Baker Hughes' drilling equipment company HMH is valued at $815m amid market turmoil
HMH Holding, a provider of drilling equipment, was valued at 815 million dollars?after its shares dropped 5.5% on Wednesday in its Nasdaq début?amid fragile sentiments and persistent geopolitical uncertainties. Houston-based Akastor, a joint venture between Norway's Akastor and oilfield services firm Baker Hughes, has pushed forward with its long-sought New York IPO despite the Middle East conflict boosting oil prices. Brent crude futures are up 67% in the last year, but they were down 1.9% on Wednesday. Lukas Mühlbauer, Research Associate at IPOX, said: "Listing now can be beneficial because investors pay more attention to energy-related?names.
Egypt increases local wheat purchase price in a bid to shore up its reserves
Egypt's finance minister announced a 2,500 pound ($46.76), per 150 kg?ardeb, increase for the harvest of this year. The move is part of a broader effort to increase the stocks?of strategic commodities in response to the Iran War. The wheat price range was previously fixed between 2,250-2350 pounds, depending on the quality. Ahmed Kouchouk, Finance Minister, did not specify if the same range would apply during harvest which is due to begin in two weeks. At the same press conference as the Prime Minister, Mostafa?Madbouly stated that Egypt's strategic goods reserves - including wheat, vegetable oil, corn, oil, and?gas- were sufficient to meet six months of need.
Gas prices in Europe fall after Trump announces US withdrawal from Iran War
The benchmark Dutch and British wholesale gasoline prices dropped 'on Wednesday afternoon, after U.S. president Donald Trump said the United States would end their war against Iran 'fairly soon. But could return for "spot strikes" if necessary. ICE data revealed that the benchmark Dutch front-month contract for TTF hub had fallen 6.81% to 47.30 euros (MWh) or $16.16/mmBtu by 1612 GMT. ICE data showed that the British April contract had fallen by 6.57% to 119.69 pence/therm. When asked when the United States will consider the Iran War over, Trump replied: "I can't tell exactly... Trump said that he would also?state in an address to the nation at primetime, scheduled for 9 p.m.
Russell: The war between Iran and the ROI is both a boon and a danger to Australia's LNG.
The U.S.-Israeli war against Iran changed the global market of?liquefied gas (LNG), giving a boost to the producers outside the Middle East. This boost will likely last for many years after the conflict ends. Australia is one of the biggest beneficiaries, having last year dropped to third place in the world for super-chilled fuel exports behind the United States of America and Qatar. The 'effective closure of the Strait of Hormuz' has stopped Qatar from exporting?LNG, which means that it is likely to lose its second place this year back to Australia, even if the waterway is reopened and shipments resume. Asian spot prices are a short-term boost for Australia's LNG producers.
Russia claims that OPEC+ monitor panel will likely discuss oil price increase
?Russian foreign?ministry? said?on?Wednesday that it expects OPEC+ to discuss the recent increase in oil prices at its meeting on April 5th. Brent front-month futures have hit a'record gain' of 64% for the month of March according to LSEG data going back to June 1988. U.S. benchmark West Texas Intermediate has risen by around 52% this month. This is its largest jump since May 2020, due to Iran's war. On Sunday, the 'Joint Ministerial Monitoring Committee of OPEC+' will hold an online meeting. OPEC+ (OPEC+ includes Russia) and its allies had agreed to maintain production in the first quarter 2026 and resume increasing supplies by April.
Energy officials in Thailand say that Thailand wants more LNG from Malaysia
Thai energy officials said on Wednesday that Thailand actively seeks additional 'LNG' supplies from Malaysia due to disruptions caused by the Middle East conflict. Watcharin Boonyarit said that Thailand will need to diversify its LNG supply, which is estimated to be between 5% and 10%. He was speaking on the sidelines at the Offshore Technology Conference held in Kuala Lumpur. He said that "roughly two to three LNG ships arrive from the area each?month" and added that these?shipments will need to be replaced in the future if the crisis continues, for example through spot market purchases. Watcharin confirmed that talks are in progress with Petronas.
Data shows that Russia exported more LNG to Europe in the first quarter.
