Oil Prices Slip, Pressured Over Global Supply Glut
Oil prices fell by nearly 2% on Monday, pressured by worries over a global glut as U.S.-China trade tensions added to concerns about an economic slowdown and weaker energy demand.Brent crude futures were down $1.06, or 1.7%, at $60.23 a barrel as of 1312 GMT, while U.S. West Texas Intermediate futures fell $1.03, or 1.8%, to $56.51.Oil traders' concerns have shifted from under-supply to over-supply, the futures contract structure of the global benchmark Brent showed.The six-month spread for Brent shows contracts for earlier loading are trading below those for later loading…
Maguire: Italy's economic troubles have an upside for the moment, a positive climate.
The persistent economic crisis in Italy has led to the lowest emissions in its power sector for decades. Climate activists need to be aware that economic measures could cause a rapid U-turn on pollution trends. Italy has been experiencing economic stagnation for over a decade. This has resulted in a steady decline of goods produced and exported, and lowered power consumption among many businesses. The lower power demand by industry allowed Italy's utilities, which were once a nation that ranked among the top 10 polluting nations, to reduce fossil fuel-fired electricity output and to cut power sector emission to historic lows.
Maguire: Italy's economic troubles have an upside for the moment, a positive climate.
The persistent economic crisis in Italy has led to the lowest emissions in its power sector for decades. Climate activists need to be aware that economic measures could cause a rapid U-turn on pollution trends. Italy has been experiencing economic stagnation for over a decade. This has resulted in a steady decline of goods produced and exported, and lowered power consumption among many businesses. The lower power demand by industry allowed Italy's utilities, which were once a nation that ranked among the top 10 polluting nations, to reduce fossil fuel-fired electricity output and to cut power sector emission to historic lows.
NGSA: US natgas production to reach record levels this winter
According to the Natural Gas Supply Association’s Winter Outlook 2025-2026, U.S. Natural Gas production will reach record levels this winter. This will help meet domestic demand and a growing liquefied gas export market. This winter, the U.S. Natural Gas Market faces a balance act: increasing supply versus growing demand. The NGSA stated that while production and storage is strong, wildcards could cause price pressure. The total gas demand for this winter is expected to increase by 4,2 billion cubic feet per days (bcfd), mainly due to LNG exports which will rise by 3,8 bcfd, as new liquefaction capacities come online. NGSA predicts U.S.
Industry official: Japan will start planning floating wind testing centre next year
A senior industry official announced that Japan will begin planning for a floating national wind test centre in 2019. The official vowed to continue on the path of wind energy growth despite recent setbacks, such as Mitsubishi quitting three projects. Last month, Mitsubishi-led consortiums dropped plans to build three offshore windmills that won Japan's first large state auction in 2021. This was a blow for the sector which is seen as crucial to reducing dependence on imported fuels. In a Tuesday interview, he said that the association would discuss functions and equipment. He also stressed the need for such a center to the government.
German industry lobby warns energy transition could cost 5.4 trillion euros by 2049
The German Chambers of Industry and Commerce said that the current German energy transition strategy would cost up to 5.4 trillion euro ($6.3 trillion) in 2049. This could be a heavy burden on businesses and households, and reduce their competitiveness. Berlin wants to achieve climate neutrality by 2045 by covering 80% of its energy needs with renewable sources by 2030. Electricity prices are among the highest in Europe despite the strong growth of wind and solar power in recent years. With the current policy the energy transition will not succeed.
Asian Spot LNG Prices Decline, Weak Demand Amidst Sanctions
Asian spot liquefied natural gas (LNG) prices declined this week due to weak demand and as markets awaited further clarity on U.S. Russian energy sanctions or secondary tariffs.The average LNG price for September delivery into north-east Asia LNG-AS was at $11.90 per million British thermal units (mmBtu), down from $12.10/mmBtu last week, industry sources estimated.Spot global gas prices have been relatively rangebound since the start of summer gas season in April, with a brief spike during the Iran strikes in June…
India's MCX launches electricity futures to hedge against weather-driven demand changes
The Multi Commodity Exchange in India will launch India's first electricity contracts on Thursday. This tool allows power generators, distributors and large industrial users to manage their risk. MCX announced in a Tuesday statement that the exchange would initially offer cash-settled contract for the current three-month period and for the next three months. However, they will be made available thereafter for all twelve calendar months. Praveena Rai, the managing director of the exchange, said that the goal was to meet the needs of the sector, deepen the energy markets and support sustainable market-driven pricing.
Senate bill still deals a big blow to renewables despite last-minute amendments
Industry advocates and legislators said that the massive U.S. Senate budget bill passed on Tuesday would make it more difficult to develop solar and wind energy projects despite the removal some controversial provisions. After last-minute talks with Republican senators who wanted better terms for renewable energy, the Senate dropped its proposed excise taxes on solar and wind projects that didn't meet strict criteria. Iowa Senator Joni Ernest, Iowa Senator Chuck Grassley, and Alaska Senator Lisa Murkowski - whose votes were critical to the bill's passing - had proposed an amendment that called for the removal of this tax.
Report: Global CO2 emissions in energy reached record levels last year
The Energy Institute's Annual Statistical Review of World Energy showed that global carbon dioxide emissions in the energy sector reached record levels for the fourth consecutive year last year, as fossil fuel consumption continued to rise even as renewable energy also hit record highs. The figures in the report highlight the difficulty of weaning the world economy away from fossil fuels, especially at a moment when the conflict in Ukraine has disrupted oil and gas supplies coming from Russia. And fighting in the Middle East is raising concerns about the security of supply.
