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, Western Europe's largest oilfield…
Prices for gas in Europe are lower due to a revised forecast but concerns about supply persist.
The Dutch and British wholesale gas prices fell slightly on Tuesday morning due to small changes in weather forecasts. They had risen more than 2% on Monday, mainly because of colder forecasts. LSEG data shows that the benchmark front-month contract for the Dutch TTF hub fell by 0.09 euros to 39.90 Euro per megawatt hour at 0756 GMT. The Dutch day-ahead contracts was down by 0.21 euros at 39.67 Euro/MWh. The day-ahead contract in the British market was down by 0.10 pence, at 99.00 pence/therm, and the front-month contract was also down by 0.50 pence, at 99.90 pence/therm.
Chinese demand drives up global wind turbine orders in H1 of 2024
Wood Mackenzie reported in a Monday report that global onshore wind turbines orders reached 91.2 gigawatts in the first half, an increase of 23% on the previous year. This was due to a higher demand from China's north region in the second quarter. China has the largest wind turbine production capacity in the world compared to Europe or the United States. Western OEMs are struggling to keep up with China's pricing and availability advantages. According to the Wood Mackenzie Report, the global order intake for windmills in the second quarter was 66 GW, mainly due to Chinese demand.
Prices of nuclear spot prices fall on increased availability
The European power price fell from its multi-month highs Tuesday, as French nuclear availability increased and residual load is expected to fall. Karsten Walke, ICIS analyst for power markets, says that in Central-Western Europe the risk of prices being higher than normal is still present, due to the stable forecasts on demand and the generally low expectations regarding wind. He added that the spikes in day-ahead prices, such as the one on Monday, are only temporary and will not become the norm. Instead, they should fall in line with the forward contracts over the coming weeks and months.
Starmer, the UK's ambassador to Berlin, is there for talks on resetting ties with Europe
On Wednesday, British Prime Minister Keir starmer will discuss an economic and defense accord with German leaders. He hopes to use his two-day trip to Europe's leading powers Germany and France as a chance to reset the relationship with the rest. Starmer stated that he wanted Britain move past the previous Conservative Government's fractious relationships with European allies, and place improved ties as the core of his efforts in order to boost Britain's economy. Starmer was in Berlin on Tuesday and visited the Brandenburg Gate before meeting with President Frank-Walter Steinmeier on early Wednesday morning.
Starmer wants to help Europe reset its ties by pursuing a defence deal with Germany
British Prime Minister Keir Starmer will discuss a landmark economic and defence accord with German leaders on Wednesday, hoping to use a visit to pursue a "once-in-a-generation opportunity" to reset relations with the rest of Europe. Starmer, who is on a two-day trip to Germany and France to promote Britain's economy, said that he wanted to see Britain move past the fractious relationship with European allies of the previous Conservative government and place improved relations at the center of his efforts. Starmer, who will be visiting Berlin to begin his trip…
Solar, Wind Uptake to Reach 5.4 TWac from 2024 to 2033, Says Wood Mackenzie
Global solar deployment to add 3.8 TWac of new project capacity by 2033 compared to 1.6 TW of wind power, while 640% growth is forecast for energy storageFrom 2024 to 2033, developers will bring more than 5.4 terawatts (TWac) of new solar and wind capacity online, increasing the cumulative global total to 8 TWac, as the world endeavours to electrify economies and meet decarbonisation targets, according to latest analysis by Wood Mackenzie.Energy storage capacity (excluding pumped hydro) will grow by more than 600%, with nearly 1 TW of new capacity expected to come online in the same period.
When is a Cargo of Oil Certified "Carbon Neutral"? Ask Lundin Energy
Sweden's Lundin Energy has sold to Italian refiner Saras what it said is the world's first oil cargo certified as carbon neutral at the point of production, the two companies said on Monday.Oil companies are increasingly trying to market their products as cleaner in an effort to secure a future for the fossil fuel industry in a world where investors, activists and regulators are demanding action to halt climate change.While Lundin's crude from the Norwegian Edvard Grieg field was certified as carbon neutral from exploration, development and so-called scope 1 and 2 emissions…
Lundin Energy Chief Schneiter: Output Trending Upward at Sverdrup
Norway's Johan Sverdrup oilfield, the largest in western Europe, is ramping up production in the fourth quarter after the government increased its production permit, Lundin Energy, a partner in the field, said on Friday.Equinor-operated Sverdrup increased its production capacity to 470,000 barrels of oil equivalent per day (boed) in March from an original 440,000 boed, but output was soon after capped by government-imposed limits.Norway in May joined OPEC and other producers in voluntary output curbs to help prop up oil prices as the novel coronavirus pandemic undermined demand.Maintenance work and technical problems at some fields cut output more than expected in th
Norway to Keep Oil Production Cut Unchanged after OPEC+ Deal
Norway, Western Europe's largest oil producer, has no plans to modify its existing plans for production cuts, following the OPEC+ group's agreement to extend a deal on record output cuts to the end of July, the oil ministry said on Monday.On Saturday, OPEC+ agreed to extend the deal to withdraw almost 10% of global supplies from the market by a third month to end-July, sending Brent crude price to over $43 a barrel."OPEC+ has played a key role in the ongoing stabilization of the oil market. Their last decision underscores their efforts in these unprecedented times for the world economy.
