Poland Urges EU Members to End Russian Oil Imports by 2026
Poland has urged European Union member states that are still buying Russian energy to end those imports by the end of 2026 and will offer them help towards that effort, Energy Minister Milosz Motyka said on Wednesday.The Druzhba oil pipeline delivers Russian oil to Hungary and Slovakia, which continue to buy…
US energy chief: EU could stop buying Russian gas in a year
Chris Wright, the U.S. Energy Secretary, said on Friday that the European Union can replace Russian gas with U.S. Liquefied Natural Gas within 6-12 months. The United States has communicated its position to EU officials in this week. Wright spoke in Brussels on Thursday, when he met EU Energy Commissioner Dan Jorgensen. The U.S.
US energy chief: EU could stop buying Russian gas in a year
Chris Wright, the U.S. Energy Secretary, said on Friday that the European Union can replace Russian gas with U.S. Liquefied Natural Gas within 6-12 months. The United States has communicated its position to EU officials in this week. Wright spoke in Brussels on Thursday, when he met with EU Energy Commissioner Dan Jorgensen to discuss the end of Europe's purchase of Russian energy.
Octopus Energy, a British company, partners with a Chinese wind turbine manufacturer
Octopus Energy, Britain's biggest electricity supplier, has signed a contract with Chinese wind turbine maker Ming Yang Smart Energy. This could lead to the installation of the first Chinese-made turbines in Britain. The UK is trying to increase its renewable energy to meet climate targets, but it is also struggling with rising project costs as well as high electricity prices.
Prices of EUROPE GAS remain stable as the market waits for news about Russian sanctions
The Dutch and British wholesale prices of gas were unchanged on Thursday, despite a weakening demand. Market participants also waited for news about new European sanctions against Russia. LSEG data shows that the benchmark Dutch front-month contract was 33.06 euros per Megawatt Hour (MWh) or $11.43/mmBtu at 0829 GMT. This is a decrease of 0.15 euros.
EU Targets Power Grid Bottlenecks to Lower Prices, Improve Security
The European Union will prioritise fixing eight power grid bottlenecks, the Commission President said on Wednesday, in an effort to lower the bloc's uncompetitive energy prices and improve energy security."I am presenting today a new initiative called Energy Highways. We have identified eight critical bottlenecks in our energy infrastructure.
After US pressure, the EU is considering a faster Russian gas and oil exit.
Ursula von der Leyen, the head of the European Commission, said that new sanctions would include a quicker phase-out of Russian fuels. This comes after U.S. demands to stop buying Russian crude oil. EU officials are currently in Washington, DC to discuss the coordination of further sanctions against Russia. The EU and U.S.
After US pressure, EU looks to accelerate Russian oil and gas withdrawal
Ursula von der Leyen, the head of the European Commission, said that new sanctions would include a quicker phase-out of Russian fuels. This comes after U.S. pressure for an end to Russian oil purchases. EU officials are in Washington, D.C. to coordinate new sanctions against Russia with the Trump administration.
Shell Signs 10-year Gas Supply Deal with MVM CEEnergy
Oil and gas major Shell signed a 10-year natural gas deal with Hungary's MVM CEEnergy on Tuesday, in a move designed to strengthen its presence in central and eastern Europe.Shell, the world’s biggest liquefied natural gas (LNG) trader, said it would sell around 200 million cubic metres (mcm) of natural gas a year to the Hungarian natural gas wholesaler MVM CEEnergy…
Minister: Shell to sign new gas contract with Hungary
The Hungarian foreign minister announced on Tuesday that, later that day, he will sign a long-term contract for the purchase of gas with Shell. This would be "the largest volume and longest Western supply contract in history". In his statement, Foreign Minister Peter Szijjarto didn't provide any additional details.
Draft shows that EU countries are trying to limit the ways in which Russian gas can be circumvented by EU countries.
A draft of the latest negotiation proposal for the rules seen by revealed that the European Union is trying to block any way Russian gas can still enter Europe after the phase-out. The European Commission proposed legislation in June to phase out EU oil and gas imports from Russia by January 1, 2028. This is…
Crude oil and palm oil are both weaker than their rival oils
The market was pressured by the weaker rival oils and crudes, as well as the inability to breach a technical level. At the close, the benchmark palm oil contract on Bursa Malaysia's Derivatives exchange for delivery in November fell 35 ringgit (0.78%) to 4,441 Ringgit ($1,056.12) per metric ton. The contract increased by 2.19% on Monday.
Document shows EU wants proof of Russian gas origin in order to enforce Russian ban
A document obtained by revealed that European Union countries may impose stricter requirements for companies to prove the source of gas imported as part the bloc's plan phase out Russian imports. Last month, the European Commission proposed legislation that would phase out EU imports from Russia by January 1, 2028.
EDF will make 6 GW hydropower available as part of a French agreement with EU
The Prime Minister's Office announced on Thursday that EDF, the French state-owned utility, will offer 6 gigawatts in hydroelectric power to third parties as part of an agreement with the European Commission. The office of Prime Minister Francois bayrou said that this virtual capacity would be sold under the…
Palm prices rise on US tariff relief for Indonesia; slow demand limits gains
Malaysian palm futures rose on Wednesday after recovering from a two-day decline, supported by the news that U.S. exempted Indonesian oil palm from a tariff of 19%, but sluggish market demand outside China limited gains. At the close, the benchmark palm oil contract on Bursa Derivatives Exchange for November delivery gained 19 ringgit (0.46%) to 4…
Slow demand limits palm gains from US tariff exemptions for Indonesia
Malaysian palm futures rose Wednesday, recovering after a two day drop. Supported by the news that U.S. exempted Indonesian oil palm from a tariff of 19%, but sluggish market demand outside China limited gains. At the midday break, the benchmark palm oil contract on Bursa Derivatives Exchange for November delivery gained 40 ringgit or 0.89% to 4…
Russian Oil Supplies to Hungary and Slovakia Halted After Ukraine Attack
Russian oil supplies to Hungary and Slovakia could be suspended for at least five days after a Ukrainian strike on a facility in Russia, Hungarian and Slovakian officials said on Friday, in a widening of the fallout of Russia's war in Ukraine.Russia and Ukraine have stepped up attacks on each other's energy infrastructure…
Russian energy exports disrupted since the start of Ukraine War
One of the bargaining chips that Donald Trump will use to convince Vladimir Putin to progress towards a ceasefire agreement in Ukraine when he meets him on Friday is to reduce U.S. restrictions on Russia's exports and energy industry. Trump has also warned of tougher sanctions in the event that there is not progress. See how the sanctions have affected Russian energy exports.
VEGOILS - Palm oil falls due to sluggish demands; gains in Dalian competitor oils cap losses
Malaysian palm futures declined on Wednesday due to a lack of demand in key markets. However, gains in Dalian soybean oil helped limit losses. At the close, the benchmark palm oil contract on Bursa Malaysia's Derivatives exchange for October delivery fell 23 ringgit (or 0.54%) to 4,267 Ringgit ($1,009.46). The contract increased by 2.46% on Monday.
Palm slips due to weak Chicago soyoil and sluggish demands
Malaysian palm futures fell on Wednesday due to lower Chicago soyoil and weaker demand from key markets. However, gains in Dalian soybean oil helped limit losses. At midday, the benchmark palm oil contract on Bursa Derivatives exchange for October delivery fell 41 ringgit (0.96%) to 4,249 Ringgit ($1,005.68) per metric ton. The contract increased by 2.46% on Monday.