Middle East Conflict Restricts Supply for European LNG Stock Refill
The escalating conflict in the Middle East due to the U.S.-Israeli war with Iran is tightening global liquefied natural gas (LNG) availability and constraining Europe's ability to refill storages which depleted to their lowest since 2022 over the summer, the European Network of Transmission System Operators for Gas (Entsog) said on Thursday.The conflict between the U.S.-Israel alliance and Iran has shut the Strait of Hormuz, a narrow waterway that normally carries about a fifth of global LNG supplies, to most ships, resulting in a tighter supply outlook and higher
US intelligence warns Iran is unlikely to ease its chokehold on the Hormuz Strait soon, according to sources
According to three sources familiar with the issue, recent U.S. Intelligence reports have warned that Iran is unlikely to open up the Strait of Hormuz anytime soon as its grip on this world's most important oil artery gives it the only leverage?it can exert over the United States. This finding indicates that Tehran may continue to throttle the "strait" to keep energy prices high in order to pressure U.S. president Donald Trump into finding a quick exit from the war, which has lasted for nearly five weeks and is unpopular among U.S. citizens.
VEGOILS - Palm closes on 15-month-high, logs 5th straight weekly gain
Malaysian palm futures rose almost 1% on Friday, logging a fifth consecutive weekly gain, driven by expectations for lower inventories and Indonesia's plans to produce B50 biodiesel, as well as heightened Middle East tensions. The benchmark palm oil contract on Bursa Derivatives Exchange for 'June' delivery gained 47 ringgit (0.98%) to 4,838 Ringgit ($1,201.09), the highest closing price since December 13, 2024. The contract rose 4.47% in the past week.
India's palm oil imports in March fell to a 3-month low due to a price surge
Five dealers said that India's palm-oil imports dropped nearly 19% to a new low in March, as the price of tropical oil, which tracks energy markets, rose. This prompted refiners, who track the energy markets, to reduce?purchases, and wait for correction. Reduced imports may deplete stocks, support local oilseeds prices and force the world's largest edible oil importer in the coming months to increase overseas purchases to replenish stock. Dealer estimates show that palm oil imports dropped to 689,00 metric tons from 847,689 tonnes in February.
Oil shock resilience in march - or just smoke and mirrors? Mike Dolan
The energy shock caused by the Iran war is unprecedented. So far, the real economy has been hit hard. The fact that the only immediate information available is market sentiment, pricing or anecdotes makes it difficult to invest in a sudden crisis such as the Middle East conflict. When reliable data about the economic impact of a crisis finally appears, the crisis has often already passed. The most immediate shock was in the energy markets and prices. Brent crude futures have surged to $100 per barrel. This is a record monthly gain. U.S.
Gas prices in Europe fall after Trump announces US withdrawal from Iran War
The benchmark Dutch and British wholesale gasoline prices dropped 'on Wednesday afternoon, after U.S. president Donald Trump said the United States would end their war against Iran 'fairly soon. But could return for "spot strikes" if necessary. ICE data revealed that the benchmark Dutch front-month contract for TTF hub had fallen 6.81% to 47.30 euros (MWh) or $16.16/mmBtu by 1612 GMT. ICE data showed that the British April contract had fallen by 6.57% to 119.69 pence/therm.
Gas prices in Europe fall amid hopes that the Iran war will end soon
The benchmark Dutch and British wholesale gasoline prices dropped on Wednesday morning, based on the hope that the Middle East conflict would soon be resolved following the comments of U.S. president Donald?Trump. ICE data shows that the benchmark Dutch front-month 'contract' at the TTF hub was 3.466 euros lower at 48.32 Euros per megawatt hour (MWh), which is around $16.40/mmBtu at 0755 GMT. ICE data shows that the British April contract is down 6.7 pence to 121.4 pence per therm.
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…
After a month of high energy prices, Big Oil will reap billions in profits from the war with Iran
While Big Oil executives met this week to discuss the largest-ever disruption to global energy supply due to the conflict in Iran, they didn't address one aspect of the impact: the multi-billion-dollar windfall that they will make because of the soaring price for the energy they are selling. Brent crude, the global benchmark oil, has averaged $97 per barrel so far in March. This is up 33% compared to $69 in February. It's even higher than $65 in January. The U.S.
Algeria and Spain strengthen their energy partnership
Spain and Algeria have agreed to strengthen their partnership in energy, said Spanish Foreign Minister Jose Manuel Albares on Thursday after meeting Algerian president?Abdelmadjid Tebboune. Albares did not say whether Algeria agreed to increase the amount of gas it supplies to Spain. Iran's conflict has thrown energy markets into chaos and caused a rise in volatility. This has led some people to seek gas elsewhere. The CEO of Spanish utility 'Naturgy, Francisco Reynes…
Sources say that the EU is urging countries to fill up gas storage tanks early in anticipation of the Iran War.
