Baker Hughes reports that US drillers added oil and gas rigs in the US for the second consecutive week.
Baker Hughes, a leading energy services company, said that U.S. firms added natural gas and oil rigs this week for the second consecutive week for the first since April. The number of oil and gas drilling rigs, a good indicator of future production, increased by two in the week ending September 12. Baker Hughes reported that oil rigs increased by two this week to 416, the highest level since July. Gas rigs remained at 118. Oil and gas rig counts declined by around 5% in 2020 and 20% in 2023, as lower U.S. gas and oil prices in the last couple of years led energy firms to place more emphasis on increasing shareholder returns and paying off debt than increasing production. The U.S.
German spot prices are affected by the increase in wind power supply
The German spot electricity contract on Friday dropped sharply Thursday. Strong gains in wind energy output are expected to continue until next Monday. By 0802 GMT, the German baseload contract for day-ahead was down by 20.5% to 60 euros ($70.14). The French equivalent contract increased 52.4%, to 16 euros/MWh. Analysts at Engie Energy Scan said that location spreads in Western Europe are increasing, although not equally. The German price is higher than the Netherlands and Belgium, while the French price continues to be at a significant discounted rate. LSEG data revealed that German wind power production was expected to increase by 5 gigawatts, to 26 GW.
Spot prices plunge on surge in wind supply
As wind power generation in Germany is expected to increase, the spot electricity price for Friday fell dramatically on Wednesday. German baseload for the day ahead fell by 43.7%, to 75.50 Euros ($88.37), per megawatt-hour (MWh), at 0927 GMT. The French baseload for the day ahead was down by 48.8%, at 10.25 Euros/MWh. Analysts at Engie’s energy scan predict temperatures to remain below average until the end of this week. The strong ramp-up in wind power in Germany will continue to be high at least through the start of next week. LSEG data indicated that German wind power production was projected to increase by 17.2 gigawatts, to 21 GW.
Lower renewable production lifts spot prices
German baseload day-ahead power prices increased compared to last Monday, as the renewable supply is expected fall and demand is predicted to rise. LSEG data shows that the German baseload contract for Tuesday is 139 euros per Megawatt Hour, at 0928 GMT. The equivalent French contract is 51 euros/MWh. The Friday contracts for both Mondays were not traded. Last Monday, the German contract closed for 101.50 Euros/MWh and the French contract for 33.50 Euros/MWh. According to LSEG analyst Naser Hachemi, consumption is increasing in Germany. This is accompanied by a decline in wind power, and a reduction of solar generation.
Baker Hughes reports that US drillers have added oil and gas rigs to their fleet for the first time in 7 weeks.
Baker Hughes, a leading energy services company, said that the U.S. added oil and gas rigs this week for the first time since seven weeks. The number of oil and gas rigs, a good indicator of future production, increased by one in the week ending September 5. Baker Hughes reported that despite this week's increase in rig count, the total number was still 45 rigs or 7.7% below what it was at this time last year. Baker Hughes reported that oil rigs increased by two this week to 414, while gas-rigs decreased by one to just 118. Oil and gas rig counts declined by around 5% in 2020 and 20% in 2023, as lower U.S.
French spot prices rise as renewables supply declines
The price of French prompt electricity rose dramatically on Thursday, following predictions that renewable energy generation would be reduced. Naser Hashemi, LSEG analyst, said: "A relatively large decline in wind and solar power has offset the slight decrease in consumption. This results in a bullish outlook for prices." Around 0803 GMT, the French day-ahead power TRFRBD1 jumped 56.9% up to 57.25 euro ($67.02 per megawatt hour). The German equivalent baseload contract TRDEBD1 for Friday delivery had not yet traded. LSEG data indicated that the German wind generation is expected to drop by 7.5 gigawatts from Thursday's 17.2 GW.
Spot prices are depressed by the sharp rise in wind energy supply
The European spot electricity prices fell on Tuesday, as the strong growth in German wind energy supply combined with the expected increase in solar power availability outweighed any slight rise in demand. LSEG data revealed that the German contract for day-ahead electricity fell by 42%, to 66.25 Euros ($77.56), per megawatt hour, at 0940 GMT. The equivalent French contract, however, dropped by 37.9%, to 20.50 Euros/MWh. Marcus Eriksson, LSEG analyst, says that residual load in Germany is declining, but imports will still be expected to Germany. LSEG data indicated that the wind power output in Germany was expected to rise by 19.2 gigawatts on Wednesday to 25.9 GW.
