Reeves, UK's Reeves, says that the Middle East crisis makes predicting when the oil and gas profit levies will end difficult.
The British Finance Minister Rachel Reeves told oil and gas executives on Wednesday that it was harder to predict the end of a tax on their profit due to the conflict in 'the Middle East, but that she was committed to eliminating it. Reeves spoke with representatives of the oil and gas sector, including BP and Adura. He also met with Offshore Energies UK and Offshore Energies UK, to discuss a sudden rise in energy costs following a U.S.
The European market is seeking clarity about Qatari LNG supplies, which has led to a reduction in prices.
The Dutch and British gas price were lower on Wednesday, after rising earlier in the week. However, they could still be volatile, as traders try to gauge how long Qatari LNG supply will remain interrupted. Data from Intercontinental Exchange (ICE), showed that the benchmark 'Dutch front month contract' at the TTF hub had fallen by 1.02 euros to?53.27 per megawatt-hour (MWh) as of 1018 GMT.
EUROPE GAS-European Gas Prices soar by more than 40% due to LNG Supply Fears
The benchmark Dutch and British gas price rose by more than 40% in the morning of Tuesday, as fears about supply grew after Iran and Israel intensified their attacks on the Middle East, and Qatar stopped 'production' at its Ras Laffan plant, which is the largest export facility in the world. Europe has been increasing its LNG imports over the last few years to replace Russian gas after Russia invaded Ukraine.
EUROPE GAS-European Gas Prices Close Higher on Disruption to LNG Shipments
The benchmark European wholesale gas price closed Monday around 35-40% more expensive, after major LNG exporter Qatar Energy announced that it had stopped production due to attacks in the Middle East. A cargo standstill through the Strait of Hormuz also raised concern about the length of the disruption. Qatar is soon to become the second largest LNG exporter in the world after the United States.
Prices for gas in Europe are mixed as traders take into account geopolitical risks, weather and outages in Norway
The European benchmark wholesale gas price was mixed on Friday. Prices in Britain were higher due to outages in Norway, while Dutch prices were lower because of mild weather. This slightly offset concerns about a possible escalation? in the Middle East. LSEG data revealed that the Dutch March contract?at the TTF hub?was down 0.57 euros at 31,35 euros per Megawatt Hour (MWh), which is $10.85/mmBtu by 0904 GMT. The contract for April dropped by 0.62 euro to 31.35 Euro/MWh.
German year-ahead increases amid U.S./Iran tensions
On Friday morning, the German power contract for the year ahead firmed slightly, continuing gains from the previous day and tracking a?higher price of gas?. This was due to concerns about tensions between the U.S. By 0922 GMT the German year-ahead contract was up by 0.90 euro, at 81.90 Euros per Megawatt Hour (MWh), while the French equivalent contract fell by 0.20 Euro to 52.60 Euros/MWh.
EUROPE GAS-European gas prices drop on warmer temperatures and US gas price drops
The benchmark British and Dutch wholesale gasoline prices dropped on Tuesday morning, as warmer temperatures were expected to?curb demand. This was followed by a market that had seen prices plummet in the U.S. after freezing temperatures eased. LSEG data shows that the benchmark?Dutch Front-Month Contract at the TTF Hub was down 2.17 Euros at 32.30 EUR per Megawatt Hour, or $11.18 /mmBtu by 0910 GMT. This week, the contract is down more than 20%.
India's demand for LNG is set to increase across industries, if prices are cooperative
Executives from the country's largest importers have said that India's appetite is likely to increase in the next few years, due to the demand for liquefied gas across fertiliser, city-gas, refining, and power sectors. They added that a lower price would be necessary to increase consumption. India is currently the fourth largest buyer of LNG in the world. It aims to increase the gas share to 15% of its energy mix by 2030, up from the current 6.2%.
India's demand for LNG is set to increase across industries, if prices are cooperative
Executives from India's leading importers have said that the demand for liquefied gas in India is expected to increase over the next few years. This will be driven by the demand for city gas, fertilizers, power, and refining. They added that a lower price would be necessary to encourage further consumption. India is the fourth largest 'buyer' of LNG in the world and wants to increase the gas share to 15% from its current 6.2% by 2030.
US Northeast spot natgas, power and electricity prices reach record highs due to Arctic blast that boosts heating demand and freezes gaswells
U.S. spot gas and power prices soared in the northeastern region of the country as homes and businesses turned up their heaters. The cold Arctic air had frozen oil and gas wells, and pipes this week. This resulted in gas production dropping to a 2-year low. Pennsylvania's?has jumped by 47%, to a record of $59. In Pennsylvania and Maryland, the price of a megawatt-hour (MWh) soared by 146%.
