Prices of EUROPE GAS are rising amid cold weather and uncertainty over Ukraine transit deal
Dutch and British wholesale prices of gas rose on Friday morning, trading within a narrow range amid forecasts for cold weather and after an Ukrainian news outlet withdrew its report that Ukraine agreed to transport Azerbaijani natural gas to Europe. LSEG data show that the benchmark front-month contract for the Dutch TTF hub rose by 1.00 euros to 34.33 Euros per Megawatt Hour (MWH), which is $11.23 mmBtu at 0908 GMT. The day-ahead contract in the British market rose by 2.50 cents to 88.85 cents per therm. Prices…
EUROPE GAS-Prices reverse earlier gains after Ukraine transit deal report
The Dutch and British gas wholesale prices dropped on Thursday, reversing gains made earlier, following a report in the media that Ukraine had agreed to transport Azerbaijani natural gas to Europe. The report was not immediately verified. By 1334 GMT, the benchmark front-month contract for the Dutch TTF hub had fallen by 0.84 euros to 34.25 Euro per megawatt hour (MWh), which is $11.16 mmBtu. LSEG data shows that the November contract is 1.69 euros lower, at 35.74 Euro/MWh. The day-ahead contract on the British market fell from 80.00 pence to 3.35 pence per therm.
As Norwegian maintenance curtails supply, the price of EUROPE GAS is on the rise
The wholesale gas price in the Netherlands and Britain increased slightly on Thursday as Norwegian maintenance ramped up. The benchmark front-month contract for the Dutch TTF Hub was 1.26 euros higher at 36.35 Euros per Megawatt Hour (MWH), which is $11.88 mmBtu by 0810 GMT. Meanwhile, the November contract was 0.62 euros higher at 38.05 Euros/MWh according to LSEG data. The day-ahead contract on the British market rose 2.15 pence, to 85.50 cents per therm. LSEG data shows that total Norwegian exports will be down by 13 million cubic metres/day compared to the previous day, as maintenance at Kollsnes Processing Plant ramps up.
Prices for gas in Europe are little changed as supply risks have eased.
The Dutch and British wholesale gasoline prices remained unchanged on Friday as the supply risk eased because of Hurricane Francine's weakening in the United States and amid forecasts of warmer weather. The benchmark contract for Dutch TTF Hub rose by 0.52 euros to 35.78 Euros per Megawatt Hour (MWh) at 1029 GMT. Meanwhile, the contract for November was 0.40 euros higher, at 37.45 Euros/MWh. The day-ahead contract in the British market was 1.50 pence more expensive at 86.75 cents per therm. Energy producers in the Gulf of Mexico were preparing for a partial restart of production after Hurricane Francine had disrupted operations.
Prices for gas in Europe are lower due to steady Russian and Norwegian supplies
The wholesale gas prices in the Netherlands and Britain fell on Thursday morning, as supplies from Russia via Ukraine remained constant. Intercontinental Exchange (ICE) traded the benchmark front-month contract Dutch TTF Hub at 35.40 Euros per megawatt (MWh), down 0.74 euros, by 8:34 GMT. The day-ahead contract on the British market was down 2.28 pence at 85.75 cents per therm. Analysts at ING reported that prices rose on Wednesday due to a mix of supply concerns. These included any impact hurricane Francine may have on U.S. LNG exports, and a 5-day extension in maintenance work at Norway's Kollsnes plant.
Prices of EUROPE GAS rise on demand and tight supply
The Dutch and British wholesale prices of gas extended their previous session's gains Tuesday. This was due to the rising demand for gas from cooler weather, the ongoing Norwegian supply restrictions, and fears that a hurricane could impact the U.S. liquefied gas supply. LSEG data shows that the benchmark front-month contract for the Dutch TTF hub rose by 0.60 euro to 37.75 euros per Megawatt Hour, or 12.19/mmBtu by 0802 GMT. On the British market, the day-ahead contracts gained 1,50 pence each to 90.50 cents per therm.
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. The contract dropped to 35.65 Euros/MWh on Wednesday, its lowest level since August 5. The British day-ahead contract rose 1.40 pence, to 86.50 cents per therm.
Gazprom's H1 net profit more than tripled, to $10.9 billion
Gazprom, a gas giant owned by the Kremlin, announced on Thursday that its net income for the first half of this year had more than tripled compared to a year ago. It now stands at more than 10 billion roubles. This is due to increased gas exports as well as cost control. Gazprom suffered a loss of $7 billion, its first since 1999. This was due to a decline in its gas sales to Europe, which used to be its primary market. Famil Sadygov, Gazprom's deputy CEO, said that the company's core earnings for the period January-June rose 19% on an annual basis to 1.459 trillion Russian roubles.
Kommersant newspaper reports that Russia's natural gas production in July increased by 16%.
