CNBC LONDON — European natural gas prices fell this week to levels not seen since before Russia’s invasion of Ukraine. Front-month natural gas futures on the Dutch Title Transfer Facility, the benchmark contract in Europe, plunged in recent weeks to bottom out below 77 euros ($81.91) per megawatt hour, a level not seen since February — prior to the beginning
Oil Price Europe will find it difficult to replace Russian crude oil and product supply once the full effect of the EU embargoes on Russian petroleum products is felt, according to Russian Deputy Prime Minister Alexander Novak. “Europe used to be a key market for the sale of our oil products. Let us wait and see which decisions they
World Oil (Bloomberg) – It’s been eight months since Russia invaded Ukraine, sending global commodity prices soaring and forcing energy-ravenous countries into a mad competitive dash to secure new fuel sources ahead of winter. While the US filled some of the supply gap by exporting huge quantities of liquefied natural gas from its seven plants, global markets are going
Oil Price Last month, France’s president Emmanuel Macron accused the United States of a “double standard” because of the difference between the price at which liquefied natural gas produced in the U.S. sells in Europe and the price at which natural gas sells within the U.S. “The North American economy is making choices for the sake of attractiveness, which I
CNBC Sweden’s national security service on Thursday said a crime scene investigation into the gas leaks from two underwater pipelines connecting Russia to Germany “strengthened the suspicions of gross sabotage.” Sweden’s Security Service said the investigation found there had been detonations at the Nord Stream 1 and 2 pipelines in the Swedish exclusive economic zone, which caused “extensive damage” to the
Natural Gas World HELSINKI/BRUSSELS – Europe may limp through the cold winter months with the help of brimming natural gas tanks despite a plunge in deliveries from former top supplier Russia only to enter a deeper energy crisis next year, the head of the International Energy Agency said. European countries have filled storage tanks to around 90% of their
Oil and Gas 360 By: Larry Busnardo, EnerCom The natural gas crisis unfolding in Europe appears to be intensifying as Russia has dialed back natural gas supplies to the region. European countries have been scrambling to determine how to meet their winter needs for heating and power generation. New supplies are ultimately needed to ensure the region’s short-term and long-term
Yahoo Fracking can go ahead in England, the government said on Thursday, lifting a ban on the controversial process. A moratorium was put in place in 2019 following concerns over earth tremors. But with the energy crisis worsening globally and world leaders scrambling to secure energy supplies, the question has been reopened. The decision comes alongside the publication
Oil Price This week saw the European Commission’s President Ursula von der Leyen do something that would have probably been considered the opposite of democracy just a few years ago. She proposed that governments impose a ceiling on certain energy producers’ revenues and add a windfall profit for Big Oil majors. Called “a solidarity contribution” or “a crisis contribution,” the windfall
World Oil (Bloomberg) — Russia could find new markets for about half of the crude exports that will be banned by the European Union from December, according to energy-data firm Kpler. Indonesia, Pakistan, Brazil, South Africa, Sri Lanka and some countries in the Middle East could together buy as much as 1 million barrels a day of crude
Oil Price The European Commission will propose a revenue cap for companies producing electricity at a low cost and a “crisis contribution” from the extra profits of fossil fuel companies in a plan to raise $140 billion (140 billion euros) to cushion the energy crisis blow to European citizens and economy, European Commission President Ursula von der Leyen said on Wednesday.
Oil Price The United States and its natural gas have been vital for Europe’s attempt to fill its gas storage ahead of this winter season. Yet record U.S. LNG exports have led to a surge in domestic gas prices. The boomerang is coming back. When President Joe Biden promised the European Union there would be enough natural gas for
