Sources say India is considering scrapping the import tax on US LNG to boost purchases.
Four government and industry sources have said that India is considering scrapping the import tax on U.S. LNG to increase purchases and reduce the trade surplus, which is a major irritation for President Donald Trump. Both sides want to increase volumes in order to meet the energy needs of India's fast-growing economy. Qatar is India's top LNG supplier.
Russian central bank expects low oil prices to continue for a while
The Russian central bank warned Kremlin policymakers that the United States and OPEC could flood the oil markets and cause a similar price collapse to what occurred in the 1980s, which led to the fall of the Soviet Union. The warning was issued weeks before Russian President Vladimir Putin and U.S. president Donald Trump began negotiations to end the conflict in Ukraine.
German contracts for the front year are affected by lower gas prices
German power contracts for the year ahead fell on Monday as gas contracts and carbon permit prices dropped. By 0957 GMT, the German baseload power for the year ahead fell by 1.1% to $85.24 per megawatt-per-hour (MWh), while its French counterpart rose 0.2% to $63.85/MWh. Dutch and British wholesale prices of gas fell on Monday morning, despite mild weather conditions and the beginning of talks between U.S.
Russell: Renewables and gas are gaining ground on coal and oil
The latest review of the International Energy Agency shows that renewables and gas are the most popular energy sources. In its Global Energy Review published on Monday, the IEA described this growth rate as "faster-than-average". Electricity, the fastest growing sector, grew 4.3% by 2024 or almost twice the average annual growth rate of the last decade.
Russell: OPEC and IEA are focused on China's oil demand but it is the crude imports that matter.
What is more important to the crude oil market? Which is more important: the growth forecasts by major agencies of Chinese oil demand or the actual weakness of imports? The International Energy Agency (IEA), as well as the Organization of Petroleum Exporting Countries, (OPEC), both talk about the demand for oil when they forecast the future of the oil industry in China, the largest crude importer of the world.
Russell: OPEC and IEA are focused on China's oil demand but it is the crude imports that matter.
What is more important to the crude oil market? Which is more important: the growth forecasts by major agencies of Chinese oil demand or the actual weakness of imports? The International Energy Agency (IEA), as well as the Organization of Petroleum Exporting Countries, (OPEC), both talk about the demand for oil when they forecast the future of the oil industry in China, the largest crude importer of the world.
IEA: Russia's oil export revenue fell in February
The International Energy Agency reported on Thursday that Russia's revenue from crude oil sales and oil products fell by 2.6% in February compared to the same period last year, to $15.88billion. This was due to the fall in crude oil price and the widening of discounts for Russian grades. The report also stated that Russian oil exports fell by 100,000 barrels a day (bpd), compared to January, following a recent round U.S. sanction.
OPEC holds view that demand is not a concern, despite claims by Kazakhstan to lead the jump in OPEC+ production
OPEC announced on Wednesday that Kazakhstan was the country responsible for a significant increase in crude production in February by the wider OPEC+ group. This highlights a challenge facing the producer group to enforce adherence of agreed output targets. The Organization of the Petroleum Exporting Countries (OPEC) reported that OPEC+ - which includes OPEC…
Ministers and executives say that if sanctions are eased, Europe will avoid Russian energy.
Ministers and executives at a Houston conference said that European buyers will not return to Russia's Energy Sector if the sanctions are lifted. The bloc has diversified its power mix by using renewable energy and alternative suppliers of gas. According to a joint U.S. and Ukrainian statement released on Tuesday, Ukraine agreed to accept the U.S.
CERAWEEK - IEA chief sees investment needed in existing oil and gas fields
Fatih Birol said that the International Energy Agency in Paris, which is headed by Fatih Birol himself, has a responsibility to invest in oil and natural gas fields for the sake of global energy security. After years of pressure from fossil-fuel advocates, the pro-drilling campaign was relaunched. He said, "I would like to be clear... that there will be a requirement for investment.