The production of natural gas rose by 16% on an annual basis to 52 billion cubic meters (bcm) during July, according to the Kommersant newspaper, citing anonymous sources. This was due to a boost in output by Gazprom, the state-owned energy company. The report stated that the Russian gas production for the first seven month of the year was up by 9.2%, to 409.36 Bcm. It also added that the output from "other producer" - which is a category mainly related to Gazprom- increased by 14.3%, to 262 Bcm. Newspapers reported that the increase was due to extremely high temperatures in summer…
Fire at Russian oil refinery Omsk injures seven people, but production continues
The local governor reported that seven people, including one person in serious condition, were hospitalized after an fire broke out at the Russian oil refinery in Omsk. However, the plant claimed to be operating normally and its production plans will not be affected. The fire at the Omsk Refinery has been brought under control. The automatic safety system of the plant detected a fire within technological equipment. The refinery, Russia's biggest, said that it was operating normally. Vitaly Khotsenko said that the Telegram app…
S&P upgrades Austria's credit ratings outlook to positive and sees improvements in energy supply
S&P Global Ratings, the credit rating agency, has upgraded Austria's outlook from stable to positive. The improvement in Austria's energy supply and its solid budget situation were cited as reasons for this change. S&P's statement on Friday night said that the positive outlook reflects Austria's potential to improve its energy supply position while its economy remains strong over the next 24 month. The company also confirmed the country's long- and shorter-term foreign currency and local currency sovereign ratings of AA+/A-1+.
Linde UK assets frozen by Russian court for $1.2 billion
In a dispute over the ownership of a gas plant, a Russian court ordered assets of a British Linde subsidiary worth $1.15 billion to be frozen. RusChemAlliance is a joint-venture 50% owned by Russia’s Gazprom. RusChemAlliance filed other lawsuits against European banks for the construction of a German-owned gas processing plant with Russia's Linde that was halted by Western sanctions. RusChemAlliance asked the Court of Arbitration of St Petersburg & Leningrad Region for interim measures, including the freezing of assets owned by the subsidiary Linde Russia UK Limited.
Russia Ships Naphtha to China via North Sea Route
Russia is shipping a naphtha cargo via the North Sea Route (NSR) as Moscow seeks to increase supplies using the route to major trade partner China, cutting its way through European waters, traders said and Refinitiv data showed.SCF Irtysh is loaded with with 37,000 tonnes of naphtha onboard, loaded at Ust-Luga port on August 5, 2023, for delivery to China. It is the first such loading since at least the late 2000s, according to two traders.The supplier of the cargo was Gazprom Neft, the traders said. Gazprom Neft did not respond to a request for comment.The NSR is an Arctic route connecting Russian ports with China.
Soaring Gas Prices Power Equinor Q2 Profits
Equinor said it will return an additional $3 billion to shareholders after reporting better-than-expected second-quarter profit on the back of soaring gas prices fuelled by the war in Ukraine. The company boosted gas supplies to Europe by 18% in the April-June period compared to a year ago, making Norway the continent's largest supplier of piped natural gas as Russia cut deliveries amid a standoff with the West over the war."Equinor has become Europe's most important supplier of energy during this conflict, making it essential that we provide reliable operations…
Wintershall Dea Looks to Domestic Production as Russia has 'Destroyed' Trust
Germany's Wintershall Dea, a shareholder of the Nord Stream 1 pipeline and longstanding Gazprom partner, on Tuesday said it would look to increase domestic oil and gas output since Russia has lost its status as a reliable energy supplier.If Europe wants to reduce its dependence on imports it has to look at domestic energy supplies, Chief Executive Mario Mehren told journalists after second-quarter results showed adjusted net income up 262% at 608 million euros ($618 million)."Even if some people may find it difficult at first to step out of their comfort zone and accept this consequence of the current crisis…
Gas Prices Soar in Europe on Tight Russian Supply
European gas prices soared more than 30% on Tuesday as low supplies from Russia reignited concerns about an energy crunch as the region heads for colder weather.A key pipeline which normally delivers gas from Siberia to Europe continued to work in reverse on Tuesday, traders said, sending flows from Germany to Poland, while supplies of Russian gas from Ukraine to Slovakia were also subdued.Russian energy exports have been in the spotlight amid the country's broader standoff with the West , including over its tensions with neighboring Ukraine…
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, and has to make the final decision by the end of 2022.Lithuania has been importing LNG via the current terminal, dubbed Independence, since 2014, thereby ending
Top U.S. LNG Exporter Launches Effort to Measure Emissions
Cheniere Energy Inc, said on Thursday it would quantify carbon emissions from its suppliers and production sites and supply the information to customers.LNG buyers have begun asking suppliers for natural gas sourcing data and greenhouse gas emissions to reduce their own carbon footprints. Several LNG producers are proposing adding carbon capture and storage alongside their LNG projects.Cheniere said it signed agreements with five natural gas producers and several academic institutions to implement quantification…
China Starts Construction of Southern Part of China-Russia East Gas Pipeline
Construction has started on the southern portion of the China-Russia East natural gas pipeline, which carries supplies from the Power of Siberia system in Russia, China Oil & Gas Piping Network Corp (PipeChina) in a statement on Tuesday.This portion starts at Yongqing in China's northern province of Hebei and ends at Shanghai in eastern China. The full China-Russia East system is a 5,111-km (3,176-mile) pipeline pumping natural gas from the Siberia region in Russia to China.Once launched in 2025, the southern…
Gazprom Neft Sells Its First Arctic Oil Cargo to China
Russia's Gazprom Neft has sold its first ever Arctic oil cargo to China to ChemChina, two sources familiar with the deal told Reuters on Thursday.This week, Gazprom Neft said it had sent 144,000 tonnes of light Novy Port oil grade to the Chinese port of Yantai on the Bohai Sea from Russia's north-western city of Murmansk, using the Northern Sea Route (NSR) through Russia's Arctic waters.The Delta Hellas vessel used part of the NSR, a route requiring icebreakers and ice-class tankers, Refinitiv Eikon data showed, sailing west from Murmansk to reach Suez and then China.Gazprom Neft said this week the delivery took 47 days, without pro
