EU wants more US gas and renewable energy to replace Russian supplies
The EU energy commissioner said that the EU will look to other countries, including the U.S., to supply more gas to replace Russian supplies and to expand renewable energy to reduce its reliance on fuel. In response to Moscow's invasion of Ukraine in 2022, the EU has committed to stop using Russian fossil fuels before 2027. Despite a decline in Russian pipeline gas supplies, the EU increased imports of Russian natural gas liquefied last year.
EU rules could overheat a gas market already on fire: Bousso
European policymakers who are worried about rising energy prices have already shot themselves in two feet. Two rules designed to manage the gas market of the region run the risk instead of overheating the market during the summer months, when stocks should be refilled. In response to the disruption of gas supplies caused by the Russian invasion of Ukraine, European Union set binding targets for the storage of gas in November.
The price of EUROPE GAS has increased by nearly 5% due to the cold weather forecast and supply from Norway
On Wednesday afternoon, Dutch and British wholesale prices for gas rose by nearly 5% due to colder weather forecasts and ongoing power outages in Norway. There was also concern about re-filling storage tanks in the summer. LSEG data shows that the benchmark front-month contract for the Dutch TTF hub rose 2.16 euros to 50.38 euros per Megawatt Hour (MWh), which is $15.35 mmBtu by 1440 GMT after briefly reaching 50.70 euros/MWh.
Prices of EUROPE GAS rebound due to a weaker wind and colder weather
The wholesale gas prices in the Netherlands and Britain rebounded Tuesday morning after falling on Monday, due to expected colder weather conditions and reduced wind output. The benchmark contract for the Dutch TTF hub at 0914 GMT was 0.67 euros higher, at 48.59 Euros per Megawatt Hour (MWh), while the contract for March was 1.52 Euros higher, at 48.45 EUR/MWh. The contract in Britain for March was 0.57 cents higher, at 119.39 cents per therm.
US NatGas Demand Could Hit Record High
U.S. spot natural gas and power prices soared to multi-year highs in several parts of the country with extreme cold expected to boost gas demand to a daily record high on Tuesday.Extreme weather has created havoc for power and gas markets in recent years as demand has come close to outpacing supply.In February 2021, a freeze in Texas killed more than 200 people and left millions without power…
Russia's proposed gas pipeline to Iran
The Russian President Vladimir Putin announced on Friday plans to build a pipeline to Iran that will eventually transport up to 55 billion cubic meters (bcms) of gas per year into the West Asian nation. Here are some background details about the cooperation between Iran, Russia and the gas sector. Iran is the second largest gas producer in the world after Russia. However, U.S. sanctions are preventing access to technology as well as slowing down gas exports.
Prices lower in Europe due to softer demand and higher renewables
Dutch and British wholesale prices of gas fell on Thursday, amid forecasts for higher wind and solar production and a softer demand. However, prices may be affected by changes in energy policy as Donald Trump assumes the U.S. presidency next week. According to LSEG, the benchmark front-month contract for the Dutch TTF Hub dropped by 0.80 euros to 46.20 Euro per Megawatt Hour (MWh) or $13.94 per mmBtu by 0933 GMT.
Germany's DET announces LNG Auctions at Two Terminals on February 4-6
Deutsche Energy Terminal's (DET) website announced that it would hold short-term auctions to determine the capacity for LNG regasification at its Wilhelmshaven, Brunsbuettel and Brunsbuettel terminals between February 4, 5, and 6. The pipeline gas supply from Russia into central Europe stopped on January 1, so some countries affected are now relying upon alternative supply routes, and more LNG is arriving in the region on ships.
Prices of Euro GAS are falling due to profit-taking
On Tuesday morning, Dutch and British wholesale prices for gas fell slightly after a rise of around 7% the previous day. According to LSEG, the benchmark front-month contract for the Dutch TTF Hub was down 0.40 euros at 47.85 Euros per Megawatt Hour (MWh), which is $14.38 /mmbtu by 0923 GMT. The Dutch March contract is down by 0.98 Euros at 47.62 euro/MWh. The day-ahead contract in Britain fell by 1,03 pence, to 122 pence/therm.
Germany's DET confirms Q1 bookings of LNG capacity at two terminals
The German company Deutsche Energy Terminal (DET), which operates the LNG terminals in Brunsbuettel and Wilhelmshaven, has announced that it successfully sold three LNG slots for each of its Wilhelmshaven locations for the first quarter of this year. The pipeline gas supply from Russia into central Europe ceased on January 1, so some countries affected are now relying on other supply routes and increased LNG deliveries. In an email, the company stated that "On Monday, Dec.