EUROPE GAS-Prices rise amid Ukraine concerns, strong demand
Dutch and British wholesale prices for gas rose Monday morning, as market demand and concerns about a possible peace agreement with Ukraine supported the market. According to LSEG, the benchmark front-month contract for the Dutch TTF Hub was up 2,19 euros, or 14,19/mmBtu at 46,50 euros per Megawatt Hour (MWh), by 0914 GMT. The Dutch May contract increased by 2.15 euros to 46.80 Euros/MWh.
Shell anticipates a 60% increase in global LNG demand between 2040 and 2040, with Asia leading the growth.
Shell's annual report said that the global demand for liquefied gas will increase by 60% by 2040. This is mainly due to economic growth in Asia and AI, as well as efforts to reduce emissions in heavy industry and transportation. As the world moves to cleaner fuels, demand for natural gas is increasing. Shell's 2025 LNG annual outlook forecasted that…
Shell anticipates a 60% increase in global LNG demand between 2040 and 2040
Shell's annual report said that the global demand for liquefied gas will increase by 60% by 2040. This is mainly due to economic growth in Asia and AI, as well as efforts to reduce emissions in heavy industry and transportation. As the world moves to cleaner fuels, demand for natural gas is increasing. Shell's 2025 LNG annual outlook forecasted that…
The cold weather in the US boosts diesel prices, but masks economic challenges
Since the beginning of the year, the cold temperatures in the Northeast U.S. have led to an increase in demand for heating oil. This has helped to offset the slowdown in recent years due to reduced industrial activity. The Energy Information Administration (EIA), according to its data, reported that the U.S. inventory of distillate fuels - including diesel and heating oil - fell this month to its lowest seasonal level in 2014.
Brazil adheres to OPEC+ Cooperation letter; No output caps
The Brazilian energy ministry announced on Tuesday that the country has decided to adhere the OPEC+ declaration of cooperation. This formalizes a decision it first made in 2023. Brazil is the biggest oil producer in South America. According to the country's oil regulator, its output will reach 4.32 million barrels equivalent per day by 2024. The group will include nations like Saudi Arabia and Russia…
Prices near four-week-low on US-Russian talks and weaker demand
Dutch and British wholesale prices of gas held near four-week lows, as the market awaited the outcome of talks between the U.S.A. and Russia on how to end conflict in Ukraine. Strong renewables output also curbed demand. According to LSEG, the benchmark front-month contract for the Dutch TTF Hub was down 0.07 euros at 47.65 Euro per Megawatt Hour (MWh), which is $14.60/mmBtu by 0913 GMT.
The IEA reports that Russia's oil exports increased to $15.8 Billion in January.
The International Energy Agency reported on Thursday that Russia's commercial revenue from crude oil and oil product sales in January increased by $900 millions from December, to $15.8 Billion, due to the higher oil prices, and stable export volume, despite sanctions. Early January, the United States announced their most comprehensive sanctions to…
Prices of EUROPE GAS are down from their two-year-highs, but storage issues remain
The Dutch and British wholesale prices of gas fell from their two-year highs, but the lower temperatures and concerns about storage levels were the main reasons. According to LSEG, the benchmark front-month contract for the Dutch TTF Hub was down by 1.21 euros at 57.05 Euros per Megawatt Hour (MWh), which is $17.25/mmBtu as of 0922 GMT. On Monday, the contract reached its highest intra-day level of 58.51 euro/MWh.
Prices rise for low LNG storage and concerns about prices
The wholesale gas prices in the Netherlands and Britain rose mostly on Tuesday morning as withdrawals from storage sites for gas and uncertainty about LNG supply continued to support. According to LSEG, the benchmark front-month contract for the Dutch TTF Hub increased by 0.78 euros to 48.50 euro per megawatt hour, or $14.70/mmBtu by 0914 GMT. The Dutch contract for the month of March was 0.93 euros higher, at 48.58 Euro/MWh.
OPEC and Saudi Arabia spare oil production capacity
A U.S. official stated on Tuesday that U.S. president Donald Trump would restore his "maximum-pressure" campaign against Iran and bring its oil exports down to zero. This would increase oil prices, and force others to pump even more. Saudi Arabia, the United Arab Emirates and Iraq, along with other members of the Organization of the Petroleum Exporting Countries (OPEC), hold the majority of the world's spare production capacity.
