Second LNG Carrier Departs from Sanctioned Portovaya LNG Plant
A second gas carrier has departed from Russia's U.S.-sanctioned Portovaya LNG plant on the Baltic Sea after a hiatus, in search of a foreign buyer, showing Russia's continued efforts to flout restrictions on LNG sales, LSEG data showed on Wednesday.According to the ship-tracking data, gas carrier Valera, previously named Velikiy Novgorod, had departed from the Gulf of Finland. It was due to arrive at an unspecified location on January 15, the data showed.The tanker is the second to leave the plant in the past three months.The first tanker…
Lukoil, a Russian oil company, says it will sell its international assets in response to Western sanctions
Lukoil - Russia's second largest oil producer - announced on Monday that it will sell its international assets in response to sanctions imposed by the United States last week over Ukraine. The sale of assets will be the biggest action taken by a Russian firm in response to Western sanctions over Russia’s war in Ukraine that began in February 2022. The sale of assets is being conducted under an OFAC wind-down license. Lukoil stated that if necessary, the company will apply for an extension of the license in order to continue uninterrupted operations of international assets. Donald Trump, the U.S.
China drives global underground gas storage growth, International Gas Union says
In a report published on Monday, the International Gas Union said that China would lead global underground storage expansion by 2025. It will add 6 billion cubic meters (bcm), or working gas volume, to increase its total capacity to 19,8 bcm. The world's underground gas storage capacity has increased by 10 billion cubic meters since 2022. China, which contributed the largest increase, is now in sixth position, behind United States, who have 138 bcm. Next are Russia, Ukraine and Canada, followed by Germany.
Turkmenistan will maintain its gas production next year
Turkmengaz, the state-owned energy company, said that Turkmenistan's natural gas production will remain at 80 billion cubic meters in 2025-2026. Maksat Babaev, speaking at the Turkmenistan annual oil and gas convention's press conference, said that this year's production of gas was 80 billion cubic meters. We plan to continue in this area next year. Separately Guvanch AGAJANOV, the head of the state oil company Turkmenneft told reporters the country will produce over 8 million tons in 2025. This is similar to what was produced the previous year.
Woodside signs Williams as an investor for Louisiana LNG construction to accelerate
Woodside Energy, a company based in Australia, has hired U.S.-based Williams to be an investor and operator of the Louisiana Liquefied Natural Gas Plant. This is to benefit from its infrastructure expertise and reduce costs as construction increases. Williams will receive a 10% stake of Louisiana LNG Holding Company and 80% ownership in the Driftwood Pipeline, which will provide feed gas for the $17.5 billion project. Williams, which operates over 33,000 miles (53.108 km) of pipe across 24 U.S. States, will pay Woodside $1.9 billion and contribute $378 million towards the project's costs.
Saipem, an Italian company, reports a 29% increase in its core profit for the third quarter.
Saipem, an Italian energy contractor, reported on Wednesday that its adjusted core profit for the third quarter rose by 29% on a year-on-year due to new orders it received in Turkey and Guyana. The adjusted earnings before interest taxes, depreciation, and amortization (EBITDA), which LSEG compiled, came in at $437 million ($510 million), just a little bit above the analyst consensus of $433 million euros. The company reported that the net profit increased 8% on an annual basis to 81 millions euros during the third quarter.
EU rules to ban 'backdoor' Russian oil
A document published Thursday reveals that the European Union requires fuel importers to prove that their fuels were not made with Russian crude. The document gives guidance on the EU’s forthcoming ban on fuels refined from Russian oil, as part of its 18th package of sanctions against Russia for its war in Ukraine. The ban will take effect on January 21, 2019. WHAT IS THE EU ADVISE TO IMPORTERS? Operators are expected to give EU Customs "appropriate proof" of where the crude oil that was used to refine the fuel came from. However, there are some important exceptions.
Turkey Maintains Russian Oil Imports in October
Turkey is set to maintain its imports of Russian Urals crude oil in October at around 280,000 barrels per day (bpd), unchanged from September, according to LSEG shipping data and market sources.October exports to Turkey may even surpass September's volume as additional cargoes are confirmed later in the month, reflecting Turkey’s continued demand for Russian barrels, two sources involved in Russian oil trade said.U.S. President Donald Trump has been increasing pressure on major Russian oil buyers…
Iraqi Oil Flows to Turkey After Brief Halt
Crude oil exports from Iraq's Kurdistan region to Turkey's Ceyhan port resumed on Friday, after a temporary halt due to "technical issues", the region's ministry of natural resources said in a statement.The exports had earlier been suspended because storage tanks reached capacity, two energy sources with direct knowledge of the matter told Reuters.One of the sources said flows stopped at around 1 a.m. local time (2200 GMT) on Friday after the storage tanks became overloaded, leaving no space for further shipments.The same source said flows were expected to resume between 4 p.m. and 5 p.m.
Senegal plans to begin construction on a new refinery in next year
The CEO of the national refining firm SAR announced on Thursday that Senegal will begin construction of a new oil refinery in the coming year, to increase domestic processing capacity. He is looking for investments between $2 billion and $5 billion. Mamadou Abib Diop, speaking at the African Energy Conference in Cape Town, said that China, Turkey, and South Korea have all made financing offers to the country. Abib Diop stated that the feedstock for this new plant will primarily come from Senegal’s offshore Sangomar gas and oil field. The field is operated by Woodside Energy, with Petrosen as a minority investor.
