Shell and Trinidad's NGC have agreed on Aphrodite supply terms, clearing the way for the project
Shell, a British energy company, and Trinidad and Tobago’s National Gas Company (NGC) have reached an agreement on terms for natural gas supply from Shell’s Aphrodite Field, ending the pricing dispute that had delayed this project. NGC Chairman Gerald Ramdeen said Wednesday. Ramdeen stated that the?agreement paves the way for the?development of offshore field. The?first?production is expected to begin in the second quarter 2027.
The ECB says that the increase in gas prices in Europe may lead to inflation occurring more quickly.
The European Central Bank stated in its 'Economic Bulletin' on Monday that the natural gas price increases will likely feed faster into the?inflation in the euro zone than they have in the past, but the impact on electricity prices will be smaller due to the increase in?renewable energy production. The wholesale natural gas price is up over 140% from a year ago. This is due to the…
The Middle East escalated prices of GLOBAL LNG/-Asia, which led to the highest spot price since Dec-2022.
The Asian spot prices for liquefied gas have reached their highest levels since December '2022. This is due to the escalation in the Middle East conflict, the high European gas price and the strong demand before winter. The price was $26.00 for a million British thermal unit (mmBtu), compared to $25.70/mmBtu the previous week. Klaas Dozeman of Brainchild Commodity Intelligence, a market analyst…
The French baseload electricity contract for the front year is at a three-year high
On?Thursday the French baseload year-ahead?electricity contract reached its highest level since December 20, 2023, at EUR90.65 ($105.39), tracking higher gas prices. Over the past 10 days, the French wholesale front-year electricity contract has been rising continuously as it follows the spiraling gas prices. France's nuclear fleet of 57 reactors is responsible for 70% of its electricity.
China's CNOOC records record profit in the first half of this year on higher oil prices and output
CNOOC Ltd, a Chinese offshore oil-and-gas major, posted a record net profit for the first half of 2012 on Wednesday. Higher oil prices resulting from the Iran War?and increased production helped to boost earnings. According to a filing at the Hong Kong Stock Exchange, net?profits attributable to investors?rose by 23.4% from 69.5 billion to 85.8 billion ($12.9 billion). The oil and gas revenue has jumped by 20% to 206.1 billion Yuan.
Beach Energy's shares fall on weak production forecast, but the company is still profitable.
Beach 'Energy' posted a profit for the year on Thursday. This is a dramatic turnaround from a loss a year earlier. However, shares in this Australian oil and gas producer fell more than 6% as investors focused on their?soft? production outlook. The Adelaide-headquartered company forecast fiscal 2027 production of between 19.5 million and 23 million barrels of oil equivalent (MMboe)…
Egypt Looks to Sign Multi-Year LNG Supply Deal
Egypt is in talks with energy majors including Shell, TotalEnergies and BP to buy 15 to 18 cargoes of liquefied natural gas per month for at least three years, three trading and industry sources familiar with the matter told Reuters.The talks come as Egypt's domestic production struggles to keep pace with rising demand and as global LNG markets remain tight during the Iran conflict…
EUROPE GAS - Price rises as Iran War hostilities flare up, LNG supply is tightened
Dutch and British wholesale natural gas contracts increased?on Wednesday morning? as new strikes in the Gulf clouded the outlook for a peace deal, the reopening of Strait of Hormuz as well as the possibility of a strike by Australian workers that could further reduce global LNG supply. Intercontinental Exchange data showed that the benchmark Dutch front-month contract for the TTF hub had increased by EUR1.66 to EUR49.27 per Megawatt Hour (MWh) at 0744 GMT.
