss unlisted trading house reported an increase of 3% in net profit for the six-month period ending March 31. This stabilised after a steep drop in the 2024 full-year result, when the company found a $1.1billion fraud in Mongolia. Trafigura and its rivals Vitol…
Trafigura reports slight increase in net profit for the first half, but lower revenue
Trafigura, a global commodity trading company, reported Thursday that it's net profit increased slightly from the previous year to $1.52 billion for the first half 2025 of its financial year. However its revenues decreased due to lower average commodity prices. The net profit of the unlisted company was up by 3% compared to the first half in 2024. This stabilised after the sharp decline in the 2024 full year results when the company found a $1.1billion fraud in Mongolia, and major trading houses adjusted for the end of a record earning period in 2022-2023.
Nigerian oil sector enters new phase of growth thanks to local firms
Nigeria's oil and gas industry is undergoing a major shift as local companies take on a greater role, resulting in a new phase for innovation and growth. The companies that are leading the charge include those who have purchased onshore and shallow-water assets from oil majors, which plan to invest billions of dollars in developing abandoned fields. Even smaller producers are contributing. For example, Nigeria's Otakikpo crude terminal was the first onshore crude terminal to be developed and operated locally. It began loading operations Monday. It was built by Green Energy Limited in the OML11 block near Port Harcourt.
Analyst ExPro states that Ukraine's gas reserves have dropped to their lowest level for 11 years.
ExPro, an analytical company, said that the gas volumes in Ukrainian storage sites are at their lowest level for at least 11 year. They stood at 6 billion cubic meters (bcm), as of Wednesday. After Russian missiles damaged the production facilities to the east of Ukraine, Ukraine was forced to increase gas imports and withdraw more gas from storage this winter and in the spring. ExPro reported that the storage facilities with a capacity greater than 30 bcm were less than 20 percent full. This compares to 31,7 percent at the same time in 2024 when they held 8,8 bcm.
Are price movements a result of structural shifts? China's commodity imports are bifurcated: Russell
China's imports in 2024 of major commodities were a mixed bag. Iron ore, coal, and natural gas volumes reached record levels, while crude oil was weak. Raw data from the largest buyer of natural resource in the world suggests that some parts of the economy perform well, while others are struggling or are undergoing structural changes. The main challenge when analysing China's imports of commodities is to separate temporary factors from those that are part a longer-term trend. Crude oil may be the best example. Customs data published on Monday showed that imports in 2024 will be 553.42 millions metric tons.
Bulgaria claims Azerbaijan has stopped gas supply until January 11
Bulgargaz EAD, the Bulgarian gas state company, has received notification that Azerbaijan suspended gas supplies to Bulgaria for unspecified reasons from January 7 to 11. Bulgargaz reported that Bulgargaz has sourced replacement gas volumes from Botas in Turkey. The company said that it did not incur additional costs to replace the natural gas, nor did the outage affect the market for natural gas in the area. A source in the industry said that "an issue" was at BP's Alpha Platform at the Shah Deniz Gas Field.
Bulgaria claims Azerbaijan has stopped gas supply until January 11
Bulgargaz EAD, the Bulgarian gas state company, has received notification that Azerbaijan suspended gas supplies to Bulgaria for unspecified reasons from January 7 until January 11. Bulgargaz reported that Bulgargaz has sourced replacement gas volumes from Botas in Turkey. The company said that it did not incur additional costs to replace the natural gas, nor did the outage affect the market for natural gas in the area. A source in the industry said that "an issue" was at BP's Alpha Platform at the Shah Deniz Gas Field. BP Azerbaijan didn't respond to a comment request immediately.
Germany's Wilhelmshaven Terminal offers May LNG Capacity
Deutsche Energy Terminal (DET) said on Thursday that Germany's Wilhelmshaven liquefied natural gas terminal intends to market capacity for ships to discharge LNG in May 2025, adding that there would be limited slots available in the first quarter there and at another location.DET has been commissioned by Berlin since the height of Europe's energy crisis in 2022 to market regasification of gas volumes arriving on LNG tankers, as well as related storage and gas deliveries to inland transport grids.Germany's…
Chevron exceeds expectations for quarterly profits on the back of higher oil production
Chevron Corp. beat Wall Street expectations for the third quarter profit on Friday. However, its earnings dropped from a previous year. Chevron Corp, which has had its proposed $53 billion takeover of Hess delayed by Exxon Mobil Ltd and CNOOC Ltd due to their challenge, reported a profit adjusted of $4.53 billion. This compares to $5.72 million a year earlier. The shares rose by 2.6% ahead of normal trading hours. The oil industry has seen profits fall this year as a result of lower crude prices and a weaker growth in fuel demand. Oil futures for the quarter ending Sept. 30, averaged 17% less than the previous quarter.
ONEOK's Q3 profit rises on the back of strong demand and a narrower annual forecast
Pipeline operator ONEOK announced a 52.6% increase in its third-quarter profits on Tuesday. This was largely due to higher demand for natural gas in the Rocky Mountain Region, as well as higher volumes of natural gases and natural gas liquids. The company reported that raw feed volumes of natural gas liquids in the Rocky Mountain Region (NGLs) increased by 7%, and natural gas volumes in the Rocky Mountain Region processed by 5%. The petrochemical industry uses NGLs like ethane or propane as feedstock. ONEOK's NGL unit adjusted Core Profit rose 1.3%, to $624 Million during the quarter reported.
