Argent LNG receives US approval to export to countries with free-trade agreements
The U.S. Department of Energy authorized?Argent?LNG to sell liquefied gas from its proposed Louisiana terminal to countries with free-trade agreements that include the U.S. This is a major federal approval for the developer as it moves towards a final decision on the project. Argent LNG, a privately-held U.S. firm, is developing an LNG terminal in Port Fourchon, Louisiana. This location is about 160 km (100 miles) south of New Orleans. The project will export up to 25 metric tons of LNG per year, making it one of the largest LNG facilities proposed on the U.S.
Halliburton falls on tepid forecast of revenue, Middle East recovery warning
Halliburton's shares dropped more than 6% Tuesday after the U.S. provider of oilfield services forecast lower third-quarter revenue and signaled uncertainty over the pace at which the Middle East is recovering. This year, the 'conflict in Middle -East' has dominated the energy markets. A major oil producing region remains on edge after repeated flare-ups. However, oil prices are not as high as expected when Israel and the U.S. went to war against Iran in February.
After Trump's 'over' declaration, the US military has announced that it will be launching new strikes against Iran.
The?U.S. The?U.S. military announced on Wednesday it was launching new strikes against Iran to?keep the Strait of Hormuz, a vital artery for traffic open. This came hours after Donald Trump declared the interim agreement to end war with Iran as "over." The United States claimed that the latest attack was in response to the Tuesday assault on three cargo vessels transiting the Strait. It shook several cities along Iran’s southern coast, and some areas were left without power. "U.S.
US stock futures fall as Trump declares the Iran deal 'over'. Oil climbs
U.S. Stock Index?futures fell sharply on Wednesday.?Nasdaq Futures reached a four-week high after President Donald Trump declared that a memorandum aimed at ending a war with Iran is "over". This sent oil prices soaring. The U.S. President, speaking in Ankara, ahead of the NATO summit, said he was not interested in further engagement with Iran. This has heightened investor concern over the'renewed escalation' in the Middle East, and is the latest blow against the fragile ceasefire between Washington and Tehran. Iran's Revolutionary Guards claimed they targeted U.S.
Mercuria, a commodities trader, forms joint venture with Eni, an Italian major
The Swiss commodities 'trading house Mercuria' and the Italian oil and gas -major Eni - have agreed to form a joint venture. Mercuria announced that the 50:50 joint-venture will be run from its headquarters in Geneva. It will trade crude oil and refined fuels as well as biofuels and gas. Mercuria's strategy to seek partnerships that increase market access and integrate with physical markets led it to link the venture with Eni. Stefano Pujatti said that Eni…
Mercuria, a commodities trader, forms joint venture with Eni, an Italian major
The companies announced on Wednesday that they had agreed to form a joint-venture between Swiss commodities trading house Mercuria, and the Italian oil and gas giant Eni. This is part of a growing trend in which trading partnerships are formed to take advantage of volatile markets. Mercuria announced that the 50:50 joint-venture will be run from its headquarters in Geneva. It will trade crude oil and refined fuels as well as biofuels and gas. Mercuria announced that it will begin operations in 2027 pending regulatory approvals.
It will take several months for the Middle East to recover its oil and gas production
LONDON, 15 JUNE - An agreement framework between the U.S.A. and Iran to end the war and reopen Strait of Hormuz has sent oil prices plummeting as traders anticipated the return of flow. Industry officials claim that a return to the pre-war levels of production and refinement is likely to take several weeks, months or years. This article explores the major energy implications of this tentative agreement. What does the deal change?immediately? U.S. president…
Malaysian palm oil climbs with firmer US soyoil but profits are taken.
The price of Malaysian palm oil futures rose more than 1% on Wednesday, as trading resumed following a long holiday. This was boosted by a stronger Chicago soyoil. However, profit-taking dampened the upside. By midday, the benchmark?palm-oil contract for August delivery at the Bursa Derivatives exchange had gained 66 Ringgit (1.46%) to 4,601 Ringgit ($1,156.03) per metric ton. The contract rose 0.04% during the previous session. A Kuala Lumpur based trader stated that the market experienced a post-holiday rallies.
Vitol's Bahrain head says that the oil market may be undervaluing risks
Tom Baker, managing director of global commodity trading company Vitol for Bahrain, stated on Tuesday that the oil market is undervaluing certain risks from Iran's?war. The Iranians' effective closing of the Strait of Hormuz, and their attacks on energy infrastructure, including oilfields, refineries and oilfields, has taken 14 million barrels of Middle East oil supply offline. This is the biggest oil supply crisis ever. The turning point could come when someone needs the physical molecule and they are not available to purchase.
The US solar industry is suffering from the price increase of aluminium due to the Mideast war.
The war in Iran has caused a shortage of aluminium, which is making racking systems more expensive. This adds to the financial pressures already being felt by an industry that has been struggling with high silver prices. Aluminium is a vital component for solar racking components, such as rails and clamps used to mount solar panels. The London Metal Exchange benchmark aluminium price has risen 15% since the end of February. CME's COMEX aluminum futures contract is up more than 30%.
