Venture Global and Edison resolve arbitration dispute regarding early Calcasieu Pass gas sales
Venture Global and Edison announced on Thursday that?they?had?reached an agreement in order to settle a longstanding arbitration dispute relating to allegations that the American exporter liquified natural gas had failed to deliver contractual shipments to the Italian firm. The Edison settlement should be completed by the end June 2026 when the arbitration is formally ended, according to a statement released jointly by the two companies. They said that the agreement resolved the arbitration in its entirety.
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…
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…
Palm gains nearly 2% due to stronger Chicago crude oil, soyoil and export data
Malaysian palm oil futures rose nearly 2% Thursday after two sessions of losses. Stronger Chicago soyoil and crude 'oil prices, along with robust export data, supported the'market. The benchmark contract for palm oil delivery in June on the Bursa Derivatives exchange closed up 85 Ringgit or 1.89% at 4,581 Ringgit ($1,147.55). Anilkumar Bagani, head of commodity research at Sunvin Group in Mumbai, said that crude palm oil futures traded sharply higher as a result of a resurgence in energy prices and gains in Chicago soyoil.
India has 60 days' worth of oil supplies in case of disruption to Hormuz
India has secured crude supplies for the next 60 days. This will ensure stable fuel supplies to 'the country, despite disruptions in shipments from Middle East. India, the world's largest oil consumer and buyer, imported over 40% of all its oil from the Middle East. The U.S. and Israeli war against Iran has disrupted those supplies. The government stated that the availability of crude oil on global markets, especially in the Western Hemisphere, has helped to offset the shortage.
The Iranian market is a catalyst and a slowdown for the European green energy race
Investors are wary of the market volatility and interest rate hikes expected in the future, as well as the slow permitting process. The 'war in Iran' and its associated surge in fossil fuel prices has prompted some politicians to push for more renewable energy. Nearly a month after the conflict in the Middle East that caused the "largest energy market disruption ever", countries that rely on oil and gas imports are looking for alternatives and scaling up green energy.
Market operator: Australia gas supply crunch will be delayed until 2030
The feared gas shortage in Australia's east has been delayed by one year, to 2030. This is due to the coal power extension, falling consumption, and rapid battery uptake. "Practical actions make a difference." "More renewables, batteries and sensible gas policies improve energy security and put Australia in a better position," said Minister for Climate Change and Energy Chris Bowen in a press release. The federal government, citing a shortage of gas…
Palm prices surge on higher Chicago soyoil and crude oil prices, according to export data
The 'Malaysian Palm Oil Futures' gained over 1% on Thursday after two sessions in which they had lost ground. This was aided by a stronger Chicago Soyoil and Crude Oil prices, as well as 'robust export data. By midday, the benchmark palm oil contract on Bursa Derivatives exchange for June delivery was up 74 Ringgit or 1.65% to 4,570 Ringgit ($1,145.08). Anilkumar bagani, head of commodity research at Sunvin Group in Mumbai, said that crude palm oil futures had been trading strongly higher.
Philippines suspends spot electricity sales due to Middle East conflict
The Philippines announced on Thursday that it had suspended the sale of electricity at spot prices until further notice due to fuel supply risks and price volatility caused by Iran's war. The suspension was ordered by a decree declaring a national energy emergency in order to deal with fallout of the war, including disruptions in fuel procurement. The Energy Regulatory Commission (ERC) of the country said that it expected to finalise its modified pricing scheme by April 1.
NNPC: Nigerian LNG cargoes are attracting more buyers.
A senior Nigerian National Petroleum Company official said that the West African producer is experiencing a stronger demand for its LNG cargoes due to the energy disruptions caused by the Middle East war. Olalekan Ogunleye, Executive Vice President of NNPC, stated that buyers are looking more to Nigeria because of its proximity and size of its gas reserves. Nigeria LNG (NLNG), of which NNPC, the largest shareholder is a part…
India Buys First Iraian LPG Since US Removes Sanctions
India has bought its first cargo of Iranian liquefied petroleum gas in years after the U.S. temporarily removed sanctions on Tehran's oil and refined fuels, LSG trade flows and three industry sources said.India had shunned energy purchases from Iran in 2019 under pressure from Western sanctions. The tanker was initially bound for China, according to LSEG data.Sanctioned tanker Aurora carrying Iranian LPG is expected to shortly reach the west coast port of Mangalore…
Sources say that India has bought its first cargo of Iran LPG in many years since US sanctions have been eased.
