National Bank of Ukraine: Ukraine will need $2.9 billion in 2025 to purchase gas
Ukraine's National Bank stated on Friday that the country will need $2.9 billion in gas imports by 2025, after Russian missiles and drones damaged Ukrainian gas production plants. In the late winter and spring of 2016, Russia repeatedly attacked Ukrainian gas assets located in the east. This caused a drop of at least 40% in gas production. A certain amount of capacity has been recovered.
Britain Emphasizes Collaboration on Energy Security at Global Summit
Britain urged closer international cooperation to improve energy security on Thursday, telling dozens of other governments and business leaders that they would otherwise be vulnerable to those who were willing to weaponise supplies.Security of energy supply shot up the agenda of countries around the world after Russia's full-scale invasion of Ukraine in 2022 drove up…
Chilean regulator approves Codelco and SQM joint venture
Codelco announced in a Thursday statement that Chile's competition regulator had approved the deal between Codelco and SQM, the state-run copper company, to create a joint venture for the expansion of lithium production on the Atacama Salt Flats. In a statement, the FNE regulator in China has yet to approve the deal. This approval is expected to be incorporated into the decisions made by the European Union, Brazil and South Korea.
Freeport-McMoRan reports lower profit for the quarter due to higher tariffs and increased costs
Freeport-McMoRan stated on Thursday that the proposed tariffs may increase the cost of goods purchased by the copper miner in the United States. The price could rise to about 5%. Trump's tariffs on the majority of U.S. imported goods and an intensifying trade conflict with China has caused uncertainty in the mining industry, and companies are scrambling to find alternative supply chains.
Ukraine's Naftogaz signs a contract with Orlen for 100 mcm gas
Ukraine's Naftogaz signed a contract on Thursday for another 100 million cubic meters (mcm), bringing its total purchase volume from Orlen to 300 mcm. 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. Sources in the industry told us earlier this month Orlen plans to sell 10 LNG cargoes to Ukraine this coming year…
Spot prices are affected by lower demand and more solar.
The drop in demand for power and the increase in solar power in Germany pushed spot prices down on Thursday. These changes also overshadowed a predicted drop in wind energy supply on Friday. German baseload electricity for Friday fell 7.5% to 92 euros (104.65 dollars) per megawatt-hour (MWh) at 0826 GMT. The French equivalent contract dropped 1.3%, to 74 Euro/MWh. LSEG data shows that power usage in Germany will drop by 1.8 gigawatts to 54.3 GW.
Trump's emergency move is aimed at cutting approval time for energy projects from 28 days to 28
The Trump administration announced on Wednesday that it would implement a process of emergency permitting for energy and mining on federal land, cutting approval times from months or even years down to just 28 days. The U.S. Department of the Interior's move comes in response to the President Donald Trump declaration of a national energy emergency, which he issued on his first official day of office.
UK bans state investments in solar panels that are linked to forced labor
The energy department announced on Wednesday that Britain will avoid using solar panels associated with suspected forced labor in China by its new state-owned company, Great British Energy. Over 80% of solar panels are produced in China. According to a study by the UK's Sheffield Hallam University, forced labour is used in the production of polysilicon - one of the panel's core components - among Uyghurs.
Global Wind Capacity in 2024 Falls Short Despite Reaching a Record
A record 117 gigawatts of wind power capacity was installed worldwide last year, slightly more than in 2023, but far less than needed to achieve goals to decarbonise energy, a report by the Global Wind Energy Council said on Wednesday.WHY IT'S IMPORTANTThe world needs to shift to renewable sources, including wind and solar, to contain global warming.Many organisations, including the GWEC, have said the current rate of progress is not enough.
Oil industry sources claim that Central Africa's new FX Initiative falls short of its target.
