Prices of EUROPE GAS fall amid tentative market expectations for an end to the Iran war
Dutch and British benchmark gas prices fell early on Wednesday to their lowest level in nearly two weeks, following news of the U.S. initiative to negotiate an end to the war with Iran which has stopped around a fifth?of global oil and natural gas supplies. Intercontinental Exchange data showed that the benchmark Dutch front-month contract for the TTF hub had fallen by 4,44 euros to 49,60 euros per megawatt at 0855 GMT. The price of electricity briefly fell to 48.75 Euros/MWh (its lowest level since March 13). After hitting an intraday minimum of 123.00p/therm, the British contract for April dropped by 11.04 cents to 125.31p/therm. TRUMP SAYS US MAKING PROGRESS U.S.
Gas companies claim that Japan's demand for gas could fall if the war in Iran affects plastics supplies.
Gas company chiefs warned on Wednesday that Japan's gas consumption could fall if the war on Iran continues. Osaka Gas provides?gas? to factories. If these plants are forced into a production cutback due to a shortage of materials, Osaka Gas's sales of gas will fall, said Osaka Gas president Masataka Fujiwara at a press briefing. Tokyo Gas?also warned about the possible fallout of a naphtha shortage for manufacturers. Tokyo Gas President Shinichi SASAYAMA said in a separate press conference that any decision to reduce the activities of our customers, who use naphtha and other petroleum products for their manufacturing operations, could impact on Tokyo Gas' gas sales.
Mike Dolan: The ROI-Gulf War rattles the petrodollar Foundations
No matter what the outcome of this war is, the question for the Gulf's oil-rich economies will remain: "Is the U.S. umbrella worth the cost?" Since U.S., Israel and other countries launched attacks on Iran, on February 28, the Gulf's neighbours have been the most affected by the missiles and drones which followed. These weapons destroyed energy infrastructure and damaged economies. They also exposed the limits of a supposed U.S. umbrella. This reckoning has consequences that go 'far beyond the militaristic. The issue is the potential rethinking of the "financial" and "trade" ties that are at the core of their dollar-based economy…
China's coal-chemicals sector reaps the benefits as Iran war crushes its petrochemical rivals
China's coal-to-chemicals stock has risen by up to 30% since the Iran War began, as the industry?capitalizes on its ability to?turn domestic coal into petroleum and?other chemicals without relying upon shipments through Strait of Hormuz. The rise in oil prices due to Iran's close-to-closing of the Strait of Hormuz has been a boon to the coal-to chemicals sector. This industry has its roots in Germany during World War II and is almost unique. It transforms coal into petroleum products, gas, and other chemicals. Chinese coal prices are down despite the fact that the Gulf supply disruption has increased prices for chemicals, oil, and gas. Since the U.S.
Equinor CEO: EU unlikely to increase Russian Gas Imports
Anders Opedal CEO of Norway's Equinor said on Tuesday that the European Union is unlikely to increase Russian gas imports in order to offset Middle East supply disruption as long as Russia's 'war' with Ukraine continues. In an interview given at the CERAWeek conference in Houston by Opedal, the EU partnership with Ukraine was cited as a reason for the difficulty of bringing Russian gas to the region. Since the Russian invasion, the bloc has been Kyiv’s most staunch ally. It supports Ukraine’s efforts to maintain control over its territory. According…
Goldman Sachs warns that a shortage of fertilizers due to the Hormuz could increase grain prices.
Goldman?Sachs stated in a report published on Tuesday that disruptions to the nitrogen fertilizer supply via the Strait?of Hormuz may reduce global grain yields?and change planting decisions. This could lead to a rise in grain prices. The report stated that a shortage of nitrogen fertilizer may lead to a lower grain yield through suboptimal or delayed nitrogen application, and encourage farmers planting less fertiliser-intensive crops like soybeans. According to The Fertilizer Institute, in the U.S. where farmers can import as much as 50% of urea fertilizer some years, spring planting may be hampered by a supply that is around 25% below normal levels.
