Democratic Governors ask Trump Administration to lift the freeze on offshore Wind Projects
Four Democratic Governors wrote to U.S. Interior Secretary Doug Burgum wrote to the Trump Administration on Wednesday, requesting that it lift the halt placed on 'five offshore wind project on the U.S. East Coast. On Monday, the Department of the Interior attributed the suspension of leases on the projects to concerns about national security. New York Governor Kathy Hochul and Connecticut Governor Ned Lamont as well as Massachusetts Governor Maura healey, and Rhode Island Governor Dan McKee, however, rejected these claims.
US Natural Gas Futures Rise Alongside LNG Export Demand
U.S. natural gas futures rose 4% on Tuesday, boosted by record gas flows to liquefied natural gas export plants and forecasts for more demand than previously expected over the next two weeks.Front-month gas futures for January delivery on the New York Mercantile Exchange rose 15.3 cents, or 4%, at $4.105 per million British thermal units by 08:59 AM ET. Priced ended 0.5% lower on Monday. "The demand for LNG is very strong and they're keeping those numbers near record high. So, that's definitely supporting the market right now…
Wall Street Journal, December 23,
These are the most popular stories from the Wall Street Journal. The Wall Street Journal has not verified these stories, and cannot vouch for the accuracy of their content. Trump's administration has suspended the leases for?five? large offshore wind farms that are currently under construction off of the U.S. East Coast due to what they called national security concerns. This sent shares in offshore wind companies plummeting. Oracle co-founder Larry Ellison personally guaranteed $40.4 billion to entice Warner Bros Discovery to stop selling its prized Hollywood assets.
Australia requires LNG exporters to retain a minimum for the home market
Australia's new scheme will require exporters of liquefied?gas to keep up to 25% of their output for domestic use. The plan was announced on Monday in an effort to curb price spikes and fill a supply gap that has been predicted. The government of Anthony Albanese, a centre-left Prime Minister, said that it would work closely with exporters to create a system which limits the amount of domestic gas. A minimum allocation at local level is between 15 and 25 percent. The government announced the number of a policy that it had flagged for 2025…
Australian regulator expects a balanced gas market on the east coast in Q2; South will rely on Queensland
Australia's east-coast gas market will be in balance by the second quarter of 2026. Southern states are likely to rely heavily on?gas stored in Queensland and surpluses from Queensland to meet demand, according to the competition regulator. According to the Australian Competition and Consumer Commission's (ACCC) latest gas inquiry report, the east coast market will have a balance between supply and demand of 15 petajoules (PJ) and an 8 PJ deficit in the second quarter 2026. The'southern states' are also expected to require an extra 26 PJ over the same period.
Tokyo Gas CEO: More than half of investments in overseas markets will be directed to the US within 3 years.
Tokyo Gas, Japan’s largest city gas provider, will direct more than half the 350 billion yen ($2.3billion) it has set aside for overseas investments in the next three years to the U.S., according to CEO Shinichi Sasayama. Tokyo Gas announced a plan in?October to invest 1.3 trillion yen by March 2029. This included 350 billion yen to fund overseas projects, such as U.S. Shale Gas Development. Sasayama said in an interview that "North America was our top priority" in terms of our overseas strategy. He cited a combination of a growing U.S.
Australia is preparing to review its gas market, which could affect LNG exports
Australia will soon issue a review of the gas market that could limit exports from its east coast. Three operators, led by Shell and Santos, send cargoes to Asia. They said that the review, which they expect Canberra to release this week, may 'include a plan for LNG exporters to prioritize local supply in the populous east, the main source of domestic demand. Tony Wood, energy analyst at Melbourne's Grattan Institute, said that the government is trying to solve a difficult problem. They want the domestic and international markets to be able access gas at a reasonable price.
ConocoPhillips finds gas off Australia
ConocoPhillips, the oil giant, announced on Monday that it had discovered gas off of the coasts of southeast Australia. The company began its first exploration drilling in November. Two targets located off the coasts of Victoria were identified by wireline logs. The work will continue for another two weeks, before the second exploration well is drilled to confirm that there are large gas reserves in Australia's east-coast market. Jan-Arne Johannsen, the country president of the company, said that the discovery was encouraging, and it was the first to be made in the area in four years. The U.S.
VEGOILS - Palm up on Chicago soyoil's strong performance; weather concerns and weak export data cap gains
The market was supported by a stronger Chicago soyoil and concerns about inclement weather, but a lackluster November export report and the looming threat of bad weather weighed heavily on the market. At midday, the benchmark palm oil contract on Bursa Derivatives Exchange for January delivery gained 65 ringgit or 1.58% to 4,177 Ringgit ($988.87). According to Paramalingam Supramaniam of Selangor brokerage Pelindung Bestari, the uptrend in Chicago Soyoil Prices is helping sustain the palm Market.
ConocoPhillips launches natural gas drilling offshore eastern Australia
ConocoPhillips, a U.S.-based independent company, has begun drilling its first exploration hole as part of a larger campaign to search for natural gas off the eastern Australian coast, 3D Energi its junior partner said on Monday. 3D Energi announced in a filing with the ASX that work began on the Essington-1 oil well over the weekend. It will take 32 days for the drilling to reach 2,650 metres (8.694 feet). The company stated that this is the first well in the Otway Exploration Drilling Program for the development of new gas for Australia’s eastern domestic market.