Lundin Cuts 2020 Oil Output Goal, Raises Long-term Target
Lundin Energy has cut its 2020 oil and gas output target after Norway's decision to reduce production along with OPEC+ producers, the Swedish company said on Monday.The company has a 20% stake in the Equinor-operated Johan Sverdrup field, which reached phase-one plateau output of 470,000 barrels of oil equivalent per day (boepd) in April. It also operates the Edvard Grieg oilfield.Lundin is now targeting daily volumes of 157,000 boepd day this year, down from a previous 160,000-170,000, owing to production restrictions imposed by the government after OPEC+ agreed to cut supplies in an effort to support prices.Norway…
Norway Gov't Cuts Its Oil Price Assumption for 2020
The Norwegian government has cut its oil price assumption for 2020 to 331 Norwegian crowns ($32.17) per barrel from 476 crowns last October, a revised budget showed on Tuesday.Norway is Western Europe's largest oil and gas producer, with petroleum accounting to about 40% of its exports and about a fifth of the state's revenues.Oil prices fell as global oil demand has slumped by about 30% as the coronavirus pandemic has curtailed movement across the world, leading to growing inventories globally. ($1 = 10.2875 Norwegian crowns) (Reporting by Nerijus Adomaitis, editing by Terje Solsvik)
Equinor Suspends 2020 Production Guidance
Equinor has suspended its 2020 oil and gas output guidance amid government-imposed curtailments and a glut of supply, and could take further action to scale back activity this year, the Norwegian energy firm said on Thursday.With operations from the North Sea to Africa, the Americas and Asia, Equinor had expected 7% output growth this year before Norway, Brazil and others joined OPEC+ in ordering curtailments amid the COVID-19 pandemic."We will continue to prioritise value over volume and have already reduced activity, particularly in the U.S. onshore.
Norway Deciding Whether to Cut Oil Output
Norway's oil minister reiterated on Tuesday that Western Europe's largest oil producer was soon to conclude whether to cut its output following historical curbs agreed by the OPEC+ group.Brent crude front-month contract fell to $18.10 a barrel on Tuesday, its lowest since December 2001, after U.S. May futures dropped to minus $40 a barrel on Monday due to worries about the novel coronavirus pandemic's impact on fuel demand."We have not yet concluded. It will happen soon," Oil and Energy Minister Tina Bru told journalists via video link.The Organization of the Petroleum Exporting Countries and its allies…
If OPEC+ Oil Cuts Go as Planned, Norway Could Cut Output, Too
Norway, Western Europe's largest oil producer, signaled on Friday it could cut its output if the deal negotiated by the so-called OPEC+ nations was implemented as planned.Norway's Minister of Petroleum and Energy Tina Bru is taking part in Friday's G20 video conference to discuss the situation in the energy market after demand and prices were hammered by the coronavirus crisis.Non-OPEC Norway's crude output stood at 1.75 million bpd in February, up 26% from a year earlier. Including condensate and natural gas liquids (NGL), the oil liquids production was 2.1 million bpd.At the G20 meeting…
Norway May Join OPEC Meeting
Norway has been invited to and is considering attending the OPEC meeting on April 9 as an observer, and would reduce output provided there is broad support to do so, the country's oil ministry said on Monday.The ministry reiterated in an email to Reuters that Western Europe's largest oil producer was ready to make unilateral cuts to production if it benefits its economy, but said there were no ongoing talks with oil companies in Norway."If a broad group of producers agrees on significant cuts in production, Norway will consider a unilateral cut if it contributes to supporting our own resource management and economy…
Norway PM to Name Tina Bru as New Oil Minister -DN
Norwegian Prime Minister Erna Solberg will appoint Conservative lawmaker Tina Bru as oil and energy minister, business daily Dagens Naeringsliv and public broadcaster NRK reported on Thursday, citing unnamed sources. The office of the prime minister declined to comment. Bru was not available for immediate comment.If confirmed, 33-year-old Bru will oversee western Europe's largest petroleum industry, which is expected to see sharp growth in crude oil output in the next several years.The right-wing Progress Party resigned from the government on Monday over a cabinet decision to help bring a woman suspected of Islamic State affiliation back to Norway…
Equinor Targets Zero Emissions
Norwegian oil producer Equinor aims to cut greenhouse gas emissions generated at offshore fields and onshore plants in Norway by about 40% in the coming decade and to near zero by 2050, it said on Monday.The cuts could allow Norway, western Europe's top oil and gas exporter, to continue to pump millions of barrels of oil even as the country seeks to fulfill obligations under the 2015 Paris climate agreement to slash domestic emissions.Equinor and its partners plan to invest around 50 billion Norwegian crowns ($5.7 billion) by 2030 to cut emissions to an annual rate of about 8 million tonnes from 13 million tonnes recorded in 2018…
Oil Jumps After US Kills Iran's Soleimani
Oil prices jumped more than $3 on Friday after a U.S. air strike in Baghdad ordered by President Donald Trump killed the head of Iran's elite Quds Force, sparking concerns for an escalation of regional tensions and disruption to crude supplies.Brent crude rose to a peak of $69.50 a barrel, its highest since mid-September when Saudi oil facilities were attacked, and was up 3.7% or $2.43 a barrel by 1445 GMT at $68.68.West Texas Intermediate (WTI) crude was up $2.17 or 3.5% at $63.35 a barrel, having earlier spiked to $64.09 a barrel, its highest since April 2019.An air strike at the Baghdad Airport early on Friday killed Major-General Qassem Soleimani…
Russia Says Nord Stream 2 Will Be Ready in Months
Russian Prime Minister Dmitry Medvedev said on Monday that the Nord Stream 2 gas pipeline would be completed in a matter of months and U.S. sanctions imposed on the project last week would not be "catastrophic".Russia's new gas transit deal with Ukraine would also mollify the impact on Russian gas supplies of U.S. sanctions introduced on the pipeline project, he said.Last week a major contractor suspended work on the Nord Stream 2 project, which is led by Russia's Gazprom, due to U.S. sanctions introduced by U.S. President Donald Trump on Friday.Around 160 km (100 miles) of the gas pipeline…
