EU pools companies' requests to buy more non Russian gas
In the coming weeks the European Union will begin pooling the demand for gas from European companies, said its energy commissioner, as it attempts to accelerate its efforts to phase-out Russian energy. The EU is currently negotiating proposals that would ban all Russian gas and oil imports by the end of January 2028. Last week, sanctions were adopted to ban Russian gas liquefied earlier, in January 2027. This will force countries that still receive Russian gas to terminate their contracts and find alternative suppliers.
Indian refiners pause new Russian oil orders, await clarity, sources say
Sources told Reuters on Tuesday that Indian refiners had not placed any new orders to purchase Russian oil since the sanctions were implemented, because they awaited clarification from both the government and their suppliers. Sources who declined to be identified because they were not authorized to speak with the media said that some refiners use the spot market to meet their crude needs. Sources claim that Indian Oil, a state-run company, has published a tender to purchase oil. Meanwhile Reliance Industries increased its purchases on spot markets.
Next week, Orban will meet with Trump to discuss oil sanctions
Peter Szijjarto, the Foreign Minister of Hungary, said that Viktor Orban would discuss U.S. Sanctions on Russian Oil Companies and other topics when he meets Donald Trump next week in Washington. Trump, an ally of Hungary's leader, has imposed sanctions against Russia for the very first time during his second term. He targeted Rosneft and Lukoil, in order to press Moscow into a ceasefire agreement in Ukraine. Trump's decision has raised questions for Hungary, Slovakia and other European Union countries that are the largest buyers of Russian crude oil.
EUROPE GAS-European gas prices rangebound amid softer demand
Gas prices in the Netherlands and Britain traded within a narrow range Tuesday morning as temperatures remained stable and heating demand was lower. The supply of LNG and Liquefied Natural Gas (LNG), as well as that from Norway, remained stable. LSEG data shows that the benchmark Dutch front-month contract was up 0.10 euros at 31.65 Euro per Megawatt Hour (MWh), which is $10.78/mmBtu at 0934 GMT. The Dutch day-ahead contracts was up by 0.23 euros at 31.71 Euro/MWh. The British gas front-month contract dropped 0.05 pence, to 79.05 p/therm.
German wind downturn boosts spot prices
The European immediate prices were lifted on Tuesday by the expectation of a sharp decline in German wind energy generation. This will turn the country into an importer the next day. The German signal is positive. LSEG analyst Xiulan Xiulan said that wind supply has decreased significantly. He also cited rising German demand. LSEG data shows that the French baseload price for the day was 69 euros ($80.47 per megawatt-hour (MWh) as of 0740 GMT. This is a 39.4% increase. The German day-ahead range was 119-124 Euros/MWh, with a closing price of 63.3 Euros.
Minister of Industry: Japan will act in its national interest regarding Russian energy
When asked on Tuesday about Russian energy imports, Japan's trade minister Yoji Muto responded that the country would act in its own national interest while maintaining close coordination and cooperation with the international community. Scott Bessent, U.S. Treasury secretary, said that he had told Japanese Finance Minister Katsunobu Kato last week that the Trump Administration expects Japan will stop importing Russian Energy. U.S. president Donald Trump will visit Asia in the second half of this month.
EU agrees to end Russian gas imports gradually by January 1, 2020
The Council of the European Union reported that the EU energy ministers backed on Monday the proposal to eliminate Russian gas and oil imports into the EU by January 2028. At a meeting held in Luxembourg, the ministers approved plans that would gradually phase out all new Russian gas import agreements from January 2026. Existing short-term agreements will be terminated in June 2026 and long-term arrangements in January 2028. The law has not been finalized. The final rules must be negotiated between the EU countries and the European Parliament.
Sources say that Western pressure will affect Asian purchases of Russian oil in December.
U.S.-European pressure on Asian buyers could limit India's oil purchases from December. This would lead to cheaper supplies in China. However, Japan is unlikely to stop its Sakhalin LNG shipments at this time, according to trade sources and analysts. Washington has been exerting pressure through trade negotiations on China, India, and Japan to reduce their purchases Russian oil and LNG. Meanwhile, Britain just imposed sanctions against Chinese and Indian entities. The European Union may impose more sanctions. Western nations claim that Moscow uses its energy revenue to fund the Ukraine conflict.
US, UK Ramp Up Pressure on India to Stop Russian Oil Imports
Western powers have ramped up pressure on Russia's oil sales amid its war with Ukraine as U.S. President Donald Trump said India would stop buying and Britain imposed sanctions on top Russian oil firms.Ukrainian President Volodymyr Zelenskiy is schedule to meet Trump in Washington on Friday to push for military and energy support at a time when Kyiv and Moscow are escalating the war with attacks on energy infrastructure.Indian officials are also in Washington for trade talks, with the U.S.
Turkey Maintains Russian Oil Imports in October
Turkey is set to maintain its imports of Russian Urals crude oil in October at around 280,000 barrels per day (bpd), unchanged from September, according to LSEG shipping data and market sources.October exports to Turkey may even surpass September's volume as additional cargoes are confirmed later in the month, reflecting Turkey’s continued demand for Russian barrels, two sources involved in Russian oil trade said.U.S. President Donald Trump has been increasing pressure on major Russian oil buyers…
Spain's gas infrastructure is ready for a faster Russian LNG ban. CEO of the company says
Enagas, the Spanish gas grid operator, is prepared to ban Russian Liquefied Natural Gas by 2027 in case the EU moves up its phase-out date to this date. This was stated by Arturo Gonzalo, CEO of Enagas. The EU is currently negotiating legal proposals that will end Russian gas and oil imports in January 2028. Sanctions would also ban Russian LNG one year earlier. This is part of Brussels' efforts to deny the Kremlin revenue to fund its Ukraine war. Gonzalo stated in an interview that he thought a ban on Russian LNG by 2027 was feasible from an infrastructure perspective.