As the Iran War disrupts fuel markets around the world, EU diplomats have urged EU countries to begin filling up gas storage caverns as soon as possible in order to be prepared for winter next year. The diplomats reported that the Commission reiterated in a meeting behind closed doors that the EU gas supply is not at immediate risk, but encouraged the governments to take action to combat the soaring price. They added that it was important to begin building up stocks in April so as to be prepared for the winter. Since the U.S.
India orders the strengthening of its natural gas infrastructure amid shortages
India issued an order Tuesday to address obstacles in building and expanding its natural?gas?infrastructure, as it aims to 'diversify' its fuel supply in the face of disruptions on global energy markets due to the U.S./Israeli war against Iran. The conflict has caused disruptions in shipping and gas supply, including the close-to-closure of Strait of Hormuz which is?a conduit for 40 percent of India's crude imports. The Ministry of Petroleum and Natural gas said that the restrictions on liquefied gas (LPG)…
Lee, South Korea's Lee, calls for an energy-saving campaign that includes curbs on automobiles
The South Korean President Lee Jae Myung called on Tuesday for a nationwide energy-saving campaign due to the threat posed by the war in Iran. He said that public institutions would reduce their use of passenger cars. Kim Sung Whan, Energy Minister, told a cabinet meeting that curbs on private vehicles were for the time being voluntary but would be reviewed if energy alert levels increased. He said that the government would encourage staggered commute hours, as well as other conservation measures, to be taken by the 50 largest oil-consuming companies.
ADNOC CEO: Rise in oil price slows global economic growth
According to the CEO of UAE's state-owned energy giant ADNOC, on Monday, the?rise in?oil?prices has slowed economic?growth?everywhere. He said that "energy?security" is more than a slogan. It's the difference between lights on and off. The U.S. and Israeli war against Iran has resulted in the 'effective shutdown' of a fifth of the worlds?oil & gas?supply which transits the Strait of Hormuz - a narrow passageway that runs off the southern coast of Iran. Iran has warned that it will fire at vessels that attempt to cross the Strait of Hormuz without permission.
US energy and interior secretaries met executives amid market turmoil
Energy executives gathered in Houston on Sunday to discuss everything from increasing domestic oil production to Venezuelan opportunities. This was during the worst global supply disruption due to the U.S. and Israeli war against Iran. The meeting was held over dinner on the eve of the CERAWeek energy conference where oil ministers, executives of major companies and members of the Organization of the Petroleum Exporting Countries gather to discuss the current state of the industry.
Salzgitter CEO: Germany's Salzgitter has at least 50% of its gas hedged as the Iran war continues.
Salzgitter's CEO said that the company had hedged against rising gas prices. The group has locked in over 50% of its costs for this year and the next, as the Middle East conflict continues to have a ripple effect on the energy markets. Gunnar Grbler said after the company?released its full-year results that they were "very well hedged" in the gas market through 2026, and to a certain extent 2027. He added that the hedge rates for power prices were even higher.
CERAWeek, the energy conference in Houston, returns as Iran's conflict shakes global energy markets
Next week, the world's top energy executives? will return to Houston as the escalating U.S. - Israeli war on Iran has turned into a nightmare for global energy markets. Unprecedented attacks?on infrastructure? and shipping disruptions have sent oil prices soaring as governments struggle to combat inflation and avoid recessions. The global oil price has risen this week to almost $120, a level not seen since 2022, when Russia's war in Ukraine caused a market disruption.
Oil Prices Drop 8% Ahead of Possible Middle East Peace Talks
Oil prices dropped about 8% on Monday after U.S. President Donald Trump said he would postpone any military strikes against Iranian power plants for five days and cited constructive talks to resolve hostilities in the Middle East, hours before a deadline that threatened to escalate the four-week-old war.Brent futures fell $8.92, or 8.0%, to $103.27 a barrel at 12:31 p.m. EDT (1631 GMT), while U.S. West Texas Intermediate lost $7.17, or 7.3%, to $91.06.Extreme…
UAE Output of Crude Drops, Strait of Hormuz Closure Forces Shut-Ins
The United Arab Emirates' daily oil output is down by more than half as the Iran conflict and the effective closure of the Strait of Hormuz forced state oil giant ADNOC to implement widespread production shut-ins, two sources told Reuters.The halt of commercial navigation through the critical maritime chokepoint, which is normally used to transport about a fifth of the world's oil supply, has inflicted massive disruptions on global energy markets.Earlier on Monday…
UN Climate chief: Iran war a'simple lesson' in fossil fuel dependency
The U.N. Climate Secretary will inform EU policymakers that the disruption of energy markets caused by the Iran War is an "abject" lesson in the dangers?of?relying?on fossil fuels. The European Union, despite being geographically distant from the Middle East crisis, has been affected by it through the soaring global energy prices. The European gas price has risen by 50% in the past two weeks. "Fossil?dependency is ripping national security and sovereignty away…
