Europe banned most oil shipments from Russia almost a year ago, but it’s binging on diesel that may well have been made from Russian crude. The region’s imports of diesel from India, one of the biggest buyers of Russian crude, are on course to soar to 305,000 barrels a day, …
Read More »Korea Takes Short-Term LNG Path while Rivals Embrace Long Deals
South Korea is avoiding the global trend toward long-term agreements on liquefied natural gas due to high prices, a risky move that will leave the top importer exposed to the volatile spot market. State-owned Korea Gas Corp. plans to rely on short-term deals or spot purchases to fill its supply …
Read More »Chinese Utility Plans One of World’s Largest Renewable Projects
A Chinese firm has announced it will build a renewable energy project with more generating capacity than New Zealand in a vast inland desert province. China Energy Investment Corp. and its listed unit, China Longyuan Power Group Corp., are forming a joint venture to build the Badain Jaran in Gansu …
Read More »Exxon: EU Rules on Methane Curbs may Boost LNG Industry
New rules on curbing methane emissions in Europe’s energy sector may actually boost the case for liquefied natural gas and shouldn’t affect exports from the US. “All of the progress around emissions reduction is positive for the gas business,” Peter Clarke, senior vice president for global LNG at Exxon Mobil …
Read More »Oil Market Faces 21-Million-Barrel Options Risk from WTI at $80
A second bumper oil options expiry in less than a month could inject volatility into crude prices Wednesday. There are about 21 million barrels worth of December $80 calls for US benchmark West Texas Intermediate that are due to expire later today. US crude futures are trading close to $78 …
Read More »Oil Steady with Differing Views from IEA, OPEC Clouding Outlook
Oil steadied after a short-lived relief rally as the market digested differing views on the supply and demand outlook, while an industry report pointed to an expansion in US stockpiles. Global benchmark Brent traded near $83 a barrel, while West Texas Intermediate was above $78. The International Energy Agency said …
Read More »Russia to Stick with Voluntary Oil Export Cuts until Year-End
Russia will stick to its voluntary oil exports cuts through 2023 in a move to balance the oil market, according to Deputy Prime Minister Alexander Novak. The nation will continue with a policy of curbing overseas supplies of crude and oil products by 300,000 barrels a day until the end …
Read More »European Gas Slides on Subdued Demand and Contained War Outlook
European natural gas prices declined for a second day as November kicked off with a windy weather outlook and optimism that the war in the Middle East might not impact global fuel flows. Benchmark futures for December declined 0.5% after settling 9.5% lower the previous day. The continent is heading …
Read More »European Gas Prices Jump after Egypt Says Imports Stopped
European natural gas prices advanced after a halt in Egyptian imports dashed hopes for a resumption of deliveries to Europe, adding to supply risks just as Israel widened its ground offensive in Gaza. December futures jumped as much as 4.5% on Monday. Prices are around 30% higher than before the …
Read More »Eni and Qatar Sign 27-Year LNG Supply Deal for Italy
Eni SpA signed a 27-year liquefied natural gas deal with QatarEnergy, marking the Gulf nation’s third major contract with a European firm this month. Starting in 2026, a joint venture between the Middle Eastern company and Eni will deliver as much as 1.5 billion cubic meters of LNG per year …
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