Japan returns to long term LNG deals on AI boom and national energy plan
The liquefied gas industry in Japan is once again in the spotlight, as artificial intelligence booms and rising costs of cleaner energy drive the appetite for long-term LNG contracts. Japan, which is the second largest LNG importer in the world, has secured long-term deals with Qatar, and other buyers are also securing such agreements. Japan's LNG exports have been falling for over a decade, as the nuclear power plants that were idled following the Fukushima catastrophe began to operate again and renewable energy sources increased. The AI boom will require enormous power consumption from data centres.
NextEra CEO: Renewables are needed to bridge the gap between expanding gas power and increasing renewables
NextEra CEO John Ketchum said on Tuesday that renewable energy sources such as wind and solar power will be needed to meet the rapidly increasing energy demand in America, despite near-term challenges to increasing natural gas capacities. At the Politico Energy Summit, the head of Florida's power producer stated that the high cost to acquire gas turbines and a shortage in construction workers, along with the tariff costs, will make it take seven years or more to bring new gas-fired plants online. Ketchum stated that "we need a bridge in order to get to 2032, when the gas will be available...
XRG Aims For Gas and LNG Capacity of 20-25 Million Tons a Year by 2035
XRG, the international investment arm of Abu Dhabi National Oil Company (ADNOC), is aiming to have a gas and LNG business with a capacity of between 20 million and 25 million metric tons a year by 2035, the company said in a statement on Tuesday.XRG was set up last year as an investment company focused on lower-carbon energy, gas and chemicals, with assets of more than $80 billion.On Tuesday, its board, whose members include former BP BP.L CEO Bernard Looney and Blackstone's Jon Gray, approved the capacity target and a new five-year business plan.
Expand Energy exceeds its quarterly profit expectations and expects minimal tariff impact
Expand Energy, the top U.S. producer of natural gas, beat analysts' expectations for first-quarter profits on Tuesday. This was due to higher natural gas production and prices, as well as a signal that tariffs will have a minimal impact in the near future. In extended trading, shares were up about 1 percent at $108.50. The average natural gas price has been rising over the last few quarters. On March 10, it reached a record high of two years, supported by record flows into LNG export facilities as well as concerns about supply leading up to summer.
Abu Dhabi's XRG aims to reach a gas and LNG capacity of between 20-25 million tonnes per year by 2035
XRG is the international investment arm for Abu Dhabi National Oil Company. The company stated in a Tuesday statement that it aims to have a business of gas and LNG with a production capacity between 20 and 25 million metric tonnes per year by 2035. XRG, a company that invests in lower-carbon energy sources, gases and chemicals with assets exceeding $80 billion, was established last year. The board of the company, which includes former BP CEO Bernard Looney, and Blackstone's Jon Gray on Tuesday, approved a capacity target as well as a five-year plan.
Wood Mackenzie is concerned about the challenges of meeting the gas-powered energy demand in 15 years.
In a report published on Wednesday, Wood Mackenzie, an energy research company, said that the gas turbine market may have difficulty meeting strong demand over the next 15 to 20 years because of manufacturing constraints, increasing costs, and competition from renewables. Wood Mackenzie predicts that new gas-fired power generation projects will add around 890 gigawatts (GW) of capacity globally between 2025-2040. The U.S.A. and China are expected to lead the way with 47% annual additions in the same period. In Asia, high import gas prices can hinder growth.
EOG Resources exceeds profit expectations, reduces capital expenditure plan due to tariff uncertainty
EOG Resources posted a first-quarter profit that was higher than expected on Thursday. The company enjoyed higher natural gas production and prices, but cut its capital spending plan due to tariff uncertainty. The company reported that the benchmark price of natural gas for the third quarter increased by 63.4% over the previous year to $3.66/Mcf, while the total quarterly production increased 4.8% to reach 98.1 million barrels equivalent oil (MMBoe). The average natural gas price has been rising over the last few quarters. On March 10, it reached a record high, supported by record flows of LNG export facilities.
Prices for gas in Europe are little changed despite maintenance in Norway and higher wind forecast
Dutch and British wholesale prices of gas were not much different on Monday morning. The gas balance was tightened due to maintenance in Norway but higher wind output is forecast. LSEG data shows that the benchmark Dutch front-month contract for the TTF hub fell by 0.12 euro to 36.15 Euro per megawatt hour at 0844 GMT. The British day-ahead contract was flat, at 85.70 cents per therm. Gas Infrastructure Europe reports that EU storage inventories are 50.97% full. The consultancy Auxilione stated in a daily report that…
REFILE-ConocoPhillips plans layoffs as part of broad restructuring
ConocoPhillips plans to reduce staff. The company announced this on Tuesday. This is part of a broader effort to control costs and streamline operations following its $23 billion purchase of Marathon Oil. Job cuts are a sign of the pain that the oil and gas sector is experiencing as it faces higher costs and lower revenue due to prices hovering around $63 per barrel. Many companies claim they can't drill profitably at oil prices below $65 per barrel. Chevron, SLB and other oil giants announced their own layoffs in the first half of this year.
NextEra exceeds profit expectations as the power company avoids trade risks
NextEra Energy's CEO stated that the company beat Wall Street expectations on Wednesday regarding rising electricity demand, as it works to navigate around increasing global trade risks. The rising costs brought on by President Donald Trump’s tariff war threaten to slow down a recent surge of electricity demand, and dent plans for expansion by the country’s power companies. NextEra, one of the largest renewable energy firms in the world, has said that it reduced its trade risk by $150 million, on $75 billion of capital expenditures. This is less than 0.2%. In morning trading, the company's shares rose 2.7% to $68.46. NextEra purchased U.S.