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 EU's electric system is set up so that the price of electricity is determined by the last power station needed to meet the total demand. Gas plants are often the last power plant needed to meet total demand.
US Energy Department blames its staff for an errant Navy escort Post
A spokesperson for the U.S. Department of Energy allegedly posted a message on Energy Secretary Chris Wright’s official X page on Tuesday, which incorrectly stated that the U.S. Navy escorted a tanker through the Strait of Hormuz. The post was deleted quickly, but it had raised expectations in the global oil industry that oil and gas would be able to flow again through this vital 'waterway', which is effectively closed after the Israeli and U.S. strike on Iran began Feb. 28. The narrow strait between Iran and Oman is normally the route for a fifth or more of the world's oil &?gas. Its closure has caused a surge in energy prices.
SLB warns that Middle East disruptions will impact first-quarter earnings
SLB, an oilfield services firm, said that escalating tensions in the Middle East would affect its first-quarter earnings and revenue by 6 to 9 cents. Energy companies are moving to protect their personnel and facilities throughout the region. SLB's share price fell 2.3% during premarket trading. The disruption is a sign of escalating geopolitical tensions that are beginning to affect the global oil and gas supply chain. This has forced?energy companies? and?service provider?s to reduce operations and evacuate their staff from parts of the Middle East.
Uniper CEO: We are protected from the latest Middle East energy crisis
Michael Lewis, CEO of the German utility, told analysts that Uniper does not purchase liquefied gas from the Middle East, where the 'U.S. and Israeli attacks against Iran' have caused price spikes in oil and gas. Lewis, speaking after the group's annual results were published, said that, while higher prices might bring back memories of the energy crisis in Europe 2022, which led to the nationalisation of Uniper, today the company is much more resilient. Lewis said that the forward price for gas and electricity reflected market expectations of a'short-term conflict' in the Middle East.
EUROPE GAS - European gas prices increase on fear of LNG shortage
LONDON - Benchmark European wholesale gas prices increased on Wednesday morning after reports that Iran had laid mines along the 'Strait of Hormuz' raised concerns about liquefied gas supply. The conflict in the Middle East would also last a lot longer than expected. ICE data shows that the Dutch front-month contract, which is the benchmark price in Europe, increased 5.7%, to 50.09 Euro per megawatt hour at 0918 GMT. ICE data shows that the British April contract increased 6.03%, to 127.90 cents per therm. Ulrich Weber, LSEG analyst, said: "The news that Iranians are?starting to mine Strait of Hormuz" would create further obstacles to the resumption of ship traffic. U.S.
Aramco requests dual loading nominations from buyers amid the Hormuz Crisis, sources claim
Multiple sources have confirmed that Saudi 'Aramco asked buyers to provide a crude loading plan for its main 'export terminal in Ras Tanura and Yanbu at the Red Sea for shipments scheduled for April, as the U.S. Iran conflict has disrupted exports out of the Middle East. The U.S. and Israeli war against Iran has largely stopped shipping through the Strait of Hormuz, disrupting the supply from the Gulf. This has forced regional producers, including Saudi Arabia, to adjust their export logistics and oil production. Sources said that Aramco requested Asian buyers to submit two nomination plans for April-loading cargoes - one for loading in Ras Tanura…
Sakhalin-1, a Russian oil refinery, will reduce output by 10% by 2025
The U.S. abandoned the 'Sakhalin-1' project in Russia, which was a major oil production facility. ExxonMobil's major ExxonMobil continued to decline last year. It fell by 10.3% due to planned maintenance. The production volume, which is expected to fall 9.8% by 2024, was not provided. Exxon had to take a $4.6bn impairment charge in April 2022 on its 30% operator?share in the project offshore Russia's Pacific?coast. This was due to the fact that Exxon left the Russian market after the start of the conflict with Ukraine in February 2022. The project is also a collaboration between India's ONGC Videh and Japan's SODECO.
