Minister: Hungarian gas company will supply Transdniestria
Peter Szijjarto, the Hungarian foreign minister, said that a Hungarian trading company would provide natural gas to Transdniestria in Moldova after a request by Russia's energy ministry. Transdniestria residents, a tiny sliver run by pro Russian separatists on the border of Moldova and Ukraine, faced an energy crisis after the expiration of a transit agreement that allowed Russian natural gas to be shipped via Ukraine. Szijjarto said that the Russian…
After the Russian attacks, Ukraine plans to import 800 million cubic meters of gas by April.
Ukraine will import 800 million cubic meters (mcms) of gas in February and march to compensate for the sometimes 40% decrease in production following Russian missile attacks on the sector. A senior industry source said on Friday. Since its invasion in 2022, Russia has launched many missiles and drones at Ukraine's electric sector. However, it has intensified attacks on gasfields over the past few weeks. The Ukrainian state gas company Naftogaz, and the major private energy firm DTEK…
EUROPE GAS - Prices stable amid ample supply and milder weather
The European and British gas contract prices were mostly unchanged on Friday, despite the milder weather forecast. Supplies from Norway and LNG are also steady. There is still uncertainty about future Russian gas supplies in the event of a peace agreement with Ukraine. LSEG data shows that the benchmark front-month contract for the Dutch TTF hub fell 0.09 euros to 47.51 Euro per Megawatt Hour (MWh), which is $14.59/mmBtu at 0904 GMT. The TTF contract for April was up by 0.13 euros at 47.85 Euro/MWh.
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. Jorgensen stated that Brussels is preparing to change the rules for allowing renewable energy to be built faster.
Cenovus' quarterly profit drops due to weak oil prices
Cenovus, a Canadian oil and natural gas company, reported a decline in profit for the fourth quarter on Thursday. Lower commodity prices and lower refining margins were offset by higher production. In mid-morning trade, the company's stock was down by 4.5%. The average Brent crude futures fell 3% in 2024 as the economy of the major consumer, China, remained weak. The OPEC+ producer's group also postponed their planned supply increases to 2026 and extended the deep cuts in output until the end of the year.
The German antitrust watchdog wants to regulate the oil market more.
The German antitrust authority called for stronger regulation on the price quotes used on the oil market after an investigation showed that pricing was based on limited information which could be manipulated. Prices are often linked to wholesale contracts, and they can have an indirect impact on retail prices. These price quotations are provided by agencies that report prices, such as S&P Global Commodity Insights and Argus Media. The investigation by the cartel office found that in certain cases…
Palm closes over 3% higher due to stronger rival oils and output concerns
Malaysian palm futures closed more than 3% higher Wednesday. Prices were boosted by the stronger edible oils of rivals and concerns about production. Increased buying in anticipation of an industry conference was also supportive. The benchmark May palm oil contract on the Bursa Derivatives Market gained 169 Ringgit or 3.75%. It closed at 4,673 Ringgit ($1,052.95) per metric ton after hitting an intraday peak of 4,695 Ringgit. The contract dropped 0.84% during the previous session.
Prices drop due to falling demand and temperature increases
The European power price fell on Wednesday, as the consumption is expected to drop sharply due to rising temperatures. LSEG's analysis showed that German exports of power were down, while the availability of thermal power stations was not significantly different. LSEG data shows that the French baseload electricity for Thursday was 101 euros ($105.38 per megawatt-hour (MWh) at 0945 GMT. This is a 15.8% decline. The German base rate for the day-ahead was 103.3 euros. This is down 8%.
Moldova names new Energy Minister
Dorin Dzungietu, a gas industry expert from Moldova, was appointed as the country's new Energy Minister by President Maia Sandu on Wednesday morning. He was sworn into office at the Presidential Office. Junghietu replaced Viktor Parlicov who was fired in December after failing to prepare for a possible stoppage of gas supplies for Moldova's separatist Transdniestria due to Ukraine refusing to extend their transit agreement with Russia. Sandu stated that "we must increase energy security in our state to ensure that Moldovans are not blackmailed" by others.
Palm oil climbs as rival oils firmer and output concerns increase.
Malaysian palm futures prices rose on Wednesday due to stronger edible oils from rival producers and concerns about production. Increased buying in anticipation of an industry conference was also supportive. At midday, the benchmark May palm oil contract on Bursa Derivatives Exchange rose 82 ringgit or 1.82% to 4,586 Ringgit ($1,032.65) per metric ton. The contract dropped 0.84% on Monday. Paramalingam Supramaniam is the director of Selangor brokerage Pelindung Bestari.
Cornwall Insight: Britain to see a 5% increase in energy prices by April
Analysts at Cornwall Insight predicted that Britain's energy price cap would rise by almost 5% this April. Cold weather and low levels of gas storage in Europe are keeping wholesale prices high. This would be the third consecutive quarter of increases, and would be a major blow to the government, who has set a goal of reducing energy costs. Craig Lowrey is a principal consultant with Cornwall Insight. He said that the market was more volatile than in recent memory, and households were bearing the brunt due to cold weather, low gas storage, and other factors.