Two oil industry sources said that six Central African nations who were expecting to receive billions in foreign exchange from funds set aside for environmental restoration by oil companies may actually see less than 500 million dollars by the April 30 deadline. Bank of Central African States, the central bank of Cameroon and Gabon, Equatorial Guinea Central African Republic…
Palm prices rise on bargain-buying; stronger Ringgit and economic uncertainty limit gains
Malaysian palm futures gained on Tuesday, after six sessions of consecutive losses. Supported by bargain-buying, the gains were limited, however, by a stronger Ringgit and economic uncertainty. The benchmark contract for palm oil delivery in July on the Bursa Derivatives Exchange gained 57 ringgit or 1.46% to $3,967 ringgit (US$904.06) per metric ton. Anilkumar bagani…
Prices for gas in Europe are mixed due to economic concerns and storage requirements
The Dutch and British wholesale gas price were mixed on Tuesday, as economic concerns and forecasts for milder weather continued to exert pressure. However, Europe's need to replenish storage also provided support. LSEG data shows that the benchmark Dutch front-month contract fell by 0.70 euro to 34.70 euros per Megawatt Hour (MWh) at 0905 GMT. The British day-ahead contracts rose 0.20 pence, to 86.55 p/therm.
US finalizes tariffs against Southeast Asian solar imports
U.S. Trade officials finalized tariffs on solar panels and cells from Southeast Asia. This is a major step in settling a trade dispute that has been raging for a year, with American manufacturers accusing their rivals overseas of flooding the market unfairly with cheap goods. The Commerce Department imposed preliminary antidumping, antisubsidy, countervailing duty on solar equipment imported from Malaysia, Cambodia Thailand and Vietnam last year.
Palm oil falls on firmer Ringgit, weaker soyoil and crude oil
Malaysian palm futures continued to fall on Monday, for the sixth consecutive session. The market was weighed down by a weaker ringgit, a decline in crude oil, and the weakness of soyoil. Concerns about U.S. trade tariffs also contributed to the drop. At the close, the benchmark palm oil contract on Bursa Malaysia's Derivatives exchange for July delivery fell 64 ringgit or 1.61% to $3,911 ringgit (US$895.58) per metric ton.
Naftogaz, the Ukrainian gas company, says it wants to buy 2 billion cubic meters of gas for 1 billion Euros
Naftogaz, Ukraine's state-owned oil and gas company, is in negotiations with the government and international financing institutions to raise one billion euros for the purchase of over two billion cubic meters gas for the heating season 2025/26. In a press release, it said that 430 millions euros would be provided by the EBRD to buy an additional 1 bcm gas. Another 0.1 bcm LNG would come from Poland’s Orlen.
Sources say that the EU is looking at tweaking its methane regulations for US gas in order to facilitate trade negotiations.
Three sources with knowledge of the situation said that the European Union was looking for ways to help U.S. exports comply with their methane emission rules. The bloc is trying to avoid a trade conflict with U.S. president Donald Trump. Both sides have indicated that energy may be included in a larger trade agreement. Trump has repeatedly said that the EU should purchase…
Asian countries are looking to purchase more US energy in order to balance trade imbalance
As they try to reduce their trade surpluses with Washington, Asian governments are buying more U.S. gas and oil in order to ease their tariff burdens due to President Donald Trump’s new import duties. Many Asian countries have large trade surpluses and also are major energy importers. Trump's tariffs have caused economic and market turmoil. Here are some measures Asian countries will take to increase their purchases of U.S. gas and oil.
Trump's order to stop NY wind project shocks offshore industry and threatens other projects
The Trump administration’s decision late Wednesday to halt the construction of Equinor’s Empire Wind 1 off the coasts of New York sent shockwaves throughout the offshore wind industry. It raised concerns that fully permitted developments worth billions of dollars are not secure. Donald Trump, the U.S. president, had promised during his campaign to put an end to offshore wind energy. He argued that it was too expensive and harmful for whales and birds.
Trump's order to stop NY wind project shocks offshore industry and threatens other projects
The Trump administration's late Wednesday decision to stop construction of Equinor’s Empire Wind 1 off the coasts of New York sent shockwaves throughout the offshore wind industry. It raised concerns that developments with full permits, representing billions of dollars in investment, aren't secure. Donald Trump, the U.S. president, had promised during his campaign to put an end to offshore wind energy.
Sources say that commodity traders will submit bids by May for Italy's IP.
Two sources confirmed on Thursday that global commodity traders Glencore and Gunvor were considering the possibility of buying oil refiner Italiana Petroli API group. State Oil Company of Azerbaijan is also interested in the asset, two sources with knowledge of the transaction said. Glencore, Gunvor, and IP have declined to comment. SOCAR did not respond to a request for comment.
