National Bank of Ukraine: Ukraine will need $2.9 billion in 2025 to purchase gas
Ukraine's National Bank stated on Friday that the country will need $2.9 billion in gas imports by 2025, after Russian missiles and drones damaged Ukrainian gas production plants. In the late winter and spring of 2016, Russia repeatedly attacked Ukrainian gas assets located in the east. This caused a drop of at least 40% in gas production. A certain amount of capacity has been recovered. The bank stated in a recent report that although production would gradually improve, it wouldn't be enough to meet the needs of industry, utilities, and households.
Norway's Yara trounces profit estimates despite rising gas costs, tariff concerns
Yara's shares rose 4.7% early in the morning trade after it reported a first-quarter core profit that was well above expectations. This was due to higher volumes and better margins. The company highlighted its ongoing cost reductions, as well as portfolio optimization. It said that this would allow it to continue growing in a nitrogen market which is becoming increasingly tight. Yara has said that natural gas, a vital ingredient in fertiliser, will cost the company $140 million during the second quarter.
Palm oil prices rise on stronger edible oils and are set to gain weekly
Malaysian palm futures rose on Friday as the market regained confidence after a three-week loss streak. At midday, the benchmark palm oil contract on Bursa Derivatives Exchange for July delivery gained 80 ringgit or 1.98% to 4,116 Ringgit ($940.80), a metric tonne. This week, the contract has increased by 3.55%. A Kuala Lumpur based trader reported that the price of crude palm oil futures was boosted by overnight gains in rival oilseeds. This included Chicago soyoil due to optimism regarding export demand for United States soyoil.
Britain Emphasizes Collaboration on Energy Security at Global Summit
Britain urged closer international cooperation to improve energy security on Thursday, telling dozens of other governments and business leaders that they would otherwise be vulnerable to those who were willing to weaponise supplies.Security of energy supply shot up the agenda of countries around the world after Russia's full-scale invasion of Ukraine in 2022 drove up global prices and pushed the EU to curb its reliance on Russian fuels."Energy security is national security...
EU to Present a Roadmap in May for the Phase-out of all Russian Fossil Fuel Imports
Ursula von der Leyen, the President of the European Commission, said that in two weeks it will present a roadmap outlining how it plans to eliminate all Russian fossil fuel imports. She made this announcement at a London energy event on Thursday. In response to Moscow's invasion of Ukraine in 2022, the European Commission has committed to stop using Russian fossil fuels before 2027. Von der Leyen, speaking at a UK government-sponsored meeting with the International Energy Agency…
Ukraine's Naftogaz signs a contract with Orlen for 100 mcm gas
Ukraine's Naftogaz signed a contract on Thursday for another 100 million cubic meters (mcm), bringing its total purchase volume from Orlen to 300 mcm. After Russian missiles damaged the production facilities to the east of Ukraine, Ukraine was forced to increase gas imports and withdraw more gas from storage this winter and in the spring. Sources in the industry told us earlier this month Orlen plans to sell 10 LNG cargoes to Ukraine this coming year, as Kyiv tries to fill up gas storage sites before winter.
Trump's emergency move is aimed at cutting approval time for energy projects from 28 days to 28
The Trump administration announced on Wednesday that it would implement a process of emergency permitting for energy and mining on federal land, cutting approval times from months or even years down to just 28 days. The U.S. Department of the Interior's move comes in response to the President Donald Trump declaration of a national energy emergency, which he issued on his first official day of office. This was to expedite the permitting process in an attempt to boost the domestic energy supply, lower fuel prices, and strengthen national security.
UK launches energy security summit by investing in offshore wind supply chain
The UK will host a summit on energy security in London, starting the event by promising to invest 399 million pounds (399 million dollars) into the domestic supply chain of offshore wind projects. After the Russian invasion of Ukraine, 2022, which led to price spikes around the globe and saw the EU try to reduce its dependence on Russian fuels. The UK Government, International Energy Agency and EU Commission President Ursula von der Leyen will host a two-day energy summit in London.
Source: EU considering options to prohibit new Russian gas contracts
A senior EU official revealed on Tuesday that the European Commission is considering whether it can legislate in order to prohibit firms from signing new contracts with Russian fossil fuels. The senior official also added that the EU is working on legal options which would allow EU companies to terminate existing gas supply agreements with Russia without being penalized. The Commission has been looking for other ways to reduce Europe's dependence on Russian energy, as some EU member states have pledged to block any EU sanction on Russian gas.
Document shows that Russia has reduced its estimate of energy export revenue by 15% for 2025.
According to a document from the Economy Ministry, Russia's forecast for oil and gas export revenue for 2025-2027, which is a major source of funding for state budgets, has been cut by 15% due to lower oil prices. This revision will put additional pressure on the budget already burdened by high defense spending for the war in Ukraine. Donald Trump, the U.S. president, said that lower oil prices this year could help to end the war in Ukraine. The document…
Naftogaz, the Ukrainian gas company, says it wants to buy 2 billion cubic meters of gas for 1 billion Euros
Naftogaz, Ukraine's state-owned oil and gas company, is in negotiations with the government and international financing institutions to raise one billion euros for the purchase of over two billion cubic meters gas for the heating season 2025/26. In a press release, it said that 430 millions euros would be provided by the EBRD to buy an additional 1 bcm gas. Another 0.1 bcm LNG would come from Poland’s Orlen. After Russian missiles damaged the production facilities to the east of Ukraine…
Sources say that the EU is looking at tweaking its methane regulations for US gas in order to facilitate trade negotiations.
