Australian regulator expects a balanced gas market on the east coast in Q2; South will rely on Queensland
Australia's east-coast gas market will be in balance by the second quarter of 2026. Southern states are likely to rely heavily on?gas stored in Queensland and surpluses from Queensland to meet demand, according to the competition regulator. According to the Australian Competition and Consumer Commission's (ACCC) latest gas inquiry report, the east coast market will have a balance between supply and demand of 15 petajoules (PJ) and an 8 PJ deficit in the second quarter 2026. The'southern states' are also expected to require an extra 26 PJ over the same period. The gap between the gas supply and demand from southern sources has widened over recent years.
Baker Hughes reports that US drillers have cut their oil and gas rigs a second time in a week.
Baker Hughes, an energy services company, said that the U.S. firms have cut back on the number of oil and gas rigs for a second consecutive week for the first time since August. The number of oil and gas rigs, a good indicator of future production, dropped by six in the week ending December 19. This is the lowest since September. Baker Hughes reported that oil rigs dropped by eight this week to 406; their lowest level since September 2021. Gas rigs remained at 127, and miscellaneous?rigs increased by two to 9. Oil and gas rig counts are expected to decline by 5% in 2024, and by 20% in 2023. This is because lower U.S.
The price of gas in Europe is rising due to a decline in wind power production
Dutch and British wholesale prices for gas edged up on Friday as forecasts of lower wind output boosted demand for 'gas from power plants. But solid supply capped the gains. LSEG data shows that the benchmark Dutch front-month contract was up 0.70 Euros at 28.05 euros per Megawatt Hour (MWh) or 9.63/mmBtu at 0918 GMT. The Dutch February electricity price increased by 0.38 euros to 27.43 euros/MWh. The British day-ahead contracts was up 1.85 pence to 72.75 p/therm. LSEG data showed that the demand for non-local distribution zones in Northwest Europe (which includes power plants) is expected to increase by 133 gigawatt-hours/day compared to yesterday…
Japan will increase public funding for nuclear power renewal
Japan has announced plans to increase public funding for its crippled nucleopower sector. This is essential, say experts, to kick-start an industry that was previously financed by utilities owned by shareholders. Japan closed all 54 reactors in the wake of the 2011 Fukushima nuclear disaster. The public was concerned about safety standards and shut them down. Only 14 out of 33 reactors that were available to restart are operational due to stricter rules and in some cases opposition from locals. The recovery of the nuclear sector will be marked…
Woodside's new CEO must navigate LNG projects with high costs through glut risk
Woodside Energy is facing a leadership shake up after Meg O'Neill's unexpected departure for the top position at?BP. This comes at a time when the Australian company is trying to deliver on key projects in a?braced?for a glut of supply. Analysts say that the oil and gas company will continue to pursue its global growth strategy. This requires continued investment in new assets as well as continuity in mature fields. After project delays and rising costs, it will be important to advance the Louisiana LNG project. The Louisiana LNG project, valued at $17.5 billion, will be Woodside's key project.
Goldman projects oil prices to decline and sees gold at $4900 by December 2026. Copper remains the preferred industrial metal.
Goldman Sachs believes that gold prices will rise 14% by December 2026 to $4,900 an ounce in its base scenario. However, the firm warned of upside risks due to potential diversification with private investors. Goldman Sachs stated that it expected cyclical support and structurally high demand from central banks to boost the price of gold in a note where they discussed their views on commodities. Goldman Sachs continues to advise long exposure in yellow metal. At 1824 GMT, spot gold was priced at $4334.93 an ounce. The bank forecasted that copper prices would also consolidate by 2026, averaging $11,400 per ton.
Salzgitter sues Thyssenkrupp for HKM joint venture
A spokesperson for the company announced on Thursday that Salzgitter had filed an arbitration case against Thyssenkrupp in order to determine their future financial obligations regarding their steel joint venture HKM. Thyssenkrupp has said that it may need to close or sell HKM, the 50-30-20 joint-venture between Thyssenkrupp and Salzgitter, which employs 3,000 people. Tensions have arisen between the partners due to the uncertainty surrounding the future of a joint venture. Gunnar Groebler, the CEO of Salzgitter, told German newspaper WAZ that his company may be willing to continue HKM at a capacity of 2-2.5 mtonnes per year, down from its current 4.2 mtonnes.