Beach Energy's profit drops to a 2-1/2-year low due to a downgrade of reserves
Beach Energy, an Australian oil and natural gas company backed by billionaire Kerry Stokes fell to its lowest level in more than two-and-a half years on Monday, after reporting a drop in profits and downgrading reserves for a major gas field in Victoria. The shares of the company closed at A$1.245 on Friday, a 12.6% decline. This was their lowest closing price since December 29, 2021. It was also its worst session since April 1. The stock fell by as much as 132% in the morning. The stock was the biggest loser on the benchmark ASX 200 benchmark.
West of Shetlands Ups Offshore Production
West of Shetland production likely to overtake North Sea for Shell and BP’s UK portfolios by 2020, said a report.Over the last four years oil and gas production in the West of Shetlands has risen and with that, a growing relevance for the biggest players still active in the UK continental shelf (UKCS), says GlobalData.The company’s latest research reveals that the West of Shetland (WoS) area retains the attention of major Exploration and Production (E&P) players in the region; however infrastructure restraints could hinder future growth potential in the basin.Despite the US based E&P majors…
Natural Gas Flaring Hits Record High
As spot prices in the region have remained near or below zero, natural gas flaring and venting in the Permian Basin in Texas and New Mexico reached a new all-time high in the first quarter of 2019, averaging as much as 661 million cubic feet per day (MMcfd).According to research conducted by Rystad Energy, this widespread waste of a valuable commodity is the result of persistent infrastructure challenges, a lack of sufficient takeaway capacity and an unexpected outage on a key pipeline in the area.“We anticipate…
Equinor Sells Natural Gas Worth USD26bln in 2018
Norwegian energy company Equinor has announced its 2018 sales of natural gas totalled $26bn, an increase of 29% from 2017.Equinor sold a total of 100 billion cubic metres (bcm) of gas worldwide in 2018. The company is the second-largest gas supplier to Europe, as well as the largest producer of natural gas on the Norwegian Continental Shelf (NCS)."As more countries prepare for the energy transition, Equinor sees strong market opportunities for gas and expects global demand to grow by around 10% towards 2030…
Natural Gas Contributes to Low Carbon Future
Equinor sold natural gas for around $26 billion in total in 2018, an increase of 29 percent from 2017. As more countries prepare for the energy transition, Equinor sees strong market opportunities for gas and expects global demand to grow by around 10% towards 2030.Equinor is the largest producer of natural gas on the Norwegian continental shelf and the second-largest gas supplier to Europe. The company also has a significant gas portfolio outside Norway. At its Gas Seminar in London, Equinor outlines its gas position as well as its long-term market outlook.“Global energy markets are changing.
Poland's PGNiG Receives US LNG
Polish state-controlled oil and gas company Polskie Górnictwo Naftowe i Gazownictwo SA (PGNiG) is set to receive a spot cargo of U.S. liquefied natural gas (LNG).The Warsaw-headquartered oil and gas company said in a statement that it will receive a delivery of liquefied gas shipped to Świnoujście by Centrica LNG Company Limited. It will be the third spot delivery arriving at the President Lech Kaczyński Terminal this year.The Hoegh Gallant vessel will arrive in Poland carrying on board approximately 65 thousand tonnes of LNG, which, after regasification, will yield almost 90 mcm of gas. The LNG comes from the U.S.
Gazprom Starts Operations at Final Yamal Unit
Russian gas giant Gazprom said on Wednesday it had begun operations at a third and final unit at its Bovanenkovo gas field on the Arctic Yamal peninsula, allowing it to boost natural gas production.Gazprom also said it had increased the capacity of the Ukhta-Torzhok gas pipeline, aimed at facilitating Russian gas exports to northern Europe, including via the Nord Stream pipeline.Gazprom plans to export record-high natural gas volumes of 200 bcm to Europe this year.The company said that with the launch of the final unit, Bovanenkovo will reach a projected capacity of 115 billion cubic meters (bcm) of gas per year.The gas field w
Offshore Cape Three Points Begins Gas Delivery to Ghana
Vitol said that the Offshore Cape Three Points (OCTP) integrated oil and gas project offshore Ghana has commenced delivery of gas from the Sankofa field to Ghana National Petroleum Corporation (GNPC).Both Vitol and GNPC are partners in the OCTP project alongside operator Eni. The offshore project is expected to provide stable supplies of cost effective and environmentally friendly, domestic fuel for the Ghanaian power sector, said Vitol.The estimated net cost of gas to Ghana will be less than $4.5/MMBtu…
Eni/Total Find NatGas off Cyprus
Italy's Eni and France's Total have discovered a promising natural gas field off Cyprus, Eni said on Thursday, saying the find looked geologically similar to the mammoth Zohr field off Egypt. Further analysis was required to determine the range of gas volumes and define further exploration and appraisal operations, Eni said. "Calypso 1 is a promising gas discovery and confirms the extension of the 'Zohr like' play in the Cyprus Exclusive Economic Zone (EEZ)," Eni said in a statement. Eni is the operator of the offshore block with a 50 percent participation interest, while Total is a partner with the remaining 50 percent.
Kinder Morgan Q3 Revenue Dips on Harvey Impact
Pipeline operator Kinder Morgan Inc reported a 1.5 percent fall in quarterly revenue, partly due to the impact of Hurricane Harvey. In August, Harvey hit the Texas shore as a fierce Category 4 hurricane, causing massive flooding, which knocked out 11 percent of U.S. refining capacity, a quarter of oil production from the U.S. Gulf of Mexico, and closed ports all along the Texas coast. Kinder Morgan had shut down parts of its KMCC pipeline system for crude and condensate, its Double Eagle pipeline, several gas storage facilities and compressor stations due to Harvey.
