The Netherlands will reach the European Union target of filling up gas storage sites to 80% capacity as early as next week, according to its energy minister. “I expect the Netherlands to reach the 80% target in the upcoming days, next week,” the Dutch Minister for Climate and Energy Policy …
Read More »Goldman Says EU Gas may Challenge August Highs on Gazprom News
European natural gas prices could approach highs set in August after Russia said its key pipeline to Europe won’t resume flows as planned, according to Goldman Sachs Group Inc. The news will probably “reignite market uncertainty regarding the region’s ability to manage storage through winter” and is set to drive …
Read More »Oil Sinks further to Test OPEC’s Resolve amid Semand Concerns
Oil fell for a third day as demand concerns continue to escalate and the dollar rose, joining a selloff of assets from equities to metals. West Texas Intermediate futures dropped below US$88 a barrel, after falling for a third consecutive month in August in the longest run since April 2020. …
Read More »China’s Oil Majors Post Record Profits on Surging Fuel Prices
Covid lockdowns, a property market crisis and a struggling domestic economy weren’t enough to slow down China’s oil giants as they posted record first half profits. PetroChina Co., Sinopec and Cnooc Ltd. each said they made historic amounts of money in the January-to-June period as surging prices for the oil …
Read More »Global Energy Crisis Spurs a Revival of Nuclear Power in Asia
Asia is giving the once-shunned nuclear power industry a second lease on life, thanks to the global energy crisis. Governments in Japan and South Korea are removing anti-nuclear policies, while China and India are looking to build more reactors to avoid future supply shortages and curb emissions. Even developing nations …
Read More »India’s Biggest Refiner to Spend $25 Billion on Net Zero Target
Indian Oil Corp., the country’s biggest refiner, said it plans to spend 2 trillion rupees ($25 billion) to achieve carbon neutrality by 2046. The company will target Scope 1 and 2 emissions under its net zero aim, Shrikant Madhav Vaidya, chairman of the state-owned refiner-cum-fuel retailer, said on Thursday. It …
Read More »Asia Gas Prices Jump after Russia Pipeline Maintenance Sends Europe to Record
Asian liquefied natural gas prices extended gains as concern mounts that Russia’s announcement of maintenance on a key pipeline to Europe will further tighten global supplies. Producers offered LNG spot cargoes for winter above $60 per million British thermal units on Monday, traders said. The Japan-Korea Marker spot benchmark slipped …
Read More »Europe Gas Takes a Breather from Rally as Storage Fills up
Natural gas in Europe rose again, extending a rally as a scorching summer boosts demand while supplies from Russia remain limited. Benchmark futures jumped as much as 4.7%, reversing earlier declines. Energy market concerns are deepening as the hot and dry weather boosts gas consumption for cooling. It’s also drying …
Read More »Mexico Plans to be LNG Export Hub with U.S.-Drilled Natural Gas
Mexico — which imports nearly all of the natural gas it burns — has laid out a somewhat surprising mission: to become one of the world’s top exporters of the fuel, and fast. Although natural gas exports from Mexico are today non-existent, seeing as it produces too little of the …
Read More »Russia’s Oil Resilience Faces a much Bigger Test as EU Ban Looms
Russia defied expectations of a collapse in oil production following its invasion of Ukraine. But Moscow will have to redouble its efforts to find new buyers if it’s to keep output from shrinking in the coming months. After plunging in the immediate aftermath of its offensive in February, Russian production …
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