French and Benelux stocks: Factors to watch
Here are some company news and stories that could impact the markets or stocks in France and Benelux. The French electric utility company,?EDF, has set up an advisory board to help finance global nuclear projects. This was announced on Tuesday at the World Nuclear Energy Summit 2026 in Paris. Garuda Technologies, a subsidiary of the European planemaker Airbus Helicopters, has won a contract to supply up to 18 Flexrotor Uncrewed Aerial System (UAS). French train manufacturer announced on Tuesday that it will provide 36 additional trains to Comboios De Portugal under a 1.03 billion euros ($1.20 billion), and create a manufacturing facility for close to 300 jobs in Portugal.
Japan's weakness on energy is brought to the forefront as Middle East crisis worsens, says REI chair
The chair of the Renewable Energy Institute stated that Japan must do more to reduce their reliance on fossil fuels after the Middle East conflict escalated and halted the tanker traffic through the Strait of Hormuz. This highlighted Japan's vulnerability to?geopolitical risk. Japan imports 95% of its crude oils and 11% of liquefied gas through the Strait. About 70% of the latter and 6% of the former are shipped via the Strait. The closure of the channel has caused sharp increases in fuel prices. This is particularly hard on energy-importing countries like Japan.
The rate signal is muddied by the surge in India swap rates amid global turmoil
The surge in Indian overnight index swap (OIS), which is normally a key indicator of policy rate expectations, overstates the impact that 'the Iran War and higher oil costs will have on domestic monetary policies. India's OIS rates for one-year and two-year periods have risen by more than 45 basis point each since the outbreak of the?Israeli U.S. war with Iran on February 28. The benchmark 10-year bond yield, however, has only risen by 11 basis points up until Monday before reducing some of the rise. Swap rates currently reflect two rate increases by Reserve Bank of India in the next 12 months.
Gulf of Mexico Oil and Gas Auction yields Far Fewer Bids Than First Trump Sale
According to a document posted on the government's website, the second auction of oil and natural gas leases in the Gulf of Mexico by the Trump administration in three months drew far less interest from the industry than the one held in December. Oil prices are at four-year highs due to the U.S.'s war against Iran, which has disrupted crude oil flows around the world. According to the document of pre-sale statistics, 25 of the 15,000 blocks that the US Bureau of Ocean Energy Management offered received bids. This 'compares to 181 blocks which received bids in BOEM’s last Gulf Sale, the first one held in this region since 2023. Ten companies have submitted 38 bids.
Patterson-UTI, an oilfield services firm, says that higher oil prices won't spur more US production.
Andy Hendricks, CEO at?oilfield service company 'Patterson-UTI', stated on Tuesday that a surge in energy costs caused by the war between the United States and Israel with Iran would not lead to an increase in U.S. production of oil without the necessary market predictability. Since the end of Feburary, oil prices have been fluctuating wildly after Iran closed the Strait of Hormuz - a major trade route - forcing major Middle East producers to reduce production. U.S. Crude Futures reached $119 per barrel at the beginning of this week. This is the highest price since August 2022. During Monday's trading, they moved in a range between $35.80 and $39.
LNG Canada increases production as Iran's war threatens global supplies
LSEG data shows that LNG Canada, a Shell venture, has increased production and exports to Asia in the past month. This is because 'the iran war' threatens Asian gas supplies, which are especially vulnerable to global disruptions. Data shows that the LNG project in Kitimat (British Columbia), which started operations in June of 2025, exported five cargoes during the first eleven days of March. This is already more than half the volume in February. The sixth shipment will depart on Tuesday. Two cargoes were sent to Japan, two to South Korea, and one to Philippines.
EIA: US power consumption will surpass previous records in 2026 and '27, as AI usage surges.
