Prices rise on increased demand for electricity and uncertainty about Russian flows
Dutch and British wholesale prices for gas rose on Friday, as a result of a surge in demand from power plants and a decrease in wind speed. There is also uncertainty over Russian gas supplies to Europe due to the imminent end of the Ukraine transit agreement. The benchmark contract for the Dutch TTF hub rose by 0.30 euros to 43.58 euro per megawatt-hour (MWh), which is $13.68/mmBtu by 0955 GMT. Meanwhile, the contract for the next day was up 0.75 euros at 43.40 euro/MWh.
NW Europe Fuel oil Imports at 3-year High
A rush to replenish scarce supply of high-sulphur fuel oil (HSFO) pushed Northwest European imports of residual fuel oil to their highest in three years in November, analysts told Reuters.The Amsterdam-Rotterdam-Antwerp (ARA) area, Europe's main trading and refining hub, received around 450,000 barrels per day (bpd) of all types of fuel oil in November, the highest monthly volume since November 2021.That compared with an average of 332…
In 2025, the global diesel price will be supported by refinery closures
Analysts and traders said that the global diesel market would likely see a price boost in 2025 due to the closing of around 1% of the refining capacity. This will offset the current weakness of the market and the structural downward pressure caused by the shift towards cleaner fuels. Markets end 2024 in a shaky state, despite the peak season demand. Margins in key energy hubs around the world, such as Singapore…
US Diesel Exports to ARA Set to Rise
Diesel shipments from the U.S. Gulf Coast to Europe's main trading and refining hub, the Amsterdam-Rotterdam-Antwerp (ARA) region, are set to rise owing to improving export margins on the back of scarce supply in Europe and rising U.S. refinery production, according to traders and ship tracking data.Europe is seeking higher transatlantic diesel imports, as weaker export margins for shipments from east of Suez slowed flows on that route in the last two months.
Document shows that the EU Commission has set a 50% storage target by February 2025.
The European Commission announced on Friday that Europe had set a target to have its gas storage 50% full by February 1, 2025. This is to ensure supply security amid cold weather forecasts and fears of Russian gas disruption. It is important to ensure that the gas supplies of the EU do not fall too low during the winter months, and that the supply remains stable in light of the end expected for Russian gas to Europe via Ukraine's transit route.
Prices for gas in Europe are not much different despite the cold weather forecast
Analysts said that the Dutch and British wholesale prices of gas were not much different on Thursday, but could rise due to forecasts for colder weather conditions and reduced wind speeds. By 0922 GMT, the benchmark front-month contract for the Dutch TTF hub had fallen by 0.10 euros to 46.41 Euro per megawatt hour or MWh (or $14.60/mmbtu). The Dutch day-ahead contract fell 0.20 euros, to 46.40 Euros/MWh. The day-ahead contract in Britain fell 1.15 pence, to 115.27 pence per therm.
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…
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.
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.
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.
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.
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…
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…
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.
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
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 to contain the coronavirus outbreak crushed fuel demand.More than 25 tankers with roughly 18 million barrels onboard were anchored near European ports…
Europe Looks for Gas as Groningen Folds
Europe’s energy landscape will be completely changed once the Dutch shut down the largest gas field on the continent years ahead of schedule, according to Rystad Energy.The Netherland recently announced that production at Groningen – Europe’s largest gas field – will be halted in 2022, eight years earlier than initially planned. However, despite the ambitious target of decommissioning the field by 2022…
Gulf Marine CEO Quits in wake of Profit Warning
Gulf Marine Services said on Wednesday Chief Executive Officer Duncan Anderson has resigned as the oilfield industry contractor warned a reassessment of its ships and contracts showed profit would fall this year, kicking its shares 12% down.The Abu Dhabi-based offshore services specialist said a review by new finance chief Stephen Kersley of its large E-class vessels operating in Northwest Europe and the Middle East pointed to 2019 core earnings of between $45 million and $48 million…
Neste Launches IMO 2020 Compliant Fuel
Finland-based refiner Neste Corporation will begin to sell a low-sulfur marine fuel in northwest Europe in the fourth quarter of 2019.From January 1, 2020, the International Maritime Organization (IMO) will enforce a 0.5% global sulfur cap on fuel content for areas currently with 3.5% limit.In these areas, all vessels will be required to use fuel with a maximum sulfur content of 0.5%, unless they use exhaust…
Elengy LNG Terminal Hit Records in 2018
Elengy, a unit of the French energy company and LNG player Engie, reported record activities at its liquefied natural gas (LNG) terminals during 2018.The French LNG operator said in a press release thatits Montoir-de-Bretagne terminal also reached a number of milestones during the year. Elengy and its subsidiary Fosmax LNG berthed 215 vessels at its facilities, with 106 TWh of natural gas delivered to the transmission network…