Meg O'Neill, BP's new CEO, will be the first woman ever to lead an oil company.
Energy industry veteran Meg O'Neill was tapped by BP as the leader of a shake-up within the London-based 'oil major'. She made an immediate impression when she took over at Australia's Woodside Energy and secured a deal which doubled the company's production portfolio. Woodside's acquisition of BHP petroleum assets, in a merger of then-$28billions, in '2021' boosted the Perth-based firm with an international presence during a period of industry consolidation. It made it a global top-10 energy independent company and a powerhouse of gas. Despite O’Neill's long history of investments and acquisitions for the company…
Russell: Despite Trump's trade moves, the US imports to Asia will drop by 2025.
Asia's imports from the United States of crude oil, coal, and liquefied gas are expected to decrease this year in spite of President Donald Trump’s efforts?to increase shipments through his trade and tariff policy. China is the main driver of the decline in US imports. China, as the world's largest buyer of commodities, has slowed down its purchases since Trump increased tariffs on U.S. imported Chinese goods, with an average rate of around 47.5%. According to commodity analysts Kpler, Asia's crude oil imports are expected to drop to 1.43 million barrels a day (bpd), down from 1.56million bpd and the record 1,65million bpd of 2023. South Korea is the largest importer.
Woodside's new CEO must navigate LNG projects with high costs through glut risk
Woodside Energy is facing a leadership shake up after BP's?chief executive Meg O'Neill's unexpected departure for the top position at BP. This comes as the Australian 'firm' is trying to deliver key projects on a market that's braced for an oversupply. Analysts say that the oil and gas "producer" is expected to continue with its global strategy of growth, which requires sustained investment in both new assets and continuity within mature fields. After project delays and rising costs, it will be important to advance the Louisiana LNG project. The Louisiana LNG project, valued at $17.5 billion, will be Woodside's key project.
Why US producers are paying attention to Canada's most popular shale play
Executives, analysts, and advisors say that U.S. producers of oil and gas are seeking new drilling territories in Western Canada's Montney Basin, an enormous shale play in a remote area. The basin is already a hub of M&A and may see even more deals in the near future. The United States has become the largest oil producer in the world as a result of extensive drilling on shale deposits over the past 15 years. After a period of rapid expansion, oil producers are less interested in drilling prospects within the Permian oilfield, which extends across Texas and New Mexico. This is because the remaining area with high-production potential has shrunk.
The new BP CEO has a long-lasting legacy at Australia's Woodside
Energy industry veteran Meg O'Neill was tapped by BP as the leader of a shake-up within the London-based oil giant. She made an immediate impression when she took over at Australia's 'Woodside Energy', securing a deal which doubled the production portfolio. Woodside's acquisition of BHP’s petroleum assets by 2021 in a merger of then-$28 billion?bulked-up the Perth-based firm with an international presence during a time of industry consolidation. It made it a top-10 global energy independent company and a powerhouse of gas. Woodside shares have, however, underperformed their larger rivals over the past five years.
Japan's JERA signss LNG sales agreement with Hokkaido Gas
JERA, Japan's largest power generator, has signed an agreement to sell and buy liquefied gas with Hokkaido Gas. The deal will see JERA supplying two-to three LNG cargoes per year for seven years starting in 2027. JERA will deliver 130,000-200,000 metric tonnes of LNG per year, delivered ex ship, under the agreement. It said that the deal would strengthen Japan's energy security, diversify JERA's portfolio of LNG sales, and enhance stability and flexibility in the domestic market. JERA, a?of the largest LNG buyers in the world, signed a?long-term LNG export agreement with India's Torrent Power earlier this month.
EUROPE GAS-European Gas Prices Rise on Colder Weather Demand
Dutch and British gas rates posted modest gains on Thursday, but it is expected that they will remain flat as the 'increased demand due to colder weather' can be easily met through pipelines and liquefied natural gas deliveries. LSEG data shows that the benchmark Dutch front-month contract was 27.57 euros per Megawatt Hour (MWh) or $9.48/mmBtu at 0907 GMT. This is an increase of 0.19 euros. The Dutch day-ahead contracts was up by 0.41 euros to 27.36 Euro/MWh. The British day-ahead price of gas was 0.90 pence higher at 71.00 pence/therm. Meanwhile, the front-month contract for gas was 0.62 pence higher at 72.90 pence/therm.