US shale companies unlikely to drill $100 per barrel unless prices remain high, executives claim
Shale executives?said that oil prices above $100 a barrelle would 'not trigger a meaningful increase in production in the U.S. unless the price remained high for a period of more than a year, at the CERAWeek conference?in Houston. This is troubling news for the consumers who have been hit by the energy 'crisis during the U.S. and Israeli war on Iran. Because they can produce crude oil relatively quickly, shale producers have helped the U.S. become the largest producer in the globe. They are also often relied upon to help fill any supply gaps. In recent years, however, shale oil companies have been more focused on returning capital back to shareholders than increasing output.
India orders the strengthening of its natural gas infrastructure amid shortages
India issued an order Tuesday to address obstacles in building and expanding its natural?gas?infrastructure, as it aims to 'diversify' its fuel supply in the face of disruptions on global energy markets due to the U.S./Israeli war against Iran. The conflict has caused disruptions in shipping and gas supply, including the close-to-closure of Strait of Hormuz which is?a conduit for 40 percent of India's crude imports. The Ministry of Petroleum and Natural gas said that the restrictions on liquefied gas (LPG), and natural gas, will continue for "a long time" because of damage to and shutdowns in Gulf liquefaction plants supplying India…
Industry executives warn that the global energy crisis is worsening; attempts to plug the supply gap are not enough.
Executives and oil ministers reaffirmed that the global energy crisis has worsened as emergency measures by governments around the world have failed to plug the huge shortfall of oil and gas caused by the U.S. and Israeli?war against Iran. Energy, fertilizers, and petrochemicals costs are rising as the world loses up to 20 million barrels of crude oil per day due to the Iranian closure of the Strait of Hormuz shipping chokepoint. The reduction of one fifth of global oil supplies and gas has had a rapid impact on economies and supply chains. United Airlines said on Tuesday that it could be forced to increase ticket prices up to 20%. The Philippines declared an energy emergency.
Australia announces $1.4 billion in support for Rio's Boyne Aluminium Smelter
Australia announced a?A$2 Billion ($1.40 Billion) over ten years to support Rio Tinto's Boyne Smelters, the country's second largest aluminium smelter. Federal Industry Minister Tim Ayres stated that the investment will be equally funded by both the federal government and Queensland's state governments. Rio Tinto will underwrite investment in energy assets. Rio Tinto announced in a separate press release that the initiative will help the Anglo Australian miner reduce emissions and maintain its competitiveness amid rising fossil fuel prices. The…
Venture Global CEO: We are working with critical LNG cargoes to ship globally
Venture Global, a liquefied natural 'gas exporter, is working with countries all over the world to 'help cover shortages of supply in the short term, said CEO Mike Sabel on Tuesday at.the CERAWeek conference in Houston. The world was reeling from the attacks on energy infrastructure during the U.S. - Israeli war against Iran. The price of oil and gas has risen following the closure of the Strait of Hormuz, and the attacks on energy infrastructure in the Middle East. QatarEnergy reported that a strike on its LNG plant knocked out up to 17% of the capacity, which could last for five years. This would threaten supplies to Europe and Asia.
Venture Global CEO: We have enough LNG to last for a long time.
Venture Global, a liquefied natural 'gas exporter, is working with countries all over the world to deliver vital cargoes. CEO Mike Sabel made this statement on Tuesday - at the CERAWeek conference in Houston. The world was reeling from the attacks on energy infrastructure during the U.S. - Israeli war against Iran. The price of oil and gas has risen following the closure of the Strait of Hormuz, and the attacks on energy infrastructure in the Middle East. QatarEnergy reported that a strike on its LNG 'plant' has caused 17% of the capacity to be lost for up to 5 years. This could threaten supplies to Europe and Asia. Venture Global is America's second largest LNG exporter.
CERAWEEK - Kuwait oil CEO claims Iran is "holding the world economy hostage"
Kuwait Petroleum Corporation CEO said that emergency measures taken to ease the disruption in energy?supply due to the U.S. and Israeli war 'on Iran' are "not even a smidgen" compared with normal oil and natural gas exports from the Middle East Gulf. Kuwait, Saudi Arabia, United Arab Emirates and Iraq were forced to reduce crude oil production by millions of barrels after Iranian drone and missile attacks on infrastructure in the region as well as ships trying to cross the Strait of Hormuz. Analysts call the disruption of global oil and natural gas supplies "the worst ever" as oil prices rise over $100 per barrel.
Venture Global CEO: We have enough LNG to last for a long time.