Three sources with knowledge of the situation said that the European Union was looking for ways to help U.S. exports comply with their methane emission rules. The bloc is trying to avoid a trade conflict with U.S. president Donald Trump. Both sides have indicated that energy may be included in a larger trade agreement. Trump has repeatedly said that the EU should purchase more American oil and natural gas in order to reduce its trade surpluses with the United States.
As reserves are at a record low, Ukraine could need to import up to 6.3 billion cubic meters of gas next winter
The former head of Ukraine's gas transit operator stated on Sunday that the country may have to import as much as 6.3 billion cubic meters (bcm) for winter 2025/26 due to the fact that its reserves are at a record-low level because of war-related damages to certain facilities. Serhiy Mikogon, a Telegram Messenger user, said that after Russian missiles damaged production facilities to the east of Ukraine in winter and spring, Ukraine was forced to increase gas imports and withdraw more from storage.
Qatari Emir meets Putin in Moscow
The Russian state-run news agency TASS reports that Qatar's Emir, Sheikh Tamim bin Hamad Al-Thani, arrived in Moscow Thursday for a trip which will include discussions with President Vladimir Putin about Ukraine and Middle East-related issues. Qatar has tried to mediate the conflict between Russia and Ukraine and helped arrange for the return of separated children from both countries. This week, Russia and Qatar announced that their leaders would be discussing efforts to reach a peace agreement to end the conflict in Ukraine. Donald Trump, the U.S.
Media report that the Russian court has increased the penalty for Naftogaz Ukraine to $1.3 billion.
Russian news agencies reported that a Russian court increased the financial penalty imposed on Ukraine's Naftogaz state energy company from $150 million to $1.3 billion for its decision to pursue international arbitration in order to resolve a dispute over gas transit with Gazprom. Naftogaz didn't immediately respond to a comment request. St Petersburg's region court took action against Naftogaz in the last year, more than two years after Russia's war began with Ukraine. The five-year transit agreement for gas expired on January 1, 2020.
Germany's wind industry on course for record approvals and installations by 2025
An industry lobby reported on Wednesday that Germany has approved more than 4,000 megawatts of new onshore power capacity, and will add over 1,000 MW of new installations in the 1st quarter of 2025. This could be a record year for this sector. According to the BWE Wind Power Association, the number of new onshore wind installations increased by 40% over the previous year during the first three-month period in 2025. New approvals also reached a record high for a quarter.
Prices for Europe GAS slightly lower due to healthy Norwegian and LNG supplies
The prices of Dutch and British natural gas were lower Tuesday morning due to warm temperatures, a strong supply coming from Norway and LNG. Market players continue to monitor developments regarding tariffs and the talks to end Ukraine's war. LSEG data shows that the benchmark Dutch front-month contract fell by 0.17 euros to 34.50 Euro per megawatt hour or $11.31/mmBtu at 0758 GMT. The Dutch June contract is down 0.27 euros at 34.49 Euro/MWh. The British day-ahead contracts was down by 1.00 pence to 83.50p/therm.
EU to publish plan in May to stop Russian gas and oil imports
After twice postponing the plan, the European Commission announced on Monday that it will unveil a more comprehensive strategy for phasing out Russian gas and oil imports in January. In response to Moscow's invasion of Ukraine in 2022, the EU has committed to stop using Russian fossil fuels before 2027. However, the Commission has not yet published its "roadmap" on how to achieve this. The plan was originally due last month. An agenda published Monday revealed that the Commission would now publish its roadmap on 6 May.
The annual earnings of energy trader Danske Commodities have fallen by 48%
Danish energy trader Danske Commodities announced a 48% decline in profits for the year 2024, mainly due to volatility in gas prices. This was partly caused by EU regulations to fill storage 90 percent before winter and the stoppage of Russian transit gas via Ukraine. Danske Commodities (owned by Norwegian oil producer Equinor) reported a full-year adjusted profit before tax of 186 millions euros ($204million), down from 359 millions euros in 2023. The company's earnings are expected to be between 100 and 200 millions euros in 2025 before taxes.
Follow This, a group of climate activist shareholders, pauses the big oil campaign
Follow This, a climate activist shareholder group, said that a lack in investor interest has forced them to suspend their campaign to get major oil and gas companies to commit to reducing emissions. The campaign had been going on for nearly ten years. In 2016, the Dutch group began submitting climate resolutions to shareholder meetings. By 2017, it had achieved shareholder support of 80% for Phillips 66 and 60% for Chevron. The surge in oil prices caused by the Russian invasion of Ukraine…