LSG trade flows, along with three industry sources, reported that India had 'purchased its first cargo' of Iranian liquefied petroleum gas after years. The U.S. temporarily lifted sanctions on Tehran’s refined fuels and oil. India has avoided buying energy from Iran under the pressure of Western sanctions. According to LSEG, the tanker had originally been bound for China. According to LSEG and sources, a sanctioned?tanker Aurora carrying Iranian LPG will soon reach the west coast Port of Mangalore. The U.S.
Palm oil hits a two-week low due to weaker Dalian crude oil and Mideast uncertainty
Malaysian palm futures fell to their lowest level in two weeks Wednesday. This was due to lower crude oil prices, a decline in Dalian oil, and uncertainty over the prospects of de-escalation of the Middle East conflict. The benchmark contract for palm oil delivery in June on the Bursa Derivatives exchange fell 41 ringgit or 0.9% to 4,496 Ringgit ($1,134.78). Paramalingam Supramaniam of Selangor brokerage Pelindung Bestari said that the decline in crude prices and Dalian had a negative impact on 'the palm market'.
EnQuest confirms production forecast for 2026, but UK windfall tax hurts profit
EnQuest, a North Sea oil producer, reaffirmed its production forecast for 2026 on Wednesday. The company is banking primarily on investments in Britain and South East Asia after Britain's windfall tax levies impacted last year's profit. EnQuest, like its competitors, continues to be challenged by the UK's Energy Profits Levy which has raised questions about the competitiveness of North Sea producers. The company is working to increase?output of mature assets in order to counter third party outages.
Japan's Nikkei soared as Trump claimed US negotiations ended the Iran war
The Nikkei share average in Japan rose by the most since a week on Wednesday. This was backed up by cautious optimism about the Middle East crisis moving 'towards a possible settlement? after recent volatility. The Nikkei Index benchmark rose by 2.87%, closing at 53,749.62. This is the largest percentage increase since March 18. The Topix index rose 2.57% to 3,650.99. U.S. president Donald Trump stated on Tuesday that the U.S. is making progress in its efforts to end the war with Iran.
Mike Dolan: The ROI-Gulf War rattles the petrodollar Foundations
No matter what the outcome of this war is, the question for the Gulf's oil-rich economies will remain: "Is the U.S. umbrella worth the cost?" Since U.S., Israel and other countries launched attacks on Iran, on February 28, the Gulf's neighbours have been the most affected by the missiles and drones which followed. These weapons destroyed energy infrastructure and damaged economies. They also exposed the limits of a supposed U.S. umbrella. This reckoning has consequences that go 'far beyond the militaristic.
Palm oil falls on weaker Dalian crude oil amid Mideast uncertainties
Malaysian palm oil futures dropped more than 1% Wednesday due to lower crude oil prices, declines in Dalian oils, and uncertainty about prospects of a easing in tensions in the Middle East. By midday, the benchmark palm oil contract on Bursa Derivatives exchange for June delivery was down 63 Ringgit or 1.39% at 4,474 Ringgit ($1,132.37). The palm market was affected by the decline in crude oil and Dalian, according to Paramalingam Supramaniam of Selangor brokerage Pelindung Bestari.
China's coal-chemicals sector reaps the benefits as Iran war crushes its petrochemical rivals
China's coal-to-chemicals stock has risen by up to 30% since the Iran War began, as the industry?capitalizes on its ability to?turn domestic coal into petroleum and?other chemicals without relying upon shipments through Strait of Hormuz. The rise in oil prices due to Iran's close-to-closing of the Strait of Hormuz has been a boon to the coal-to chemicals sector. This industry has its roots in Germany during World War II and is almost unique. It transforms coal into petroleum products, gas, and other chemicals.
Japan's Nikkei soars on optimism about Iran peace plan
The Nikkei average rose by a little over 3% on Wednesday. This was due to cautious optimism that the Middle East Crisis could be moving toward a possible settlement following recent volatility. The Nikkei 225 Index, the benchmark index, grew by 2.93% to reach 53784.43. The Topix index rose 2.5% to 3,648.78. Donald Trump, the U.S. president, said that on Tuesday that the U.S. is making progress in its negotiations to end war with Iran.