Gas

Benchmark natural gas prices in Europe continued their freefall this week and were headed to post the longest weekly losing streak since 2013 amid weak demand. The front-month futures at the TTF hub, the benchmark for Europe’s gas trading, plunged by 5.7% to $25.75 (24 euros) per megawatt-hour (MWh) as …

Amid a slump in EU gas prices, the continent is rushing to diversify its natural gas imports. Oilprice.com wrote yesterday that Russian gas giant Gazprom has seen its 2022 revenue and market share in Europe collapse as a result of Western sanctions. While Russia is busy trying to re-route exports …

Cooler temperatures this week and a dip in available wind power this month are boosting the demand outlook for June for U.S. natural gas, leading to nearly 3% price gains on Wednesday. At 9:45 a.m. EST on Wednesday, U.S. natural gas futures were trading up 2.93% at $2,389 per million …

Turkey will conduct oil exploration activities in the eastern Black Sea, Energy and Natural Resources Minister Fatih Donmez has said, adding that finding oil in this area is likely. Oil exploration activities are presently concentrated off the coast of the province of Zonguldak and seismic studies off the coast of …

Chinese President Xi Jinping called for accelerating the construction of the 4th line of the Turkmenistan-China gas pipeline, which will also be laid on the territory of Tajikistan and Kyrgyzstan, Trend reports. In his speech at the first face-to-face summit “Central Asia – China”, which is being held in Xi’an, …

The National Iranian Gas Company raised its natural gas exports in 2022 by 17%, the managing director of Iranian Gas Transmission Company said. “The state-run company’s exports reached 17 billion cubic meters in 2021 and 20 bcm in 2022,” Gholam-Abbas Hosseini was also quoted as saying by IRNA. Turkey buys …

A large Iranian gas condensate refinery is expected to come on line next year amid efforts to meet a rising demand for gasoline that has caused the country to resume imports after more than a decade. The company responsible for building Persian Gulf Mehr Refinery said on Saturday that the …

At the end of las week, gas prices on the European market dropped to their lowest level since June 2021. Last year’s upward chaos has been completely reversed, which may suggest that the continent is emerging from the energy crisis caused by the Russian invasion of Ukraine, according to Bloomberg. …

Algeria’s exports of liquefied natural gas (LNG) rose in the first quarter of 2023 compared to the same period of 2022, and the North African producer booked the highest LNG export growth rate among the Arab countries as Europe seeks to replace Russian pipeline gas supply. Algeria’s LNG exports rose …

Pakistan is facing penalties of as much as $18 billion if it fails to complete a gas pipeline project it is carrying out with Iran, local media have reported. The project, which should supply some 750 million cubic feet of natural gas to Pakistan daily, has been fraught with difficulties, …