The new BP CEO has a long-lasting legacy at Australia's Woodside
Energy industry veteran Meg O'Neill was tapped by BP as the leader of a shake-up within the venerable London based major. She made an immediate impact when she took over at Australia's Woodside Energy and secured a deal which doubled the production portfolio. Woodside's acquisition of BHP petroleum assets by 2021 in a merger of then-$28 billion boosted the Perth-based firm with an international presence?during an industry consolidation period, making it one of the top-10 independent global energy producers and a gas giant. O'Neill is a '55-year old 'American' from Boulder…
Russell: Despite Trump's trade moves, the US imports to Asia will drop by 2025.
The U.S. trade policies of President Donald Trump, which include tariffs and increased shipments of crude oil and coal to Asia are expected to lead to a decline in imports this year. The drop in US imports is mostly due to?China. As the largest buyer of commodities worldwide, China has slowed down its purchases since Trump increased tariffs on U.S. imported?Chinese?goods. According to commodity analysts Kpler, Asia's crude oil imports are expected to drop to 1.43 million barrels a day (bpd), down from 1.56million bpd and the record 1,65million bpd of 2023. South Korea is the largest importer. It was one of the nations that agreed to buy more U.S.
Australian shares continue to fall on the back of the mining slump, Woodside falls on CEO's surprise departure
The Australian share market was set to record a fourth consecutive day of losses, led by the miners. Meanwhile, energy stocks fell as Woodside Energy dropped after it announced its departure. As of 2322 GMT, the S&P/ASX 200 was down 0.2% at 8,567.70. The benchmark closed Wednesday 0.2% lower. Woodside Energy's stock fell as much as 2,6%, its lowest level for nearly two months, after the Australian firm announced that Chief Executive Officer Meg O'Neill will be joining BP as executive director. The sub-index for energy fell as much as 1.5% and reached its lowest level since October 22.
US permits oil sales from Russia’s Sakhalin-2 Project through June 18,
The U.S. extended a waiver on Wednesday that allows oil sales from Russia's Sakhalin-2 Project through June 18, next year. This is a move that will likely allow production of liquefied gas to continue. The general license issued by the U.S. Treasury Department is crucial for U.S. allies Japan who gets around 9% of their LNG from Russia. The license that allows transactions with Sakhalin-2 is a waiver of sanctions imposed by the former president?Joe Biden on this project in 2022 due to Russia's full scale invasion of Ukraine. Minoru Kihara, the Chief Cabinet Secretary, said that Japan relies on imported fuels for around 70% of its needs.
Japan's JAPEX purchases US tight oil assets and gas assets for $1.3 billion
Japan Petroleum Exploration Co. (JAPEX), which owns tight oil and natural gas assets in the U.S.A., announced on Thursday that it had 'decided' to purchase the entire equity stake?in Verdad Resources Intermediate Holdings LLC (VRIH) for $1.3 billion. JAPEX will buy the entire VRIH with assets in Colorado - and Wyoming - from Verdad Resources Feeder LLC using 'its own funds and its debt', the company said. It aims to 'close the deal before the end of the month of February 2026. JAPEX said that the asset currently produces around 35,000 barrels of oil equivalent per day (boed) from tight oil and natural gas, which it aims to increase by approximately 50,000 boed by 2030.
Wall Street Journal, December 18,
These are the most popular stories from the Wall Street Journal. These?stories have not been verified and we cannot vouch for their accuracy. Elliott Investment Management, an activist investor group, has built up a stake in Lululemon Athletica of more than $1 billion. It is now bringing a possible CEO candidate to the struggling athletic apparel retailer that it hopes to turn around. BP announced that Chief Executive Murray Auchincloss resigned after less than 2 years as the helm of the oil giant and appointed a outsider Meg O'Neill who is resigning her position leading Woodside Energy to be his successor.