The impact of rising renewable supply on spot prices
On Monday, the price of baseload electricity is expected to fall in Germany due to an increase in wind and solar energy generation. LSEG data shows that the German and French Monday basis power contracts were not traded by 1021 GMT Friday. LSEG data show that the day-ahead contracts were closed at 94.80 euro/MWh on Thursday and 32.25 euro/MWh on Friday. LSEG analyst Xiulan Xiulan said that Monday is a bearish day as wind and solar power supply will be higher than on Friday. LSEG data shows that German wind power production is expected to increase by 4.5 GW Monday to 12 GW. Meanwhile, French wind power is projected to decline by 2.9 GW from 8 GW.
Russell: China's imports of LNG are expected to increase for the 4th consecutive month. But it's still not bullish.
China's LNG imports are expected to increase for the fourth consecutive month in August. However, this might not be as positive as first seems. According to commodity analysts Kpler, the world's largest buyer of super-chilled gasoline is on course to import 6.04 million tons of fuel in August. This will be the highest volume since January when the same amount was imported. Since February, when China's LNG imports hit a low of 4,48 million tons, they have trended upwards. While this data indicates a rebound in demand, a much more significant number shows that China's appetite remains muted for LNG. Last October 2024 was the last month that imports exceeded the same period a year before.
Solar spot prices rise due to a drop in supply
The European spot electricity prices rose on Tuesday due to an anticipated drop in solar power generation across the region. LSEG data show that the German contract for day-ahead electricity rose 8%, to 105 Euros ($122.92), per megawatt hour. The equivalent French contract grew 8.7% to 84.25 Euros/MWh. LSEG data indicated that the German wind power output is expected to increase by 2.1 gigawatts to 7.4 GW while French output will remain unchanged at 3.7 GW. LSEG analyst Xiulan he said that the German wind power production is expected to decrease gradually throughout the day, and then fall below the levels of the previous day in the evening. This creates a slight bullish signal.
Russell: China's imports of LNG are expected to increase for the 4th consecutive month. But it's still not bullish.
China's LNG imports are expected to increase for the fourth consecutive month in August. However, this might not be as positive as first seems. According to commodity analysts Kpler, the world's largest buyer of super-chilled gasoline is on course to import 6.04 million tons of fuel in August. This will be the highest volume since January when the same amount was imported. Since February, when China's LNG imports hit a low of 4,48 million tons, they have trended upwards. While this data indicates a rebound in demand, a much more significant number shows that China's appetite remains muted for LNG. Imports last exceeded the same-month level a decade ago in October 2024.
Baker Hughes: US drillers have cut oil and gas rigs four times in the last five weeks.
Baker Hughes, a leading energy services company, said that the U.S. oil and gas companies have cut back on the number of rigs for the fourth consecutive week. The number of oil and gas drilling rigs, a leading indicator of future production, dropped by one in the week ending August 22 to 538, the lowest level since mid-July. Baker Hughes reported that the number of rigs has dropped by 47 this week. Below this time last Year. Baker Hughes reported that oil rigs dropped by one this week to 411, while gas-rigs remained at 122. The number of rigs in the largest oil and gas producing state of the country,, fell by two, to 240. This is the lowest level since September 2021.
Baker Hughes: US drillers have cut oil and gas rigs four times in the last five weeks.
Baker Hughes, a leading energy services company, said that the U.S. firms cut back on the number of natural gas and oil rigs for the fourth consecutive week in its widely read report. The number of oil and natural gas rigs, a good indicator of future production, dropped by one in the week ending August 22. This is the lowest level since mid-July. Baker Hughes reported that oil rigs dropped by one this week to 411, while gas-rigs remained at 122. Oil and gas rig counts declined by around 5% in 2020 and 20% in 2023, as lower U.S. gas and oil prices in the…
Russell: Asia's LNG imports will likely increase, but not enough to satisfy Trump
As part of the trade agreements with President Donald Trump, there are some early signs that certain Asian countries will increase their imports from the United States of liquefied gas (LNG). According to commodity analysts Kpler, Asia's super-chilled fuel imports are set to reach a record of 2,01 million metric tonnes in August. This is an eight-month-high. The Kpler forecast that Asia's imports of LNG from the United States would surge to 3,61 million tons in the month of October is far more important. This would be the second highest on record, behind the 3,75 million tons from February 2021.