Venture Global, a liquefied natural gas exporter, has sufficient?short-, medium- and longterm supplies. It is also working with countries all over the world to deliver vital cargoes. This was CEO Mike Sabel's statement on Tuesday, at the CERAWeek conference in Houston, Texas. The markets have been thrown into chaos following the U.S./Israeli war against?Iran in which some LNG producing facilities in the Middle East were severely damaged. Venture Global is the U.S.'s second largest LNG exporter. Venture Global has stated that 31% of its production this year was not sold under long-term agreements…
Shell CEO warns that energy shortages could occur in Europe by the end of next month.
Shell CEO Wael Sawan warned on Tuesday that energy shortages in Europe could occur by the end of next month. Sawan added that Shell is working with governments in order to address the energy crisis. This includes storage and purchasing. Sawan said that the Middle East conflict has already impacted jet fuel supplies. Diesel and gasoline will follow as the summer driving season begins in Northern Hemisphere. The war has caused major damage to energy facilities, and shipping through the Strait of Hormuz was nearly stopped. This area is responsible for 20% of all global oil and LNG flows. South Asia took the brunt of it first.
Modi and Trump discuss the importance of keeping Strait of Hormuz Open
?Indian PM Narendra Modi, and?U.S. In separate posts on X, U.S. Ambassador to India Sergio Gor, and Modi, said that President Donald Trump called him on Tuesday, discussing the'situation in the Middle East', including the importance of maintaining the Strait of Hormuz. It was the first time the two leaders had spoken since the U.S., Israel and Iran launched coordinated attacks against Iran on February 28. India supports the de-escalation of tensions and restoration to peace as soon as possible. Modi wrote in his blog that it was "essential" for the world to ensure the Strait of Hormuz remained open, safe?and accessible.
Gulf Stocks Mixed amid Confusion over US-Iran Talks
Gulf markets closed mixed on Tuesday. Qatar?extended losses, while other bourses stabilized as investors parsed contradictory signals about potential U.S.Iran 'talks. The mood was volatile when U.S. President Donald Trump delayed attacks on Iran's energy infrastructure and spoke of "productive" talks to end the U.S.-Israeli conflict with Iran. But Tehran dismissed this comment as "fakenews". Semafor, citing an official from the United States, reported that the U.S. would continue to strike Iran. The pause, however, only applied to energy sites. The report said that Israel was not included in Washington's contact with Tehran.
Russell: The war fuel crisis in Iran gives electric vehicles a boost for the long term.
The U.S. president Donald Trump is known for his support of fossil fuels. However, the war on Iran will likely result in an acceleration of energy transitions, particularly in Asia. Retail fuel prices have risen rapidly in the world's fastest-growing and most populous region since the U.S.-Israeli aerial campaign against Iran began on February 28. In Australia, for example, the cost of a litre?diesel has reached a record high of A$3 ($2.09), having risen by around 36% since "the war" began, while gasoline prices in Japan have risen by 18%. The countries that control fuel prices are now struggling with the availability of fuel…
Venezuela will owe Eni $3.3 billion by the end of 2025 according to an annual report
Eni owed Venezuelan oil company PDVSA $3.3 billion at the end of last year. This included around $1 billion in accrued interest. The Italian company revealed this in its annual report. Eni and Spanish oil firm Repsol produce gas in their jointly-owned Perla offshore project - the only offshore gas project active in Venezuela. The output is purchased by PDVSA, primarily for power generation at home. Venezuelan group defaulted on its payments and accumulated debts to Eni and Repsol. These companies were unable to get in-kind payments from PDVSA due to tightening U.S. sanctions.
Equinor begins drilling in Brazil's Raia and plans to explore the Santos Basin by 2027
Equinor's top executive in Brazil said that the Norwegian company has begun drilling for the offshore Raia natural-gas project in Brazil. It is also planning new 'exploratory activities in Brazil. Equinor Brazil Country Manager Veronica Coelho said that the project in Campos Basin is expected to begin production by 2028. It will?ultimately supply around 15% of Brazil's gas domestic demand. Coelho stated that Brazil was the second most popular country in which we invested after Norway. The $9 billion Raia Project is expected to?produce 16 million cubic meters of gas and 126,000 barrels?of oil and?condensate?per day.