The future EU energy chief says he will speed up the end of Russian gas imports
Dan Jorgensen wants to end the EU's dependency on Russian fossil fuels as soon as possible, he said at a Tuesday parliamentary hearing. Ursula von der Leyen, President of the European Commission, has given Jorgensen the task to lower energy prices in order to restore Europe's competitiveness as an industrial powerhouse.
EU Energy Ministers Discuss Ukraine Energy Crisis and Russian LNG
Officials said that EU energy ministers met on Tuesday in Luxembourg to discuss the rising Russian LNG imports into the EU, Ukraine's energy shortages before winter and how to equalize energy prices among member states. In June, the EU approved a 14th set of sanctions including a ban of transhipments of Russian Gas as of March of next year.
EU Energy Ministers Discuss Ukraine Energy Crisis and Russian LNG
Officials said that EU energy ministers met on Tuesday in Luxembourg to discuss the rising Russian LNG imports and Ukraine's energy shortages before winter, as well as how to balance energy costs across member states. In June, the EU approved a 14th set of sanctions including a ban of transhipments of Russian Gas as of March of next year.
Document shows EU countries want more transparency about Russian gas imports
In a letter to the European Commission on Monday, a group of EU member states including France and the Baltic States asked for tighter reporting requirements across the EU on Russian LNG imports. In June, the EU approved a 14th set of sanctions that included a prohibition on the trans-shipment of Russian LNG in its ports.
EU limits Chinese participation in hydrogen auctions by changing the rules
In a bid to reduce the EU's dependence on China for its renewable energy supply, new terms published by the European Union on Friday revealed that it had made changes to its rules regarding auctions of hydrogen grants. China is a major player in the solar and electric vehicle industries, and it has also become more competitive with European wind energy producers.
Envoy: EU sanctions now include financing of Russian battlefield products
The EU sanctions envoy stated on Wednesday that sanctions against financial institutions could be aimed at the military product flow to Russia, as well as products manufactured in Southeast Asia by Western subsidiaries. Since 2022, the EU has imposed extensive sanctions against Russia because of its invasion in full force of Ukraine.
Trafigura-Entara Consortium to Buy French Refinery
Rhone Energies, a consortium of commodity trader Trafigura and Entara LLC, has agreed with ExxonMobil's ESSO SAF to buy the Fos-sur-Mer refinery and Toulouse and Villette-de-Vienne terminals in France."Discussions with the relevant authorities are ongoing and the necessary authorizations are expected by the end of October…
Oil May Hit $100 but Volatility Will Grow, Say Energy CEOs
Benchmark oil prices could hit $100 a barrel and price volatility could also grow due to lower investments and the energy transition, the heads of top energy companies said on Tuesday."There is quite a chance to reach $100 but we could see again in the coming years some lows as we have been accustomed to volatility," TotalEnergies Chief Executive Patrick Pouyanne
Gunvor Returns to Profit in 2019
Energy trader Gunvor Group returned to profit in 2019 after its first net loss a year earlier, helped by record earnings in its U.S. division, and said business so far in 2020 remained strong.The Geneva-based firm, which reported a 2019 net profit of $381 million after a loss of $330 million in 2018…
Trafigura Takes a Bet with North Sea Oil
Commodities trader Trafigura has seized the moment and taken a rare dominant position in the North Sea crude market over the past two weeks as oil demand jumped, trading sources said.A combination of OPEC-led global production cuts, cheap freight rates, and oil stuck in floating storage sent…
Trafigura Merging China Oil Operations in New Shanghai Trading Desk
Swiss commodities merchant Trafigura plans to merge its three-year-old crude oil marketing office in Qingdao, in east China's Shandong province, with an oil desk being set up in Shanghai, according to three sources with knowledge of the matter.Trafigura earlier this year created a head oil trader position in its Shanghai office…
Is an Oil Market Recovery Underway? Energy Trader Mercuria Sees Positive Signs
Global oil markets are showing early signs of re-balancing after production cuts by OPEC and the United States, with the market's pricing structure indicating that storing oil on idle tankers may soon no longer be profitable, Mercuria Energy Group said.Oil futures are cheaper for nearby delivery than for a few months ahead…
Oil Traders Vie for Guyana Marketing Deal Despite Price Tumble
Guyana has attracted interest from several oil trading companies for a contract to serve as the marketing agent for the government's share of the country's crude, despite a plunge in global prices, four people familiar with the matter said.Oil major Royal Dutch Shell and commodities traders Gunvor…
European Refiners Leave Oil Cargoes On Water
A growing number of oil tankers across Europe have been unable to unload their cargo over the past month as refining demand crashes, turning them into de facto floating storage, according to shipping data and trading sources.European refineries have had to cut runs after measures put in place…
Oil Posts Biggest One-day Gain After Trump Touts Saudi-Russia Deal
Crude prices posted their biggest-one day gains on record on Thursday after President Donald Trump said he expects Russia and Saudi Arabia to announce a major oil production cut, and Saudi state media said the kingdom was calling an emergency meeting of producers to deal with the market turmoil.Trump said he had spoken to Saudi Crown Prince Mohammed bin Salman…
Oil Storage at Sea Approaching Record Levels
Oil traders are storing as much as 80 million barrels of oil on tankers at sea, with further ships being sought as land storage sites fill up fast due to a global glut of stocks, shipping industry sources say.Traders rushed for storage after global oil demand collapsed by a third due to the coronavirus outbreak…
Trafigura, Phillips 66 to Build Deepwater Texas Oil Port
Global commodities trader Trafigura said on Friday it had formed a joint venture with U.S. refiner Phillips 66 to build a major deepwater port in Texas capable of handling supertankers, ditching its own competing project.The Bluewater Texas Terminal, which will be located 21 nautical miles east of the entrance to Corpus Christi port…
Coronavirus Spurs Oil Majors to Cancel IP Week Events
The list of parties at London's International Petroleum Week, one of the world's biggest oil industry gatherings, continues to shrink as hosts such as ExxonMobil and Azerbaijan's SOCAR cancel events due to the coronavirus, trading sources said. IP Week is a key oil traders' gathering that takes place every year in February. This year, it is scheduled for Feb.
Saudi Aramco joins oil blockchain platform Vakt
Saudi Aramco Energy Ventures has bought into blockchain-based trading platform Vakt with $5 million in new shares, Vakt said on Tuesday.Aramco Trading Co, a subsidiary of Saudi Aramco, will use the platform.The VAKT platform specializes in post-trade processing.
US Refiners Grab HSFO on Back of IMO 2020
U.S. refiners are scooping up cheap high-sulfur fuel oil for processing from Russia and the Baltic states as they take advantage of new shipping rules that have cut demand for the dirtier marine fuel, according to oil traders and shipping data.U.S. refiners Valero Corp, Chevron Corp and Phillips 66 have been buying HSFO…