Santos' GLNG facility will stop purchasing Australian domestic gas by 2027
Santos' Gladstone Liquefied Natural Gas plant (GLNG) in Australia will cease buying gas produced domestically to meet export contracts, according to its CEO on Tuesday. This could help ease the supply shortages on Australia's east coast. GLNG's CEO Stephen Harty stated that the company spent about A$1billion ($650m) a year on developing its own tenements, building its own supply and eventually would cease all domestic purchases of gas. "We have been on the path of phasing out purchases for a while…
Sources claim that Colonial Pipeline will cut jobs.
According to two sources with knowledge of the situation and a statement from the company, The Colonial Pipeline Company informed its employees that it plans to reduce some positions this week. In response to questions about job cuts, the company stated: "We informed our employees that a recent evaluation to ensure our organization was best aligned in order to continue meeting our business strategies and priorities safely will result in some changes to team structures and individual roles." It was not possible to determine the extent of the job reductions immediately.
Orsted, a Danish company, raises $9.35 Billion in a share issue
Orsted, the Danish offshore wind developer, said it raised $9.35 billion in a heavily-discounted share issue on Monday. The company is bolstering its finances amid uncertainty caused by Trump's administration. The company reported that 99.3% was subscribed. Demand for the remaining shares is "extraordinarily" high. The price per share was 66.6 crowns, which is a significant discount to Monday's stock market price of 122.3 crowns. The new issue was open to all existing shareholders. The Danish state, who controls the company, contributed 50.1%.
Australia Gas Market Interventions Fail, Regulator Finds
The Australian Competition and Consumer Commission said that the government's recent efforts to increase gas supplies and lower prices in Australia have largely been unsuccessful and could even be increasing the risk of shortage, according to the regulator. In a recent report, the Australian Competition and Consumer Commission (ACCC), said that several market interventions undertaken in response to a global energy crisis in 2022 had "not led to a material improvement of market outcomes". These measures included changes to Australia's Domestic Gas Security Mechanism…
South African court cancels Eskom's permission to build new gas-powered plant
A top court in South Africa on Wednesday revoked a government permit that allowed state utility Eskom build a large natural gas-burning power plant, claiming there was not a proper consultation with the public. The government is planning to build a 3,000-megawatt plant on the east coast in the port city of Richards Bay as part of its plans to boost the country's power generation capacity following years of blackouts, and move away from coal. The Supreme Court of Appeal's judgment stated that "the effect of this order was to nullify the authorisation".
Orsted reduces profit forecast ahead of $9.4 billion rights issue vote
Orsted, the Danish developer of wind farms, cut its outlook for operating profits in 2025 just before shareholders voted on a capital raise that was crucial to Orsted's fight against President Donald Trump and his opposition to wind energy. Orsted, once hailed as an innovator in offshore wind power, is now in dire straits. It faces industry-wide issues and risks further losses for its two remaining projects on the U.S. East Coast. The company expects to earn between 24 billion and 27, billion Danish crowns, excluding new partnership fees and cancellations.
Minister says Canada's LNG attracts German interest in market swaps
German companies want to swap Canadian LNG cargos off the Pacific Coast to meet European demand. Canada's Minister of Energy and Natural Resources Tim Hodson announced this on Wednesday. Canada, the fifth largest natural gas producer in the world, exported its first ever liquefied gas in June. The LNG Canada facility, led by Shell, is located in British Columbia and is the only North American LNG export location with direct access into the Pacific Ocean. Hodgson, a reporter at the Associated Press, said that European buyers are also interested in these cargoes.
Germany Looks to Meet European Demand with Canadian LNG
German companies are looking to buy and swap Canadian LNG cargoes shipped off the Pacific coast to help meet European demand, Canada's Energy and Natural Resources Minister Tim Hodgson said on Wednesday.Canada, the world's fifth-largest natural gas producer, shipped its first-ever liquefied natural gas export cargo in June from the recently constructed LNG Canada facility in British Columbia, which is led by Shell and is the first North American LNG export site with direct access to the Pacific Ocean.The bulk of LNG Canada's exports is expected to ship to Asia…
US Natural Gas Prices Drop 4% on Record Output
U.S. natural gas futures fell about 4% to a nine-month low on Tuesday on near-record output, ample fuel in stockpiles and forecasts for less hot weather and lower demand through early September than previously expected.Another factor weighing on gas prices was a decline in the amount of gas flowing to liquefied natural gas export plants due to small reductions at several facilities.Front-month gas futures for September delivery on the New York Mercantile Exchange fell 10.8 cents, or 3.7%, to $2.782 per million British thermal units…
US Natural Gas Prices Drop 3% Ahead of Cooler Weather Forecasts
U.S. natural gas futures fell about 3% on Monday on near-record output, ample fuel in stockpiles and forecasts for less hot weather next week than previously expected.Front-month gas futures for September delivery on the New York Mercantile Exchange fell 9.5 cents, or 3.3%, to $2.821 per million British thermal units by 5:53 a.m. EDT (0953 GMT).The U.S. National Hurricane Center (NHC) projected Hurricane Erin, which was near the Bahamas, would move north and then east off the U.S. East Coast…