The US Department of Energy assumes that the Strait of Hormuz remains closed until late May
The U.S. Department of Energy's statistical branch said on Tuesday that it assumes the Strait of Hormuz is effectively a?shutdown through late May - and traffic will begin?gradually next month. This led the agency to raise its forecasts of U.S. fuel prices. The stalemate in the Strait of Hormuz between Iran and the U.S., Israel, has impacted global energy markets. Millions of barrels of Middle Eastern oil exports are stranded every day. This is causing concern about fuel shortages all over the world.
The UAE's OPEC withdrawal could impact its trade ties to Saudi Arabia
The United Arab Emirates withdrawing from OPEC will weaken the group's hold on the global oil market and could potentially risk a rift between Saudi Arabia, the Gulf neighbor who is the de facto leader in the organisation of crude producers. Analysts say that the UAE-Saudi Arabia relationship has been headed for a showdown since a long time. This is due to diverging oil policies, geopolitical tensions in Yemen and Sudan and growing economic rivalry. HOW LIKELY IS THE SAUDI-UAE ROW TO HIT TRADE?
Russell: It's time for the world to stop delusions about the Iran Energy Crisis.
LAUNCESTON (Australia), April 7: The U.S.-Israeli war against Iran is characterized by miscalculations on the part of all parties involved, including those who are peripheral. But the real danger lies in the illusion about the magnitude of the energy crisis that will result. Any nation that thinks it or another?country can emerge from this conflict as "winners" is delusional. The conflict has now entered its sixth week. Even if there is a ceasefire in the next couple of weeks and vessel traffic resumes through the Strait?Hormuz…
Russell: It's time for the world to stop delusions about the Iran Energy Crisis.
LAUNCESTON (Australia), April 7: The U.S.-Israeli war against Iran is characterized by miscalculations on the part of all parties involved, including those who are peripheral. But the real danger lies in the illusion of the magnitude of the energy crisis that will result. Any nation that thinks it or another country can "win" the conflict is deluded. The conflict has now entered its sixth week. Even if a ceasefire is reached and vessel traffic resumes through the Strait of Hormuz within the next few weeks, the global economy will still be facing an energy crisis.
Iran has been seen as focusing on renewable energy investments with a focus on security and not climate.
Executives at the CERAWeek Conference in Houston said that energy security concerns, which once limited investment into renewable energy, could now accelerate its growth more than climate change worries. This is because oil and gas supplies are facing a new wave of uncertainty due to the war against Iran. The U.S. and Israeli war against Iran has?removed a?million barrels of oil per day from the global markets, causing energy prices to reach multi-year-highs and causing shortages of fuel in countries that rely on oil and natural gas flowing through Strait of Hormuz.
Prices of EUROPE GAS fall amid tentative market expectations for an end to the Iran war
Dutch and British benchmark gas prices fell early on Wednesday to their lowest level in nearly two weeks, following news of the U.S. initiative to negotiate an end to the war with Iran which has stopped around a fifth?of global oil and natural gas supplies. Intercontinental Exchange data showed that the benchmark Dutch front-month contract for the TTF hub had fallen by 4,44 euros to 49,60 euros per megawatt at 0855 GMT. The price of electricity briefly fell to 48.75 Euros/MWh (its lowest level since March 13).
Mike Dolan: The ROI-Gulf War rattles the petrodollar Foundations
No matter what the outcome of this war is, the question for the Gulf's oil-rich economies will remain: "Is the U.S. umbrella worth the cost?" Since U.S., Israel and other countries launched attacks on Iran, on February 28, the Gulf's neighbours have been the most affected by the missiles and drones which followed. These weapons destroyed energy infrastructure and damaged economies. They also exposed the limits of a supposed U.S. umbrella. This reckoning has consequences that go 'far beyond the militaristic.
Gulf Stocks Mixed amid Confusion over US-Iran Talks
Gulf markets closed mixed on Tuesday. Qatar?extended losses, while other bourses stabilized as investors parsed contradictory signals about potential U.S.Iran 'talks. The mood was volatile when U.S. President Donald Trump delayed attacks on Iran's energy infrastructure and spoke of "productive" talks to end the U.S.-Israeli conflict with Iran. But Tehran dismissed this comment as "fakenews". Semafor, citing an official from the United States, reported that the U.S. would continue to strike Iran. The pause, however, only applied to energy sites.
Iran threatens to retaliate after Trump's ultimatum against Gulf water and energy
Iran has warned that it will strike water and energy infrastructure in the Gulf region if U.S. president Donald Trump follows through with his threat to "attack" its electricity grid. This is raising fears about a massive disruption of drinking water for a region heavily reliant on desalination. Trump gave a deadline of 7:45 pm EDT (2345 GMT) on Monday, warning late Saturday that the United States will strike Iran's nuclear power plants if Tehran does not fully reopen the Strait of Hormuz in 48 hours.
Oil Prices Rise As Iranian Attacks on UAE Continue
Oil prices rose more than 1% on Tuesday, as renewed Iranian attacks on the United Arab Emirates heightened concerns about the worsening outlook for global supply if there is no quick resolution to U.S.-Israeli war on Iran, now in its third week.Brent crude futures gained $1.33, or 1.3%, to $101.53 a barrel by 1515 GMT while U.S. West Texas Intermediate (WTI) crude advanced $1.21, or 1.3%, to $94.71.The U.S.-Israeli war on Iran shows no signs of abating. While oil futures have not repeated the brief surge to nearly $120 a barrel from earlier in the month…