Sunday, July 15, 2018

Europe News

Finland's Fortum Bets on Fledgling Russian Wind Power Market

© Fabian / Adobe Stock

Finnish utility Fortum is hoping to attract financial partners for its new wind and solar projects in Russia, where it aims to capitalise on its decade-long presence in the country to expand in renewables.This approach is similar to moves by Denmark's Orsted…

EnBW: No Impact on Coal Generation from Low Rhine Water

File Image (CREDIT: AdobeStock / © Digitalstock)

German utility EnBW said on Friday it had enough stocks and rail transport options for the time being to secure coal deliveries from the Amsterdam-Rotterdam-Antwerp port areas while the river Rhine had low water levels. "There are currently no important limitations on our coal receipts via the Rhine…

A Promising Future for U.S. Shale

Natural gas production from U.S. shale fields can keep growing for decades, giving Washington a powerful diplomatic tool to counter the geopolitical influence of other energy exporters such as Russia, according to industry executives and government officials.

Oil Mixed as Investors Short-cover and Saudi Boosts Output

File Image (CREDIT: AdobeStock / © Redindie)

On July 6th, 2018, oil was mixed with short-covering, pushing up U.S. crude futures while Brent slipped on global trade tensions and increased Saudi production. West Texas Intermediate (WTI) crude futures gained 61 cents to $73.55 by 11:30 a.m. Global benchmark Brent was down 39 cents at $77 a barrel.

Europe Distillates-Cracks Rise Despite Wave of Imports

Benchmark diesel barge refining margins in northwest Europe rose at the start of the week despite plentiful imports from Asia, the Middle East and the United States. Recent highlights include:* In recent days at least seven Diesel cargoes carrying around 550…

Gazprom: 'Piped' Gas Always Cheaper for EU than U.S. LNG

File Image: A natural gas pipeline header arrangement. (CREDIT: AdobeStock / © pisotsckii)

Natural gas piped from Russia to Europe will always be cheaper than importing U.S. liquefied natural gas, the CEO of Russian gas producer Gazprom Alexei Miller said on Friday. He also said the United States will never beat Russia in gas supplies to Europe.

Europe's Iranian Oil Purchases Set to Plummet

File Image (CREDIT: AdobeStock / © Leeylutung)

Key lender for Europe's oil purchases cuts credit from June 30. European refiners are cutting purchases of Iranian oil faster than expected as the U.S. prepares to reimpose sanctions on Iran, threatening a more severe impact than the last round of punitive measures in 2012 even though the EU has not joined in.

U.S.: Global Oil Capacity Will Make Up for Iran Cutbacks

Brian Hook, State Department  Director of Policy Planning (Photo:U.S. Department of State)

The United States aims to reduce Tehran's oil revenue to zero in an effort to force the Iranian leadership to change its regional. A senior U.S. State Department policy adviser said they believe there is enough spare global oil capacity to make up for a lower supply from Iran.

Iran's Rouhani Hints at Threat to Neighbors' Exports

President Hassan Rouhani appeared on Tuesday to threaten to disrupt oil shipments from neighbouring countries if Washington presses ahead with its goal of forcing all countries to stop buying Iranian oil. The comments, published on Iran's presidential website…

What Glencore-Tohoku Coal talk Impass Means for Market

File Image (CREDIT: AdobeStock / © Leonid Eremeychuk)

Electric utilities in Japan and other Asian countries are driving blind when it comes to coal prices after the failure of Japan's Tohoku Electric and Glencore to agree on an annual thermal coal contract that is used to set prices for the region. Tohoku Electric…

Trump Effort to Lift U.S. Offshore Wind Sector Sparks Interest

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The Trump administration wants to fire up development of the U.S. offshore wind industry by streamlining permitting and carving out vast areas off the coast for leasing - part of its 'America First' policy to boost domestic energy production and jobs.The Europeans…

Fate of Argentine Biodiesel Industry Hinges on EU Sanctions

File Image (CREDIT: AdobeStock / (c) scanrail)

Argentina's biodiesel industry is at risk after the European Union threatened to impose tariffs on imports from the South American country, following accusations that the nation unfairly subsidized its biofuel sector. The threat of tariffs has halted Argentine biofuel sales to the EU…

Equinor Acquires Energy Trader Danske Commodities

CEO Henrik Lind (left), Danske Commodities, and Tor Martin Anfinnsen, senior vice president, Marketing & Supply in Equinor. (Photo: Thomas Priskorn / PRISKORN)

Norwegian oil and gas major Equinor, formerly Statoil, is acquiring the Danish energy trading company, Danske Commodities for EUR 400 million (USD 470 mln). "Equinor has reached agreement to buy 100% of the shares in Danish energy trading company Danske Commodities (DC) for EUR 400 million…

Equinor Acquires Danske Commodities

CEO Henrik Lind (left), Danske Commodities, and Tor Martin Anfinnsen, senior vice president, Marketing & Supply in Equinor. (Photo: Thomas Priskorn / PRISKORN)

Equinor has reached agreement to buy 100% of the shares in Danish energy trading company Danske Commodities (DC) for EUR 400 million, with smaller contingent payments depending on DC’s performance over the next couple of years. This acquisition – of one of…

Hundreds of Norway Oil Workers Go On Strike

Photo courtesy of Equinor

Hundreds of workers on Norwegian offshore oil and gas rigs went on strike on Tuesday after rejecting a proposed wage deal, leading to the shutdown of one Shell-operated field and helping send Brent crude prices higher.One union said hundreds more workers would…

Nord Stream to Shut Gas Pipeline for Two-Week Maintenance

Nord Stream said on Tuesday it would shut both lines of its pipeline transporting Russian gas to Europe through the Baltic Sea for two weeks of planned maintenance starting July 17.The 1,224 kilometre (760 mile) pipeline, running to Germany via the sea, has a capacity of 55 billion cubic metres.

Hundreds of Oil Workers Strike in Norway

Photo: Harald Pettersen / © Equinor

Hundreds of workers on Norwegian offshore oil and gas rigs went on strike on Tuesday after rejecting a proposed wage deal, leading to the shutdown of one Shell-operated field and helping send Brent crude prices higher.One union said hundreds more workers would…

Exxon Expands Mozambique LNG Project to Cut Costs

Exxon Mobil will expand its Rovuma liquefied natural gas (LNG) project in Mozambique by half to cut production costs as the partners prepare to book the plant's supply and formally tap lenders in September, the company told Reuters.The U.S. oil giant took charge…

Iran Says U.S.-Caused Oil Spike Will Slow Growth, Add to Tariff Impact

© chalermchai k/ Adobe Stock

A rise in oil prices caused by the United States' sanctions policies will hurt economic growth in China, Europe and other consumers, much like President Donald Trump's trade measures, a top Iranian official said on Thursday.Iran's OPEC governor also told Reuters the rise in oil output by OPEC and its allies…

Croatia Reopens Bidding for LNG Terminal Capacity

LNG Hrvatska launched a second round of bidding for potential operators of an offshore liquefied natural gas (LNG) terminal in Croatia's northern Adriatic on Friday, after the previous round drew little interest.Last week, Croatia's parliament passed a law to enable the construction of the terminal…

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