Australia pours billions into missile procurement amidst global shortages
Australia's plans for developing its own missile component capability will likely be slowed by the Ukraine war and increased European defense spending, even though it is pushing ahead with a multi-billion dollar effort to purchase long-range attack missiles. Last year, Prime Minister Anthony Albanese committed A$74 billion (46.68 billion dollars) for missile acquisition. This included A$21 billion towards the establishment of a Guided Weapons and Explosive Ordnance Enterprise. His Labor government had reshaped Australia's defence policy to counter China's military buildup.
LSEG data indicates that Freeport LNG will resume service in Texas after a lightning strike.
Data from the financial firm LSEG revealed that natural gas flows at Freeport LNG's Texas export plant were expected to increase on Tuesday, after a lighting strike on a pipe caused it to close on Monday. Freeport is one the most closely monitored LNG export plants around the world, as the start and end of its operations can cause large price swings on global gas markets. Gas prices in the U.S. typically drop when flows to Freeport decrease due to the lower demand from the export plant for the fuel.
Prices rise following reports of a strike at Sudzha Gas Metering Station
The Dutch and British wholesale prices for gas rose on Friday after reports of a striking at the Sudzha gas station, which was the point where Russian gas used to enter Europe via Ukraine. LSEG data revealed that the Dutch contract for Winter 2025 was up 1,93 euros at 43.35 Euros/MWh at 0830 GMT. The Dutch contract for front-month was also 1.70 euros higher at 44.55 Euros/MWh. The April contract in Britain rose by 3.97 pounds, to 108.32 cents per therm. Ukraine's army…
Ukraine military cites reports in media on attack on gas station in Russia's Kursk Region
Ukraine's Military, citing media, reported an early Friday strike on a recently-closed gas pumping station and measuring station in west Russia's Kursk Region, where Ukrainian Forces have been under pressure for seven months following a border incursion. The incident was not reported by the government in Kyiv. The incident was not reported by the authorities in Moscow either. Sudzha station was the only place through which Russian gas passed to reach Europe via Ukraine until Ukraine refused to extend a transit agreement this January.
Argentine workers strike, halting soy crushing factories
The CIARA industry association reported that on Thursday, activity was halted in Argentina's soy-processing plants as the oilseed workers union SOEA began a strike to protest layoffs and the actions of the national security forces. The strike began late Wednesday night after members of Argentina's Naval Prefecture interfered with a demonstration by biodiesel producer Explora SA, in the Rosario area, a major agribusiness center. The Federacion Aceitera, a union with a smaller presence in Argentine oilseeds plants…
Kazakhstan commits to reducing oil production after April. Russia claims OPEC+ could reverse output.
Alexander Novak, the deputy prime minister of Russia, said that the OPEC+ had agreed to increase oil production starting in April. However the group could change its mind if market imbalances occur. Officials from Kazakhstan, who have often exceeded the OPEC+ production quotas in recent years, spoke at a briefing online almost simultaneously with Novak. They pledged to reduce output in March April and May. Novak said that Russia also produced less oil than the quota agreed with the OPEC+…
Ukraine's gas imports are still low despite Russian attacks on gas production
The operator of the state-run transmission system for gas reported that despite the massive Russian missile strike on Ukrainian gas production over night, Ukrainian gas imports remained relatively low on Friday. Naftogaz, the Ukrainian state gas company, said that Russian forces have targeted Ukraine's infrastructure for energy production and damaged its natural gas production facilities. After a series Russian missile attacks on Ukraine's gas installations, the volume of Ukrainian gas imports increased by almost tenfold.
After Halliburton layoffs, the Argentine oil union has threatened to strike
The union of oil and gas workers in Argentina's oil rich Chubut province, which has hundreds of employees laid off by Halliburton and a local office closing, threatened to strike after Halliburton closed its local office and dismissed hundreds. Carlos Gomez said that the Chubut Private Oil and Gas Union's deputy secretary, Carlos Gomez spoke on the broadcast radio channel of the union, and claimed that the company had reneged on its commitment to maintain staffing levels and fired 290 employees on Monday without notice to the union.
VEGOILS - Palm oil ends lower due to weaker competitor oils. Traders await positive signals
Malaysian palm futures declined on Tuesday as traders looked for bullish signals to support prices. The benchmark May palm oil contract on Bursa Malaysia's Derivatives exchange fell 34 ringgit (0.75%) to close at 1,014.63 ringgit per metric ton. A Kuala Lumpur based trader stated that the market was under pressure due to the weakness of rival oilseeds, as there were no significant bullish reports. Dalian's palm oil contract, which is the most active contract, fell by 0.33% while soyoil prices dropped by 0.25%. Chicago Board of Trade soyoil prices were down 0.5%.
Petrobras Q4 total production down 10.5%; sales and exports are also down
Petrobras, the state-owned oil company in Brazil, reported a 10.5% drop in its fourth-quarter total oil and gas production compared to a year ago. Sales and exports were also down. Petrobras, Latin America’s largest oil company, reported a total oil and natural gas production of 2,63 million barrels equivalents per day (boed), for the three months ending in December. Total sales of oil and gas, as well as derivatives, were down around 8% compared to a year ago, with 2.83 million barrels a day (bpd).