Venture Global Louisiana Plaquemines LNG Plant "on track"
U.S. liquefied natural gas (LNG) company Venture Global LNG's Plaquemines export plant under construction in Louisiana was on track to pull in enough natural gas on Friday to produce first LNG, according to data from financial group LSEG and energy analysts.Plaquemines was on track to pull in about 0.16 billion cubic feet per day (bcfd) of pipeline gas on Friday, up from 0.10 bcfd on Thursday and an average of 0.04 bcfd during the prior seven days…
US natgas exports to LNG plants are on track to reach a 9-month high
According to data provided by financial firm LSEG, the amount of gas going to seven large U.S. liquefied gas export plants is on track to reach a new nine-month record on Thursday. This was due to feedgas reaching multi-week records at a few plants. Energy market is concerned about feedgas flow to U.S. Liquefied Natural Gas plants, because in recent years exports were the largest source of growth for the gas industry. In 2023, the U.S.
Benchmark European Gas at its highest level in 10 Months due to geopolitical risk
The Benchmark front month contract at the Dutch TTF Gas Hub hit its highest intraday levels in more than ten months Thursday as the Middle East Conflict and reports that North Korean troops were ready to assist Russia in Ukraine kept the traders on edge before the U.S. Presidential election. According to LSEG, the contract for November deliveries reached 42.57 euros per Megawatt Hour (EUR/MWh), its highest intraday value since December 1, at 0945 GMT.
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. Moscow has used European ports for transshipment onto other vessels bound for Asia. Imports of Russian LNG were not banned.
Short-take: IEA predicts tight gas supply and record demand in 2025
The International Energy Agency (IEA), on Thursday, said that the world's gas demand would reach a record high in 2025, driven by Asia. However, delays in new liquefied gas (LNG), production, will limit supply. Why it's Important Gas demand in Europe fell dramatically in 2022-23, as prices rose after the Russian pipeline gas supply was cut off due to the conflict in Ukraine. The demand for LNG traded globally increased and Europe was in direct competition with Asian buyers.
Turkey's Botas talks to Iran's National Gas Company for long-term supply
The Turkish energy company Botas announced on Wednesday that they had been in talks with Iran's National Natural Gas Company NIGC about a long-term supply from Iran of natural gas to Turkey. Turkey consumes more than 50 billion cubic meters of gas each year. The country currently imports LNG from different suppliers and relies on a mixture of pipeline gas imported from Russia, Azerbaijan and Iran.
Hungary: EU is not doing enough to reduce Russian gas dependency
Hungary's chief energy security official on Wednesday criticised the European Union for failing to provide enough support in order to help smaller countries, which are landlocked, move away from Russian gas. Csaba Maresvari, Hungary’s deputy state secretary of energy security, said at the Gastech Conference in Houston that landlocked, smaller states like Hungary need more funding to reduce their reliance on Russian Gas.
After a 1-month low, the price of gas in Europe has seen a small increase.
The Dutch and British wholesale prices of gas traded slightly higher on Thursday morning, after having hit a one-month low the day before. This was due to full storages as well as a rising supply of liquefied gas (LNG), which offset fewer pipeline gas deliveries from Norway or Algeria. LSEG data shows that the benchmark front-month contract for the Dutch TTF hub rose by 0.60 euros to 36.25 Euro per megawatt hour or $11.78/mmBtu at 0838 GMT.
Lithuania Seeks Alternative Bids for LNG Import Terminal
Lithuania is seeking alternative bids from providers of floating liquefied natural gas (LNG) terminals to potentially replace its existing import terminal, operator Klaipedos Nafta said on Friday.The Baltic state leases a floating storage and regasification vessel (FSRU) from Norway's Hoegh LNG and has an option to buy it when the lease expires in 2024.The state-controlled Klaipedos Nafta said it had decided to seek alternative bids to make sure that it gets the best terms, a
Europe Remains Top Destination for US LNG
Europe last month remained the top destination for shipments of U.S. liquefied natural gas (LNG), according to Refinitiv data, outpacing exports to Asia for the second month in a row.About two-thirds of U.S. LNG volumes went to Europe last month, compared to around 61% in December when sky-high European prices and demand drove U.S. LNG exports to a record, Refinitiv data showed.In both months…