The first quarter of 2026 saw Russia export more liquefied gas than it had a year earlier. Shipments to Europe increased despite Moscow's efforts to "redirect" supply away from the region. LSEG preliminary data on Wednesday showed that LNG exports grew by 8.9% in the past year to 8,6 million metric tonnes. U.S. sanctions on Moscow for the Ukraine conflict has restricted Russian LNG exports. This is especially true at the Arctic LNG 2, where operations are being hindered due to a lack of buyers. The Arctic LNG 2 plant supplied around 800,000 tons of LNG during the first quarter of this year. This helped to increase overall Russian LNG deliveries.
Shell is in advanced talks with Venezuela about more gas fields, sources claim
Shell has advanced discussions with Venezuelan government about developing four large areas in the vicinity of Trinidad and Tobago in two of South America's largest offshore gas fields. Two people familiar with these discussions confirmed this. The London-based ?energy major has been trying for years to advance ?the 4.2-trillion-cubic-feet Dragon gas field in Venezuelan waters and could make ?a ?final investment decision on the flagship project by the end of this year. Shell wants to expand its operations in OPEC country under interim president Delcy Rodriquez, according to sources.
Staff note: New BP CEO pledges consistency
BP's 'CEO' Meg O'Neill said on Wednesday that she would provide consistency and accelerate the performance of the group, a full year after BP refocused its strategy firmly to oil and natural gas. This was according to a note to staff seen by. O'Neill began her new job as BP's 4th CEO?since 2020, and the first external hire in the role for more than a hundred years. She is the first female to head a major oil company. O'Neill, formerly of Australia's Exxon Mobil and Woodside Energy?, joins BP as it seeks to get away from its ill-fated venture into renewables. 'CLEAR CONSISTENCY AND?DIRECTION' She said, in a staff note that was seen by the.
Gas prices in Europe fall amid hopes that the Iran war will end soon
The benchmark Dutch and British wholesale gasoline prices dropped on Wednesday morning, based on the hope that the Middle East conflict would soon be resolved following the comments of U.S. president Donald?Trump. ICE data shows that the benchmark Dutch front-month 'contract' at the TTF hub was 3.466 euros lower at 48.32 Euros per megawatt hour (MWh), which is around $16.40/mmBtu at 0755 GMT. ICE data shows that the British April contract is down 6.7 pence to 121.4 pence per therm. Trump and Marco Rubio, his Secretary of State, said that the end of 'the war in Iran' could be close.
China, well-positioned in a tight global market sells record LNG volumes
Chinese firms are reselling record amounts of LNG to cash in on the soaring spot prices. China has plenty of 'domestic gas and pipeline gas' to meet its weakened demand, unlike other Asian buyers who scramble to replace supplies that were cut off due to the Iran War. China, the world's largest importer of LNG, reloaded between 8 and 10 cargoes during March, a record monthly total, according to analysts ICIS, Kpler, and Vortexa. Kpler data showed that China reloaded 1,31 million metric tonnes of LNG so far this year. Of these, 10 were delivered to South Korea and five to Thailand, while the rest went to Japan, India, and the Philippines.
India increases jet fuel and commercial LPG prices in response to the Mideast crisis driving global surge
Indian fuel retailers increased jet fuel - and commercial liquefied petrol gas (LPG), prices on Wednesday. This was in response to a sharp rise in global prices caused by the U.S./Israeli war on Iran. India, the world's second largest LPG importer is battling the worst gas crisis it has seen in decades. The government is cutting gas supplies to industries so that households are not affected by shortages. The Indian Oil Corporation website shows that domestic fuel retailers in New Delhi have increased the price of aviation turbine fuel to 104.927 rupees a kiloliter by 8.6% and commercial LPG to?2,078.50 per 19-kilogram container by 10.4%.
Russell: The war between Iran and the ROI is both a boon and a danger to Australia's LNG.
The U.S.-Israeli war against Iran changed the global market of liquefied gas (LNG), giving a boost to producers outside the Middle East. This boost will likely last for many years after the conflict is over. Australia is one of the biggest beneficiaries, having slipped last year to third place in the world's exports of super-chilled gasoline behind the United States of America and Qatar. The Strait of 'Hormuz is effectively closed, and Qatar has no LNG exports. This means that Qatar will likely fall to second place behind Australia in this year even if it reopens the 'narrow waterway. Asian spot prices are a short-term boost for Australia's LNG producers.
Microsoft, Chevron, and Engine No. Exclusive power supply agreement signed by Microsoft, Chevron and Engine No.