Engie's LNG boss says Europe will have enough gas for the winter
Engie's global head of?LNG? and biomass, Ralph Dickgreber, said on Thursday that there is enough gas from other regions to Europe to make up for the Middle East supplying Europe this winter. He said this on the sidelines of the Budapest LNG Summit. The European gas price fell Thursday morning, as the market evaluated 'prospects of a peace agreement between the United States of America…
BlueScope CEO demands lower Australian gas prices in order to compete
BlueScope, Australia's largest steelmaker, called for lower gas prices in the country on Wednesday and for policymakers?to better support the domestic industry against dumping steel products by China. Australia has been trying to find ways to reserve more gas on its domestic market, without worrying about the major customers in Asia like Japan and Korea. The Iran War has increased the political pressure to reform.
Europe prepares response to the second energy crisis of four years
The European Commission plans to announce on Wednesday that it will reduce?electricity tax and coordinate the summer'refilling of countries' gas storing, in order to?adjust the energy fallout caused by the Iran War. The draft proposals that were seen by the show that, for the time being, EU will not be taking major market interventions like capping gas prices, or taxing windfall profits of energy companies - measures they used in 2022…
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.
EUROPE GAS-European Gas prices rise as supply risks offset lower demand
The benchmark Dutch and British gas prices climbed a little higher on Monday, after the Yemeni Houthis launched their first attack on Israel at the weekend. This increased the U.S. - Israel war with Iran and raised fears of supply disruptions. ICE data shows that the benchmark Dutch front-month contracts at TTF hub were up 1.183 euro at 55.36 Euros per megawatt hour or around $18.65 /mmBtu by 0810 GMT.
Dallas Fed survey shows first quarter oil activity is up
Activity in?U.S. The Federal Reserve Bank of Dallas released a report on Wednesday that showed the oil and gas industry in Texas, Louisiana, and New Mexico, the three 'key producing states,' increased during the first quarter of the year 2026, although production was stable. The Federal Reserve Bank of Dallas said that oil executives are waiting to see how prices will settle over the next six month following the volatility and disruption caused by the Iran War.
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.
Norway's Prime Minister says Europe shouldn't cap gas prices
The Norwegian prime minister said that Europe should not cap the price of natural gas, even though costs are rising due to the conflict in the Middle East. The benchmark TTF front-month gas contract on the continent has increased by around 60% since the U.S. and Israeli war against Iran, as well as the attacks of?Tehran on ships in Strait of Hormuz. On Wednesday, Ursula von der Leyen…
EU considers gas price cap as a way to control rising energy costs
The European Union is considering measures to?reduce energy prices. This includes capping gas price, said European Commission President Ursula von der Leyen on Wednesday. Before the Iran War caused oil and gas to surge, Brussels was drafting proposals for industries who claim that high energy costs make it impossible to compete with their rivals in China or the United States. The…
Venture Global promises on-time LNG delivery amid Middle East conflict
Venture Global LNG, a U.S. developer of liquefied natural gas (LNG), has informed customers that its Plaquemines plant in Louisiana is under construction. The letter was seen by the. Venture Global LNG, a Virginia-based firm, wrote to customers of Plaquemines Phase 1 on Friday and stated that it will begin long-term deliveries on October 31, despite a rise in global gas prices due to the U.S. and Israeli war against Iran.
Source: India will not join IEA's initiative to tap oil resources
A government source confirmed that India does not plan to join the International Energy Agency's (IEA) initiative aimed at releasing strategic oil reserves. This comes as global oil prices have risen due to supply concerns caused by the conflict in Iran. The G7 finance ministers will meet to discuss possible releases of oil reserves in order to calm the markets. On Monday, oil prices soared to $119 a barrel, their highest level since mid-2022.
The price of gas in Europe is more volatile due to the growing competition from LNG
Dutch and British wholesale prices of gas have slowed the huge gains they made this week, but remain volatile due to increased competition worldwide among buyers for replacements of lost Qatari LNG cargoes. Data from the Intercontinental Exchange showed that the benchmark 'Dutch front month contract' at the TTF hub had increased by 1.02 euros to 51.75 euros a megawatt hour (MWh), as of 1026 GMT.