Prices near four-week-low on US-Russian talks and weaker demand
Dutch and British wholesale prices of gas held near four-week lows, as the market awaited the outcome of talks between the U.S.A. and Russia on how to end conflict in Ukraine. Strong renewables output also curbed demand. According to LSEG, the benchmark front-month contract for the Dutch TTF Hub was down 0.07 euros at 47.65 Euro per Megawatt Hour (MWh), which is $14.60/mmBtu by 0913 GMT. The contract traded earlier at 47.15 Euros/MWh, the lowest level since 20 January. The Dutch April contract is down by 0.29 euros at 47.44 Euro/MWh.
Prices of EUROPE GAS close lower due to easing supply concerns
On Monday, the benchmark Dutch wholesale gas prices for the first month fell as a result of easing fears about supply. This was at a time when European leaders were meeting to discuss strategies on any possible peace agreement between Ukraine & Russia. The benchmark front-month contract for the Dutch TTF hub was almost 6% lower, closing at 47.72 Euros per megawatt-hour (MWh), compared to the level it closed on January 20. Meanwhile, the April contract was 5.6% lower, closing at 48.05 Euros/MWh. Other contracts also fell.
Egypt, Cyprus sign gas export deals, boosting Eastern Mediterranean energy cooperation
Egypt and Cyprus signed an agreement on Monday that allows the export of natural gas from Cyprus offshore fields to Egypt, for liquefaction, and then re-export into Europe. Both countries are seeking to strengthen the role of the Eastern Mediterranean as an energy hub. The 2025 Egypt Energy Show deals formalise the long-anticipated plan of linking Cypriot reserves with Egypt's LNG facilities. This move leverages Egypt’s existing infrastructure for processing and shipping natural gas to European market.
In the shadow of tariffs, Europe's markets can benefit from a ceasefire in Ukraine
The markets have bet that a ceasefire agreement between Russia and Ukraine will ease the pressure on energy and euro prices, and also reduce the impact of increased U.S. tensions. Meanwhile, expectations about defence spending has already sent stocks in this sector soaring. Marco Rubio, Secretary of State, arrived in Saudi Arabia Monday to discuss with Russian officials. President Donald Trump ordered U.S. officials last week to start talks about ending the war. The talks are not expected to include either Ukraine or European nations.
Spot prices drop on increasing wind power supply
European spot prices fell on Monday for Tuesday, as a rise in wind power production across the region is expected to exceed demand increases. LSEG data shows that the German day-ahead electricity price was 135.75 Euros ($142.29 per megawatt hour (MWh), down 9.5% on Friday's prices for Monday. LSEG data shows that the French baseload electricity price for Tuesday is 129.50 Euros/MWh. This is a 5.8% decrease from Friday's price for Monday's delivery.
Export data and concerns about higher Indian duties are cited as reasons for the decline in palm oil.
Malaysian palm futures fell on Monday as the market was pressured by lower estimates of palm oil exports in the first two week's of February, and India raising import taxes for vegetable oils. At the midday break, the benchmark palm oil contract on Bursa Derivatives exchange for May delivery fell 14 ringgit (0.31%) to 4,485 Ringgit ($1,013.10) per metric ton. The contract increased by 0.83% during the previous session. Anilkumar bagani, head of commodity research at Mumbai's Sunvin Group…
Lavrov and Rubio discuss removal of 'barriers,' set up by the previous U.S. Administration, Russia claims
In a Saturday phone call, Russian Foreign Minister Sergei Lavrov spoke with U.S. State Secretary Marco Rubio about the situation in Ukraine as well as the "unilateral obstacles" that were set up by the previous U.S. Administration. Peace talks to end the war in Ukraine will begin in the next few days, after U.S. president Donald Trump shocked European Allies when he called Russian President Vladimir Putin and declared an immediate start to talks. The Russian Foreign Ministry said that during the Saturday call…
Experts say that Russia is struggling to meet its LNG targets
Experts said that due to the international sanctions, Russia's LNG exports will probably not reach 67 million tons by 2030. This is far below its target of 100 million tons. Russia is focusing on developing LNG that can be transported by sea tankers as its gas exports from pipelines to Europe are down due to the conflict in Ukraine. It has also struggled to increase LNG to China. The company plans to increase its market share to the fifth position on the global LNG markets by 2030-2035.
Breakaway Moldovan Region claims it received gas supplies backed up by Russian loan
Separatist authorities announced on Friday that the pro-Russian Transdniestria region of Moldova, which is a breakaway region, has begun receiving gas under a Moscow loan. Transdniestrian leader Vadim Krsnoselsky stated in a Telegram statement that the Russian loan assistance as well as cooperation with Russia's Ministry of Energy made gas deliveries possible. The Russian gas flow to Transdniestria through Ukraine ceased at the beginning of January after Ukraine refused to renew a transit contract.