US Sanctions on Iranian Oil Target Sinopec
The latest U.S. sanctions on Iranian petroleum exports deal a blow to Chinese refining giant Sinopec by targeting a terminal through which the state major handles one-fifth of its crude oil imports, industry executives and analysts said.The sanctions announced on Thursday further complicate U.S.-China relations, coming ahead of planned talks between Presidents Donald Trump and Xi Jinping later this month.The move follows China's decision to tighten controls on rare earth exports and…
China builds oil reserves in response to a stockpiling campaign
China has been building oil reserves at an accelerated pace as part of its campaign to increase crude stocks. This urgency increased after Russia's invasion of Ukraine disrupted global energy flows. It also accelerated in this year according to traders, industry experts and public data. According to sources such as domestic news, government reports, and company websites, state oil companies like Sinopec and CNOOC are planning on adding at least 169,000,000 barrels in storage over 11 sites between 2025 and 2026. Sources indicate that 37 million barrels have been built.
VEGOILS - Palm posts weekly gain and snaps three-week loss streak
Malaysian palm-oil futures ended a three week losing streak on Friday by posting a weekly gain. Short coverings supported the market while concerns about weak demand in India weighed. At the close, the benchmark palm oil contract on Bursa Derivatives Exchange for December delivery fell by 4 ringgit (0.09%) to 4,442 Ringgit ($1,056.11) per metric ton. The contract increased by 1.05% in the past week. A Kuala Lumpur based trader reported that the price of crude palm oil traded higher due to short coverings.
Slovakia's Fico wants to find a 'common ground" with the US over Russian energy supplies
Robert Fico, the Slovak prime minister, said that Slovakia expected to find "common grounds" with the United States following pressure to stop Russian energy purchases. He defended receiving supplies in Moscow. The European Union wants to isolate Russia in anticipation of its invasion of Ukraine in 2022 and has halted purchases of Russian fuel, which could provide revenue for the war. Donald Trump, the U.S. president, has said that he also wants to see an end to Russian energy purchases by the European Union.
Russia downgrades gas exports, production outlook
Russia's forecasts for 2025 gas and oil exports have been lowered, while projections on oil exports have increased. The fallout of its conflict with Ukraine as well as its strained relations with the West continue to impact the energy sector. While Russia's economy is still thriving despite the sanctions, signs of stress are appearing in several industries. Gazprom, the state-owned gas exporter, suffered losses of nearly $7 billion in 2023. This was its first loss since 1999 due to a breakup with the European Union. Russian gas is now only 18% of European imports. This is down from 45% by 2021.
Head of industry association says that Canada's oil supply is not as reliable as Japan's, but the Canadian market is still tough.
The head of an industry association in Japan said that Japanese refiners need to diversify their supply sources, as 95% its crude oil imports are from the Middle East. However, importing Canadian oil may be difficult due to its heavy nature. According to two sources who are familiar with the issue, Canada's largest oil-producing province, Alberta, is considering investing in Japan's refinery sector as a way to reduce its dependence on the United States for oil exports. The sources…
Poland Urges EU Members to End Russian Oil Imports by 2026
Poland has urged European Union member states that are still buying Russian energy to end those imports by the end of 2026 and will offer them help towards that effort, Energy Minister Milosz Motyka said on Wednesday.The Druzhba oil pipeline delivers Russian oil to Hungary and Slovakia, which continue to buy energy supplies from Russia after other EU nations cut ties following Russia's full-scale invasion of Ukraine in 2022.The European Commission will propose speeding up the phasing out of Russian fossil imports, the EU executive head Ursula von der Leyen said on Tuesday after a call with U.S.
Sanctioned Russian Oil Vessel Switches to Indian Port after Adani Group Ban
Sanctioned vessel Noble Walker carrying Russian oil has changed course to India's Vadinar port after the country's Adani Group banned entry of blacklisted ships at its Mundra port, ship tracking data showed on Monday.The Noble Walker, carrying about a million barrels of Russian crude for Indian refiner HPCL Mittal Energy Ltd, was until Friday headed to Mundra, according to shipping reports and data from LSEG and Kpler.The vessel has been blacklisted by the European Union and Britain for breaching sanctions in transporting Russian oil.HMEL did not respond to a Reuters email seeking comment.
Prices for EUROPE GAS are on the decline due to increased wind and LNG supplies
Dutch and British wholesale prices of gas fell on Friday morning, as a higher wind output is expected to begin Monday. Also, the supply of liquefied gas (LNG), was also increasing. LSEG data shows that the benchmark Dutch front-month contract for the TTF hub fell by 0.33 euros to 32.05 Euro per megawatt hour at 0815 GMT. The contract for November was lower by 0.23 euros at 32.94 euro/MWh. The British gas prices for the weekend were down 0.50 pennies at 78.50 penny per therm. According to LSEG, the wind generation in North-West Europe will be 60% higher on Monday than it is today.