EUROPE GAS - Prices trade down but geopolitical and storage concerns remain
The Dutch and British wholesale gas price were not much different on Wednesday morning, but the market will likely remain choppy due to geopolitical tensions and low storage levels. LSEG data shows that the benchmark Dutch front-month contract for the TTF hub fell by 0.30 euros to 34.80 Euro per megawatt hour at 0841 GMT. The price of the?day-ahead contracts increased by 0.15 euros to 36.00 Euro/MWh.
Exxon announces a decline in upstream profits for the fourth quarter
Exxon Mobil, the U.S. oil giant, said on Wednesday that lower crude?oil?prices may reduce its fourth-quarter?earnings? by $800 million to $1 billion. The price of oil fell 9.2% in the three-month period ending December 31 as geopolitical risk was outweighed by concerns over supply and tariffs. Brent crude futures lost?about 19% by 2025. This is the largest annual percentage decline since 2020, and the longest streak of losses ever recorded. U.S.
EOG Resources: Higher Venezuelan output and oversupply are weighing down on shale oil prices
Ann Janssen, finance chief at EOG Resources, said that on Wednesday oversupply from Venezuela and possibly higher production are pushing down oil prices. This trend is likely to continue for several more quarters. Brent crude futures fell about 0.6% to $60.30 per barrel as investors reacted after U.S. president Donald Trump announced that his country had "reached an accord" to import up $2 billion of Venezuelan crude.
EUROPE GAS - European prices are easing due to profit-taking and milder weather.
Gas prices fell in Europe and Britain on Monday after reaching a month-high in the previous session. Traders took some profits and forecasts for less windy and cold weather eased demand. LSEG data shows that the benchmark Dutch front-month contract for the TTF hub fell by 1.23 euros to 27.60 Euro per megawatt hour or $9.45/mmBtu at 0916 GMT. The contract was closed on Friday at the highest level since November 27.
Asia Spot LNG Prices Rise with South Korean Demand
Asian spot liquefied natural gas prices edged up this week as forecasts for colder weather boosted demand in South Korea, but overall weak buying in China left prices down 34% since the start of 2025.The average LNG price for February delivery into Northeast Asia LNG-AS was estimated at $9.60 per million British thermal units (mmBtu), up from $9.50 last week, the lowest since April 2024…
EUROPE GAS-European gas prices increase in the afternoon on cooler weather forecast
The Dutch and British gas price rose on Friday after-noon on the expectation of higher demand. Data compiled by LSEG revealed that the benchmark Dutch front-month contract at the TTF Hub was up 0.73 'euro 'at 27,65 euros per megawatt (MWh), which is $9.51/mmBtu by 1627 GMT. The Dutch day-ahead contracts was up 0.58 Euro at 27.58 EUR/MWh. The British front-month contract gas price?was up 2.66 pence to 73.31 p/therm while the day-ahead was up 2.56 pence to 71.31p/therm.
EUROPE GAS - European prices are flat, but cooler temperatures support them
The Dutch and British gas price were not much different on Friday. This was due to the expectation of increased demand as the recent warmer temperatures are expected to be replaced by more normal seasonal temperatures. Data compiled by LSEG revealed that the benchmark Dutch front-month contracts?at the TTF hub? were up 0.10 euros at 27.02 Euros per Megawatt Hour (MWh) or $9.26/mmBtu by 0828 GMT. The Dutch day-ahead contracts was flat at 27,00 euros/MWh.
EUROPE GAS - European prices drop on warmer and windier weather
The Dutch and British gas price continued to drop on Friday as the forecast of warmer and windier weather for next week reduced demand and tightened up the spread between United States gas delivery and Dutch prices. LSEG data shows that the benchmark Dutch front-month contract was lower by 0.32 euros, or $9.26/mmBtu at 1025 GMT. Data showed that the U.S. Henry Hub front-month contract fell by 0.10 euros to 14.73 euros/MWh or $5.03/mmBtu. The U.S.
Bousso: TotalEnergies' ROI-TotalEnergies power play shows Big Oil how to make energy transition work
TotalEnergies of France is betting heavily on renewables and power, positioning itself as a leader in the global energy demand wave. It also offers investors an alternative to its rivals who are doubling down on gas and oil. Since 2022, the strategies of European oil companies have been in a constant state of flux. The sanctions and full-scale Russian invasion of Ukraine created…
EUROPE GAS - European prices drop as milder and windier weather returns
The Dutch and British gas price fell on Thursday morning, as the forecast for warmer weather and increased wind next week reduced demand. LSEG data shows that the benchmark Dutch front-month contract was lower by 0.55 euros, or $9.44/mmBtu at 0947 GMT. The Dutch day-ahead contracts was down by 0.38 euros to 27.85 Euros/MWh. Gas prices in the UK for the day ahead fell by 2.25 pence, to 70.25 p/therm. The front-month contract also dropped by 1.75 pence, to 71.75p/therm.