EUROPE GAS prices hit an all-time high amid cold weather and supply concerns
Dutch and British wholesale prices for gas hit an intraday record on Thursday, amid concerns about the Russian storage and supply inventories falling below last year's levels and a forecast of cold weather. LSEG data show that the benchmark front-month contract for the Dutch TTF hub had risen 0.86 euros to 47.67 euros a megawatt hour at 1012 GMT. This was a new intraday high. The British day-ahead contract increased 2.15 pence, to 119.25 pence per thermo, the highest intraday levels since November 2023. Analysts at Engie’s EnergyScan stated in a morning report that "concerns about EU gas stock...
Prices of EUROPE Gas are lower as Middle East Risk Premiums recede
Dutch and British wholesale prices of gas fell on Monday, as the market reduced its Middle East premium following Israel's weekend retaliation attack against Iran and forecasts for milder weather. LSEG data shows that the benchmark front-month gas contract at Dutch TTF hub dropped by 1.25 Euros to 42.25 Euros per megawatt hour by 0915 GMT. The front-month contract in the British market fell 2.75 pence, to 107.25 p/therm. And the day-ahead was down by 1.75 pence. Analysts at ING said that gas prices could trade lower today, as the markets are of the opinion that the Middle East may deescalate following the events over the weekend.
EUROPE GAS-Prices trade at narrow range amid mild weather forecast and low demand
Dutch and British wholesale price rose slightly, but were contained to a small range on Monday morning due to lower demand. LSEG data shows that the benchmark front-month contract for the Dutch TTF hub increased by 0.87 euros to 40.22 Euro per megawatt hour at 0934 GMT. The contract for December was 0.25 euros higher, at 40.00 Euro/MWh. The day-ahead contract in the British market was up 2.25 cents at 98.50 pennies per therm. LSEG data shows that the average temperature in Northwest Europe was 4 degrees Celsius higher than the normal seasonal average. The weather will remain mild through October.
Alcoa and Ignis are close to signing a joint funding agreement for Spain's aluminium plant
Alcoa announced on Wednesday that it is "progressing", towards a strategic agreement of cooperation with the Spanish renewable energy company Ignis, to fund the operations of the U.S. Metal Producer's aluminum plant in northwest Spain. Alcoa announced that the proposed agreement would see Alcoa contribute 75 million Euros ($81 million), and Ignis make an initial 25 million Euro investment, giving Ignis 25% ownership of San Ciprian in Galicia. Alcoa, based in Pittsburgh, Pennsylvania, said it would provide up to 100 million more euros if needed, prioritizing future cash flows. Alcoa will share any additional funding with Ignis in a 75-25 split.
Canada regulator suspends Imperial's application to extend Norman Wells oil permits
The Canada Energy Regulator announced on Tuesday that Imperial Oil has put its application to extend life of the remote Norman Wells oil-and-gas facility in Canada's Northwest Territories on hold until a report on environmental assessment is completed. The Norman Wells site is located on nine islands, both natural and artificial in the Mackenzie River (Canada's longest river) and near the town of Norman Wells. Imperial, owned by Exxon Mobil Corp., requested last year that its Norman Wells Operating Permit, due to expire Dec. 31, 2024, be extended by an additional 10 years.
The UK has committed up to $28.5 billion for carbon capture projects
The government announced on Friday that it will invest up to 21.7 billion pounds (up to $28.5 billion) in 25 years for the development of carbon capture and storage technology to reduce emissions from energy, industry, and hydrogen production. Britain has set a target of achieving net zero emissions in 2050. CCS is needed to reduce emissions from industries that are energy-intensive and to create jobs. In a press release, Chancellor of Exchequer Rachel Reeves stated that "this game-changing technology" will bring 4,000 jobs to communities in Merseyside & Teesside as well as billions of dollars of private investment.
