gas prices Archives - Oil & Gas 360

Europe gas prices jump to 4-month highs on Hormuz blockade threat

July 17, 2026

(Investing) – European wholesale natural gas prices surged on Friday, touching their highest levels in nearly four months as intensifying military exchanges between Washington and Iran stoked fears over a potential closure of the Strait of Hormuz, threatening a critical chokepoint for global liquefied natural gas (LNG) flows. The front-month Dutch TTF gas contract, the European benchmark, climbed to 55.65 euros per

Big oil heads for record profits as Trump turns up the heat on gas prices

July 7, 2026

(Oil Price) – The oil majors are set for windfall earnings for the second quarter, which saw crude oil prices jump to a four-year high due to the closure of the Strait of Hormuz. The earnings at both ExxonMobil and Chevron are expected to have tripled in the April to June quarter compared to the first quarter, as the worst supply disruption in

Plains oil pipeline shut down after rupture in East Los Angeles, company says

May 22, 2026

(Investing) – An oil pipeline operated by Plains All American in East Los Angeles, California, was shut down after a rupture, the company said on Friday. The line was struck by a third party conducting excavation work, the company added. It did not provide details on how much oil may have leaked or a timeline on when flows would be restored. The ruptured pipeline

Chevron forecasts tighter pressure on oil than LNG in 2026 as global supply ramps up

November 13, 2025

(World Oil) – Increased oil supply from OPEC and its allies will continue to put pressure on crude prices next year, while liquefied natural gas prices will likely fall later in the decade, according to Chevron Corp. Chief Executive Officer Mike Wirth. “Oil prices in 2026 are likely to feel more pressure than LNG prices,” Wirth said in an interview with

Ukraine gets its first U.S. LNG cargo via Greek terminal

December 27, 2024

(Oil Price) – Ukraine has taken delivery of its first U.S. LNG cargo at a Greek terminal as Ukraine and Europe look to bolster their energy security by reducing their dependence on Russian gas, Ukraine’s largest private energy company, DTEK, said on Friday. The delivery of approximately 100 million cubic meters of gas, or 1 TWh of energy, onboard the Gaslog Savannah arrived

U.S. crude oil hovers around $85 as gas prices hit highest level since October

April 4, 2024

CNBC Crude oil futures edged lower Thursday, taking a breather as traders took stock of the market after prices advanced more than 2% this week to hit the highest level since October. The West Texas Intermediate contract for May delivery fell 31 cents to $85.10 a barrel, while the Brent contract for June delivery lost 19 cents to $89.16. Oil prices have rallied this

Russia’s Gazprom warns European gas prices could climb a further 60%

August 16, 2022

Reuters MOSCOW – Russian state gas company Gazprom (GAZP.MM) said on Tuesday that European gas prices could spike by 60% to more than $4,000 per 1,000 cubic metres this winter, as the company’s own export and production continues to fall amid Western sanctions. Gas flows from Russia, Europe’s top supplier, are running at reduced levels this year, after one route was

Analysis-Governments no match for markets in European energy crunch

January 19, 2022

US News LONDON – European governments have spent tens of billions of euros trying to shield consumers from record high energy prices, and themselves from voters’ wrath, but the measures look set to fall short. From Athens to Oslo, lawmakers across Europe, some facing elections this year, have scrambled initiatives such as removing VAT on home energy bills or providing

Analysis: ‘Living hand to mouth’: Europe’s gas crunch shows little sign of easing

November 22, 2021

Reuters LONDON/OSLO – Consumers in the European Union and Britain face further gas price spikes this winter as flows of Russian gas via major transit routes are proving too little, too late. The new Nord Stream 2 pipeline running from Russia to Europe might have eased a tight market. But it has faced more delays as German certification has been

Biden’s National Economic Council can’t settle on a plan as energy prices spike

November 12, 2021

World Oil (Bloomberg) –One hour after U.S. government data showed on Wednesday that American inflation had soared to a 31-year high, President Joe Biden vowed to fight the surge as “a top priority.” Key to his administration’s response, Biden said in a statement, would be addressing the rising cost of energy — what he described as “the largest share of

U.S. official says Russia ‘took advantage’ of Europe’s energy crisis

November 11, 2021

CNBC Russia did not cause Europe’s energy crisis — but it didn’t help, and instead tried to benefit from the situation, according to Amos Hochstein, the U.S. State Department’s senior advisor for global energy security. “It sure didn’t do anything that it could to alleviate [the energy crunch], and in fact, took advantage of it,” Hochstein told CNBC’s Hadley Gamble on

Oil billionaire schools Biden on gas prices: ‘It’s all about economics 101’

October 26, 2021

Fox Business Continental Resources Chairman and founder Harold Hamm criticized Biden’s energy plan as the administration’s efforts to tackle climate change conjures up more challenges for the country. “You know it’s all about economics 101 and it doesn’t have to be this way,” the oil billionaire said during an interview on FOX Business’ “Mornings with Maria.” Last year, Hamm warned the price of gasoline would surge under

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