Microsoft, Chevron, and Engine No. The three companies announced on Tuesday that they had entered into a power supply and generation exclusivity agreement. Microsoft and other technology companies are rushing to secure the electricity they need for their data centers, which will power artificial intelligence services like ChatGPT or Copilot. Engine No. Engine No. 1 and Chevron had?already announced a partnering last year, to build natural-gas-based power plants near?data centres in the U.S. The?two planned to use GE Vernova?turbines. Bloomberg News reported on the Microsoft deal. The long-term contract is linked to a natural gas-fired plant that would be built in West Texas.
Golden Pass, a joint venture between ExxonMobil and QatarEnergy, produces the first LNG in a new Texas facility
Golden Pass 'LNG, a joint-venture between QatarEnergy and Exxon Mobil has produced its first liquefied gas at its Texas facility, the company announced on Monday. This is a significant step towards bringing online one of the biggest U.S. Export projects. The launch comes as global gas supplies are tightening after the U.S.-Israel-Iran war pushed up energy prices and caused disruptions in Qatar's production, which is one of the largest LNG suppliers. In a press release, Alex Savva said, "Today we began producing LNG at our terminal in Sabine Pass. Golden Pass, once fully operational, will be able to?produce 18 million metric tonnes per year.
Gas industry in Spain calls for better remuneration proposals
Sedigas, the Spanish gas industry's body, called on Monday for "significant" alterations to proposed remuneration regulations for gas-related businesses through 2032. They emphasized the need to ensure "a reasonable and sufficient remuneration structure". The energy and competition watchdog CNMC in the country released two sets of proposals late Thursday: one for remuneration rules of gas-related businesses through 2032, and another?for distribution operations. The first affects primarily grid operator Enagas which manages the country’s trunk gas network. The second is for companies that operate local distribution 'grids' such as Naturgy.
Shell warns Australia about taxing LNG windfall profit
Shell has warned Australia not to introduce a windfall charge on gas exporters. It said that such a tax would 'deter investment' and 'undermine energy security, as LNG prices are surging following the disruption of global supplies due to the Iran War. The conflict in the Middle East has caused the supply of LNG to drop, and Australia is now the second largest LNG supplier. Its export revenues are expected to increase due to the lower supply. Canberra is said to be weighing up options to capitalize on the higher prices. Prime Minister Anthony Albanese has asked the Treasury Department to model a tax on LNG exports and to suggest reforms to Petroleum Resources Rent Tax.
Egypt and Cyprus Sign Framework Agreement for Cooperation on Gas
On Monday, Egypt and Cyprus signed a framework for?cooperation in gas during the Egypt 2026?Energy?Show. A spokesperson for the Cypriot Presidency said that the nonbinding agreement would be the basis on which the two countries could negotiate further agreements to exploit Cyprus' reserves. A Cypriot official said that the agreement would allow Egypt and Egypt's state-owned firms to purchase natural gas from Cyprus's offshore Kronos and Aphrodite fields. Cypriot officials claim that they may be able to begin extracting gas from Kronos in 2027 or 2028.
Egypt's Sisi warns that oil prices could reach $200 and says that only Trump can end war.
Abdel Fattah al-Sisi, Egypt's president, called on U.S. President Donald Trump to end the Iran War, saying that only he was capable of doing so. He also warned that fears about the oil price going above $200 per barrel were not exaggerated. Sisi told President Trump that he alone could stop the Gulf War in our region. "Please, Mr. President, please. Please help us end the war. "You are capable of it," he said. Egypt, which has long received military assistance from the United States and financial support from wealthy Gulf states, has also condemned Iranian attacks against Gulf Arab countries and encouraged diplomatic efforts to prevent a regional war.
Minister says India is boosting its renewable energy efforts amid disruptions in gas supplies
India's junior energy minister stated that the U.S. and Israel?war on Iran? has led to a "gas shortage". Gas accounts for just 2% of India’s total electricity generation. However, during heatwaves or peak demand periods the country consumes about 8 gigawatts (GW) of power from gas. The Middle East Crisis has caused a volatility in the price and availability of natural gas. The generators are looking for alternative sources, Shripad Naik, the junior power minister of India said. He said that the country also closely monitors the progress of coal and hydro plants, which are currently under construction. They are expected to be completed by June 2026.