?U.S. The Energy Information Administration (EIA), in its Tuesday Short-Term Energy Outlook, said that power consumption will continue to rise in 2026-2027. The EIA projects that the power demand in 2025 will reach a record of 4,195 billion kilowatt hours (kWh), followed by 4,260 billion in 2026, and 4,388 billion in 2027. The demand for electricity is increasing as more homes and businesses are using less fossil fuels to heat and transport their vehicles and use less data centers dedicated to artificial intelligence and cryptocurrency. According to the EIA, power sales for residential customers will reach 1,535 billion kWh in 2026.
LNG Canada increases production as Iran's war threatens global supplies
LNG Canada, a Shell venture, increased production?and exported to Asia in this month. LSEG data shows that the Iran 'war' threatens Asian natural gas supply, which is particularly vulnerable to disruptions on a global scale. Data shows that the LNG project at Kitimat in British Columbia exported five cargoes during the first eleven days of March. This is already more than half the volume it had in February. A sixth shipment will depart on Tuesday. Two cargoes were sent to Japan, while two others went to South Korea and one to Philippines. According to LSEG data, the plant appears to be close to operating at its full capacity of 14.?million metric tonnes per year.
EIA: US natgas production to reach record highs in 2026 while demand declines
The U.S. Energy Information Administration said in its short-term energy outlook on Tuesday that U.S. gas production will reach a record high in 2026 while demand will decrease. EIA predicted dry gas production would rise from a new record of 107.7 billion cubic feet per day (bcfd), in 2025, to 109.5 bcfd by 2026 and then 112.3 bcfd by?2027. The agency also predicted that domestic gas consumption would fall from 91.9 bcfd - a record - in 2025, to 91.4bcfd by 2026 before rising to 92.1bcfd by 2027. The EIA forecasts of February were 110.0 bcfd in production and 91.6 bcfd in demand. The agency predicted that the average U.S.
Iran War causes major disruptions in oil and gas
U.S. and Israeli war against Iran, and the attacks of Iran on Gulf neighbours has caused oil and natural gas production to stop in the Middle East. The Strait of Hormuz is the world's most important oil artery. It handles 20 percent of the global oil and LNG supplies. Saudi Aramco, world's largest oil exporter, warned on Tuesday of "catastrophic" consequences for the global oil market if the Strait does not open. Saudi Arabia's oil production has been cut only slightly, to 9.8 million bpd so far from its OPEC quota at 10.1 million bpd according to Energy Aspects.
Hungary Central Bank to use reserves to fund energy imports
In a Tuesday statement, the central bank of Hungary said it would?provide foreign exchange liquidity from its reserves in excess of 60 billion euros to cover increased foreign currency imports. Central Europe's import-dependent financial markets were shaken by the U.S. and Israeli war against Iran. This increased energy prices and impacted regional currencies and bonds, before Tuesday's rally in hopes of deescalation. Hungary continues to get 75% of its natural gas from Russia and almost all of its oil requirements. The currency and bond markets…
S&P: Central Europe is more resilient to supply shocks in the face of Iran war
S&P Global reported?on Tuesday that Central and Eastern Europe is more resilient to energy?shocks as a result of efforts to diversify the sources of energy since Russia's invasion in?Ukraine 2022. This provides buffers against economic impacts of the war in the Middle East. S&P Global said?on Tuesday that the region's import-dependent financial markets have been shaken by U.S. and Israeli war against Iran. This has driven up energy prices, central European currency, and bond yields, before Tuesday's relief rallies on hope of de-escalation. "Central and Eastern Europe was hit hard by the beginning of the Ukraine war…
Qatar is looking to strengthen its security partnership with the US following Iran's attacks
Qatar wants to strengthen its defense partnership with the United States after Iranian air strikes on Qatari territory, said the spokesperson for the Foreign Ministry on Tuesday. Qatar also sees the current deal as a deterrent. Iran launched drone and missile attacks on its oil producing Gulf neighbours following U.S./Israeli strikes which killed the top leaders of Iran. The conflict disrupted oil production in the region, sending oil prices soaring. Qatar is home to 'the largest U.S. military base in the Middle East. Al Udeid Air Base. 'This base was attacked by Iran on the day of the outbreak of the war.