Russell: Asia's LNG imports will likely increase, but not enough to satisfy Trump
As part of the trade agreements with President Donald Trump, there are some early signs that certain Asian countries will increase their imports from the United States of liquefied gas (LNG). According to commodity analysts Kpler, Asia's super-chilled fuel imports are set to reach a record of 2,01 million metric tonnes in August. This is an eight-month-high. The Kpler forecast that Asia's imports of LNG from the United States would surge to 3,61 million tons in the month of October is far more important. This would be the second highest on record, behind the 3,75 million tons from February 2021.
Baker Hughes reports that the US oil and gas rig counts are stable this week.
Baker Hughes, a leading energy services company, said that the U.S. energy companies this week kept the number of oil rigs and natural gas rigs at a constant level. The number of oil and gas drilling rigs, which is a good indicator of future production, was 539 during the week ending August 15. Baker Hughes reported that oil rigs increased by one this week to 412 while gas rigs decreased by one to 122. Texas, which is the largest oil and gas producing state, saw its rig count drop by one, to 242, marking the lowest level since September 2021. In Wyoming, rig counts fell to 13 from 1, the lowest level since August 2024.
Baker Hughes reports that the US oil and gas rig counts are stable this week.
Baker Hughes, a leading energy services company, said that the U.S. firms held steady this week on the number of natural gas and oil rigs. The oil and natural gas rig count - an early indicator of future production - remained at 539 during the week ending August 15. Baker Hughes reported that oil rigs increased by one this week to 412, while gas-rigs decreased by one to 122. Oil and gas rig counts declined by around 5% in 2020 and 20% in 2023, as lower U.S. gas and oil prices in the last couple of years led energy firms to place more emphasis on increasing shareholder returns and paying off debt than increasing production. The U.S.
French spot prices drop on low holiday demand and a rebounding nuclear sector
The French spot price for electricity on Friday dropped on Thursday as the wind supply and French availability increased. Demand is expected to drop during Assumption Day, observed in France and Germany. French baseload day-ahead was down 49.2% to 46.75 Euros per Megawatt Hour (MWh) at 0804 GMT. The German equivalent contract, which closed at 111.25 euro on Wednesday, was not traded. LSEG data revealed that German wind power production was projected to increase by 4.9 gigawatts to 8.7 GW. French wind power is expected to rise by 2.3 GW up to 4.3 GW. The LSEG forecast showed that the wind supply would drop to 5 GW by Monday…
Baker Hughes reports that US drillers have cut their oil and gas rigs in the US for a third consecutive week.
Baker Hughes, a leading energy services company, said that the U.S. firms have cut back on oil and gas rigs for a third consecutive week. The number of oil and gas rigs, a good indicator of future production, dropped by one in the week ending August 8 to 539. Baker Hughes reported that oil rigs increased by one this week to 411, gas rigs decreased by one, to 123 and miscellaneous drilling rigs dropped by one, to five. The number of rigs in Texas, which is the largest oil and gas producing state, fell by two, to 243. This is the lowest level since October 2021. The number of rigs in the Permian Basin, located in West Texas and Eastern New Mexico, is down by three, to 256.
Baker Hughes reports that US drillers have cut their oil and gas rigs in the US for a third consecutive week.
Baker Hughes, a leading energy services company in the United States, said that U.S. firms have cut back on oil and gas rigs for a third consecutive week. The number of oil and natural gas rigs, a good indicator of future production, dropped by one in the week ending August 8th. Baker Hughes reported that oil rigs increased by one this week to 411, gas rigs decreased by one, to 123 and miscellaneous drilling rigs dropped by one, to five. Oil and gas rig counts declined by around 5% in 2020 and 20% in 2023, as lower U.S. gas and oil prices in the last couple of years led energy firms to place more emphasis on increasing shareholder returns and paying off debt than increasing production.