Britain has pledged up to 21,7 billion pounds for cleaner energy
The government announced on Friday that it will invest up to 28.46 billion pounds (21.7 billion pounds) in the development of carbon capture and storage and hydrogen technology for northern England. Britain has set a target of achieving net zero emissions in 2050. CCS is needed to reduce emissions from industries that are energy-intensive and to create jobs. The Chancellor of Exchequer Rachel Reeves stated that "this game-changing technology" will create 4,000 jobs in communities in Merseyside, and Teesside. This will ignite growth in these industrial corelands and power up the rest the country.
The price of gasoline in Europe is rising due to concerns about Middle East tensions
Dutch and British wholesale prices of gas edged up on Monday morning due to concerns about the Middle East conflict escalation. Israel is increasing its attacks on Lebanon and Yemen. However, strong storage inventories limited further upside potential. LSEG data show that the benchmark front-month contract for the Dutch TTF Hub was up 0.77 euros at 38.88 Euros per Megawatt Hour (MWh), which is $12.68 mmBtu by 0823 GMT. The contract for November was up by 0.50 euros, at 39.15 Euro/MWh. The front-month contract on the British market was 1,76 pence more expensive, at 39.50 cents per therm.
Cuba and Florida prepare for Tropical Storm Helene's impact
The U.S. National Weather Service reported that Tropical Storm Helene will cause mudslides, flooding and major hurricane-like conditions in Cuba. It is then expected to reach major hurricane status on Thursday when it reaches Florida with a life-threatening ocean tide. The National Hurricane Center in Miami said that Helene was moving northwest at a speed of 45 mph with sustained winds up to 72 kph. Forecasters say Helene is expected to strengthen rapidly over the warm waters of Gulf of Mexico, resulting in a major hurricane with winds up to 115 mph. State and national authorities in the U.S.
Palm oil gains for the third consecutive session and logs a weekly gain
The price of palm oil in Malaysia rose for the third consecutive session on Friday, and also logged a gain over the week, thanks to the strength of rival Dalian contracts. However, lower crude oil prices and concerns about demand capped this rise. The benchmark palm-oil contract for December delivery at the Bursa Derivatives Exchange in Malaysia closed 72 ringgit or 1.86% higher, closing at 3,948 Ringgit ($940.00) per metric ton. After two weeks of falling prices, the contract rose 3.5% in this week's trading. Maybank Research analyst…
APA Mulls $1B Permian Assets Sale, say sources
APA Corp is exploring the sale of oil and gas drilling properties spread across parts of the Permian basin of Texas and New Mexico, in a deal that could be valued at about $1 billion, people familiar with the matter told Reuters.APA, which owns the properties through its Apache subsidiary, is working with investment bankers at RBC Richardson Barr and Truist Securities on the sale process, the sources said, requesting anonymity as the discussions are confidential.APA's move to offload the drilling sites comes as the Houston-based company looks to revamp its operations to focus on its shale operations…
Sources say that the owner of energy producer Maverick is interested in selling it for $3 billion.
According to sources familiar with the situation, the private equity owner of Maverick Natural Resources has been exploring the possibility of selling the U.S. oil-and-gas producer for a price that would be around $3 billion including debt. Sources said that the Houston-based exploration company, owned by the energy-focused investment group EIG, was working with Jefferies investment bankers on the sale process. They requested anonymity because the discussions were confidential. Sources said that potential buyers such as oil and gas producers, other investment firms would be required to assume nearly $800,000,000 of Maverick’s debt.
Equinor Increases Ownership in Linnorm Discovery
Equinor will acquire Shell’s equity in and operatorship of the Linnorm discovery in the Norwegian Sea. Under this agreement, Equinor will acquire a 30% interest in the PL 255 covering the Linnorm discovery, conditional upon taking over the operatorship from A/S Norske Shell. The deal is expected to close during the first quarter of 2024.The Linnorm discovery in the Norwegian Sea was proven in 2005 and is the largest undeveloped gas discovery on the NCS. Linnorm is estimated to contain around 25-30 billion cubic meters (bcm)of recoverable gas resources.