Palm oil falls due to weak crude oil and rival oils but still shows a quarterly gain
The price of Malaysian palm oils futures dropped for a third consecutive session on Tuesday. This was due to the weakness of rival edible oils as well as OPEC+'s plans to increase production. However, this contract still recorded a gain in terms of its quarterly performance. At the close, the benchmark palm oil contract on Bursa Malaysia's Derivatives exchange for December delivery fell 34 ringgit (0.78%) to 4,351 Ringgit ($1,034.47) per metric ton. This quarter's contract has gained 9.16%, reversing the losses of the two previous quarters. Palm oil was under pressure from the weakness of rival oilseeds.
Oil prices and US interest rate cuts have mixed the Gulf markets.
September 30 - The Gulf stock markets were mixed early on Tuesday, as lower oil prices dampened expectations for further Federal Reserve rate reductions. According to CME Group’s FedWatch tool, traders have priced in an 89% chance that the Fed will reduce rates by 25 basis points at its next meeting in October. Investors are now awaiting U.S. data about job openings, payrolls in the private sector, the ISM Manufacturing PMI and the Non-Farm Payrolls Report on Friday to get more clues about the economy's state. The U.S.
Palm oil slips due to weaker rival oils and crude oil prices
The market for Malaysian palm oils futures continued to lose money for a third consecutive session on Tuesday as OPEC+'s plans to increase production and the weakness of rival edible oil weighed on it. However, the contract is still on course for a quarter gain. At midday, the benchmark palm oil contract on Bursa Malaysia's Derivatives exchange for December delivery fell 38 ringgit or 0.87% to 4,347 Ringgit ($1,031.81) per metric ton. This contract has gained 9.06% so far this quarter. Palm oil was under pressure from the weakness of rival oilseeds.
Palm oil falls due to weak soyoil but the expectation of lower stock limits losses
Malaysian palm futures closed lower for the second session in a row on Monday, due to a weaker soyoil. However, the expectation of falling inventories over the next few weeks helped limit the losses. At the close, the benchmark palm oil contract on Bursa Derivatives Exchange for December delivery fell 12 ringgit or 0.27% to 4,384 Ringgit ($1,040.84) per metric ton. The contract dropped by 0.97% during the previous session. David Ng is a proprietary trader with Kuala Lumpur's Iceberg X Sdn. Bhd. He said that the lower soybean oil price led to a decline in crude palm oil futures.
VEGOILS-Palm rises on strong export demand
Malaysian palm futures rose on Monday due to the strong export demand in recent weeks, which has increased traders' confidence. At the midday break, the benchmark palm oil contract on Bursa Derivatives Exchange for December delivery gained 19 ringgit or 0.43% to 4,415 Ringgit ($1,048.69). The contract dropped by 0.97% during the previous session. Crude palm futures rose as strong export performances seen in recent weeks supported market sentiment. David Ng is a proprietary trader with Kuala Lumpur based trading firm Iceberg X Sdn Bhd.
French spot electricity prices rise on windpower decline
On Thursday, the French spot electricity contract was higher for Friday due to lower wind power production in the region. By 0836 GMT, the French baseload day-ahead contract was up by 34.4% to 77 euros per megawatt hour (MWh). The German equivalent contract, which closed at 77.25 euro/MWh last Wednesday, was not traded. Analysts at Engie’s Energy Scan said that after a period in which spot prices were very low due to factors such as strong wind output and higher hydro, they are now strengthening and expect them to continue to rise, especially with the increase of exports.
Oilfield executives sour in Dallas Fed survey
According to a Federal Reserve Bank of Dallas survey published on Wednesday, oil and gas production in Texas, Louisiana, and New Mexico, the three states that produce the most, declined in the third-quarter as executives expressed a more negative outlook. The decline in oil and gas activity is due to the uncertainty surrounding oil prices, as well as increased frustration towards President Donald Trump and his administration. The executives blamed Trump policies such as tariffs, and his promise to lower oil price, for the decline in activity.
Iraq, Kurdish Government to Restart Oil Exports to Turkey
Iraq's federal and Kurdish regional governments reached a deal with oil firms to resume crude exports via Turkey on Monday, two oil officials told Reuters.The breakthrough will allow for the resumption of exports of about 230,000 barrels per day (bpd) from Iraqi Kurdistan which have been suspended since March 2023."We will on Tuesday start technical procedures to prepare pipeline operations, with oil flows expected to restart within 48 hours, an oil official with knowledge of the agreement told…
Report: Nuclear projects slow down after record-breaking output in 2024
The World Nuclear Industry Status Report released on Monday said that the record-breaking level of nuclear power production in 2024 would be difficult to maintain due to the lack of investment required, aging plants, and disruptions to projects. Various countries are re-engaging in nuclear power as they try to phase out fossil energy. The United States has recently pushed hard to make the policy of nuclear energy and secured several agreements with countries to increase production. Data from the report revealed that global nuclear power production reached a new record of 2…
Kazakhstan Resumes Baku-Tbilisi-Ceyhan Pipeline Exports After Contamination Issues
Kazakhstan resumed oil supplies via the Baku-Tbilisi-Ceyhan pipeline on September 13, state energy company Kazmunaygaz said on Wednesday.Supplies via the route were suspended last month amid contamination issues.The BTC pipeline, which runs through Georgia to Turkey, is used mainly to export oil from the Azeri, Chirag and Guneshli oilfields, which are operated by BP.The pipeline is also used by Kazakhstan as a way to lessen its dependence on Russia as a main exporting route. More than 80% of…