Israel strikes port, energy targets in Yemen
Israel launched strikes against ports and energy infrastructure in Houthi-held parts of Yemen on Thursday and threatened more attacks against the Iran-aligned militant group, which has launched hundreds of missiles at Israel over the past year.As Israeli jets were in the air, the Israeli military said it intercepted a missile headed towards central Israel which destroyed a school building in Ramat Efal in the western part of Tel Aviv with what a military spokesperson…
Romania allocates 1.5 GW of renewable energy projects
The Energy Ministry announced in a Monday statement that Romania had allocated 1.5 gigawatts of renewable energy project funding through an EU-funded contract for difference scheme. The long-awaited low carbon energy support scheme fixes the price of electricity to providers at a level agreed for 15 years. The Ministry selected 10 projects for onshore wind worth 1.09 GW and 11 projects with a total capacity of 432 MW. The energy ministry stated that the projects would have an average weighted cost of 51 euros for solar projects and of 65 euros for wind projects.
French spot prices rise due to increased demand and lower wind supply
The French prompt electricity prices increased on Monday due to the expectation of increasing demand and reduced wind output. LSEG data shows that the price of French baseload electricity for Tuesday at 0926 GMT was 132.25 Euros ($139.09 per megawatt-hour (MWh), up 29.7% compared to Friday's price for Monday's delivery. German day-ahead electricity was 139 euros/MWh. LSEG data revealed that the Monday contract had not been traded on Friday. Riccardo Paraviero, LSEG analyst, said: "The signal (on Tuesday) is bullish.
Adani allegations bring India's clean-energy conundrum to the forefront
The allegations of bribery against Adani Group's founder Gautam Adani highlight the increasing difficulty that India's renewable energy developers have in finding buyers for their power. Officials say that while India's central governments wants to move away from coal-fired power generation and towards renewable energy sources, state-owned companies in charge of supplying electricity have been slow to strike deals. U.S. officials allege that Indian billionaire…
Russian drones and missiles strike Ukraine's capital, east, south, and southeast
Officials in Ukraine said that Russian missiles destroyed residential buildings in Kharkiv in eastern Ukraine and Odesa, in the south. A blizzard drones also caused temporary power outages in Mykolaiv Region and targeted Kyiv's capital, they added. Russia is gaining territory in Ukraine's eastern part and is launching nightly attacks against distant cities, using cheap "suicide drones" as well as low-cost, "decoy drones" that stall Ukrainian air defences. Ukraine's air force reported that of the 145 drones it used over night…
Oil Edges to 2-Week High on Ukraine News
Oil prices edged up about 1% to a two-week high on Friday as the intensifying war in Ukraine this week boosted the market's geopolitical risk premium.Brent futures rose 66 cents, or 0.9%, to $74.89 a barrel by 11:39 a.m. EST (1639 GMT), while U.S. West Texas Intermediate crude CLc1 rose 77 cents, or 1.1%, to $70.87.That put both crude benchmarks up over 5% for the week and on track for their highest closes since Nov. 7 as Moscow steps up its Ukraine offensive after Britain and the U.S.
Oil Steadies as Sverdrup Restart eases Geopolitical Jitters
Oil prices traded steady on Tuesday as Norway's Johan Sverdrup oilfield restarted production and there were reports of Iran offering to cap its uranium stockpile, factors that offset investor concerns about escalation of the Russia-Ukraine war.Brent crude futures LCOc1 fell 0.1%, or 7 cents, to $73.23 per barrel by 1:30 p.m. EST (1830 GMT). U.S. West Texas Intermediate crude futures CLc1 gained 0.1%, or 5 cents, to $69.21 per barrel.Equinor resumed partial production from the Johan Sverdrup field in the North Sea…
As it roars through the Philippines, super typhoon Man Yi is expected to weaken.
The Philippines' main island, Luzon, was ravaged by the super typhoon Man Yi on Sunday. It brought heavy rain to the capital, Metro Manila. More than one million people were evacuated and buildings damaged in various areas. Weather officials reported that the storm, which had winds of 185 km/h (115mph) when it hit land in Panganiban town in Catanduanes Province on Saturday night, weakened slightly before reaching the coast of Camarines Norte by 8 am. Amalia Santisas said that she evacuated her home because the water level in the river near the coastal area of Manila…
Philippines evacuates thousands of people as super typhoon Man Yi approaches
On Saturday, the Philippines evacuated thousands of people and cancelled dozens flights as a super-typhoon threatened heavy rains and strong winds that could cause floods and storm waves. The storm Man-Yi, which was packing winds of up to 185 kph 115 mph, was headed for the eastern portion of Luzon's main island. This prompted the weather agency of the Philippines to issue its second highest alert for Catanduanes province and Camarines Sur province. It added that "Pepito" (the local name for the super-typhoon) was approaching its peak intensity.
Oil hedging activity reaches record levels in October as traders take on market risks
Oil futures and option trading reached record levels during October as investors sought to hedge against the growing uncertainty caused by the ongoing war in the Middle East, and an upcoming bearish supply and demand forecast for 2025. This led to big swings in oil prices. By locking in an oil price, hedging can protect producers from market volatility and reduce their risk. This can give traders the opportunity to make money during volatile times. According to the Intercontinental Exchange, 68.44 millions barrels of crude oil were traded as futures and options in October.