The Top 10 Offshore Wind Energy Trends to Watch in 2023
The drivers for global offshore wind growth look good for 2023. Global offshore wind is forecast to grow from over 60 GW at the end of 2022 to 240 GW by 2030 and over 410 GW by 2035. But the sunny outlook must be balanced with some building dark clouds. As we prepare for the new year, let us look at ten factors that will shape the offshore wind sector in 2023.1. Solid foundations: Optimism for the supply chain is founded on declared and inferred offshore wind deployment targets by a growing number of countries of over 400 GW, driven by energy transition and energy security policies.2.
Fortescue Assessing Green Ammonia Plant in Australia's Tasmania
Fortescue Metals Group said on Tuesday it was assessing prospects to build an ammonia plant in the southern island state of Tasmania, as part of its push to become a major renewable energy producer.The project would include a 250-megawatt hydrogen plant at the Bell Bay Industrial Precinct with green ammonia production capacity of 250,000 tonnes per year for domestic and international export, Fortescue said in a statement.Bell Bay is about 41 km (26 miles) northwest of the city of Launceston.The project is targeted for an investment decision by the Fortescue Board in 2021…
US Oil Exports to Europe Rebound
The United States has increased oil supply to Europe in July for the first month since May, making up for output cuts from OPEC+ members, according to traders and Refinitiv Eikon data.U.S. crude supply to Europe reached nearly 31 million barrels in July, according to Refinitiv Eikon data as of July 24. With crude prices back above $40 a barrel, U.S. producers have rushed to claim market share while the Organization of the Petroleum Exporting Countries and allies, known as OPEC+, is still cutting supply drastically.U.S. supply to Europe peaked at 35 million barrels in April before falling to 24 million and 27 million in May and June, respectively.
Oil in Floating Storage More Than Doubles in a Month
The volume of key oil products held in floating storage around the globe has more than doubled in the past month to about 68 million barrels, according to data from oil analytics firm Vortexa.The figure, which includes gasoline, diesel and jet fuel as of April 22, compares with around 30 million barrels in the previous month, Vortexa said.With available space on land storage tanks scarce, traders around the world have been rushing to book tankers of different sizes to store oil products as lockdowns around the world to tackle the coronavirus pandemic hammer oil demand.Floating storage has increased in northwest Europe, the Mediterranean, the Gulf of Mexico, Fuja
Equinor Finds New Oil Near North Sea Fram Field
Equinor and partner Wellesley report discovering oil in the Troll and Fram area in exploration wells 35/10-7 S and 35/10-7 A in the Toppand prospect. Preliminary calculations of the expected size indicate between 3.3 and 5.2 million standard cubic meters of recoverable oil equivalent, or around 21–33 million barrels of recoverable oil equivalent.“Our exploration activity is central for our ambitions at the Norwegian continental shelf. We are pleased to see that our success in the Troll- and Fram area continues. We also regard this discovery to be commercially viable and will consider tying it to the Troll B or Troll C platform.
VIDEO: One-on-One with Pieter van Oord, CEO, Van Oord
Pieter van Oord is candid in discussing the future growth of his storied company’s activities in offshore wind with specific insights on challenging current jobs, Van Oord’s recent order of a massive and groundbreaking Wind Turbine Installation Vessel, and the company’s future working in the United States.Pieter, to start, can you give a ‘By the Numbers’ look at your company today using the metrics of your choice?Well, 2021 was a disappointing year for us. As we said in our annual report, it was ‘a year with two faces.’ We had to report a loss for the first time in a long time in our company…
2023 Outlook: The Offshore Service Vessel Market
The market for offshore support vessels has been through a rather rough few years since offshore exploration and production activity took a nose-dive in 2015 following the oil price crash the year before.The newbuild order boom that came with the ever-greener pastures imagined in the industry ensured that not only was the supply- and demand balance off by an insurmountable degree in the years that followed, but at its peak, in 2017, the oversupply of anchor handling tug supply- and platform supply vessels was in excess of 30% more…
