Operator data shows that Ukraine increased its gas imports on Thursday by 40%.
The operator of the national gas transmission system announced that Ukraine would increase its gas imports on Thursday by almost 40%, to 13,3 million cubic meters. This is due to an increased import from Hungary. After Russian missiles damaged the production facilities to the east of Ukraine, Ukraine was forced to increase gas imports and withdraw more gas from storage this winter and in the spring. According to data from the operator, Ukraine will import 9,8 mcm (million cubic meters) of gas from Hungary on Thursday and 3.5 million cubic metres from Poland.
The US-Ukraine mineral deal does not specify whether Washington will benefit
According to a draft of the agreement that is expected to be signed on Wednesday, Washington will have preferential access to any new natural resource deals in Ukraine, but it won't automatically give Washington a piece of Ukraine's gas infrastructure or its mineral wealth. The draft outlines the creation of an American-Ukrainian joint fund for reconstruction that will receive 50% from profits and royalties accruing the Ukrainian state as a result of new natural resource permits in Ukraine. The document states that future U.S.
Gazprom, the Russian energy giant, will return to profit in 2024 with earnings of $14.8 billion
The Russian energy giant Gazprom reported a net profit for the full year 2024 of 1.2 trillion Russian roubles (14.76 billion dollars) compared to its loss in previous years. This was due to a better gas business as well as higher interest incomes from financial investments. Gazprom reported a net loss for 2023 of nearly $7 billion, its first since the year 1999. This was due to a decline in sales to Europe, which used to be its primary source of income.
MOL and Turkiye Petrolleri form a joint venture to explore two oilfields in Hungary
Hungarian Oil Company MOL and Turkey’s Turkiye Petrolleri will explore two new oilfields in Hungary, as part of a newly-established joint venture. Szijjarto, after meeting with Turkish Energy Minister Alparslan bayraktar, said that efficient production on new fields could help Hungary cover some of its consumption needs. Hungary imports the majority of its crude oil via the Druzhba Pipeline, which brings Russian Oil through Belarus, Ukraine and Hungary to Slovakia. Szijjarto said Druzhba would remain Hungary's main crude oil import route.
Equinor Q1 profits rise more than expected
Equinor announced a higher than expected increase in its first quarter profit on Wednesday. This was boosted by an increase in European gas prices compared to the same period last year. Equinor's poll of 20 analysts predicted that the Norwegian oil and gas company would earn $8.51 billion in January-March, but it actually increased to $8.65 from $7.53. Equinor has maintained its projections that oil and gas production will increase by 4% in this year's compared to the previous year. It also kept its forecast of capital expenditures for 2025 at $13 billion.
Russell: Asia's LNG consumption is muted in April, while Europe's demand eases.
In April, Asia's LNG imports remained muted while Europe began to show signs that the seasonal slowdown was beginning as winter demand dwindled. According to commodity analysts Kpler, Asia is expected to receive 22,40 million metric tonnes of super-chilled fuel in April. It's down from the 22.68 millions tons of March, but it's slightly up on a daily basis because April is one less day than March. It's also lower than the 23,32 million tons recorded in the same month last year.
Prices of gas in Europe are falling as the warm weather reduces demand
The Dutch and British wholesale prices of gas eased Tuesday morning. They traded in a narrow band as the warm weather reduced heating demand. The benchmark Dutch front month contract fell 0.23 euros to 31.62 euro per megawatt-hour (MWh), which is $11.50/mmBtu by 0826 GMT. Meanwhile, the June contract dropped 0.66 euros to 31.74 euro/MWh according to LSEG. The British day-ahead contract is down 1.20 pence to 76.00p/therm. The temperatures in north-west Europe will be above average until the next week, before they drop from May 5-9.
Serhiy Korotetskyi is appointed as the new CEO of Ukraine's Naftogaz
Naftogaz, Ukraine's national oil and gas company, announced on Tuesday that Serhiy Koretskyi would be its new CEO effective May 14. Koretskyi, an engineer and economist, is the CEO of Ukrnafta & Ukrtatnafta which are both part of Naftogaz. In 2022, he took over Ukrnafta - Ukraine's largest petroleum company. Oleksiy Cernyshov was appointed as deputy prime minister in December 2024 and left Naftogaz. Naftogaz, Ukraine's largest gas producer, also dominates gas imports.
Russell: Asia's LNG consumption is muted in April, while Europe is easing up.
In April, Asia's LNG imports remained muted while Europe began to show signs that the seasonal slowdown was beginning as winter demand dwindled. According to commodity analysts Kpler, Asia is expected to receive 22,40 million metric tonnes of super-chilled fuel in April. It's down from the 22.68 millions tons of March, but it's slightly up on a daily basis because April is one less day than March. It's also lower than the 23,32 million tons recorded in the same month last year.
National Bank of Ukraine: Ukraine will need $2.9 billion in 2025 to purchase gas
Ukraine's National Bank stated on Friday that the country will need $2.9 billion in gas imports by 2025, after Russian missiles and drones damaged Ukrainian gas production plants. In the late winter and spring of 2016, Russia repeatedly attacked Ukrainian gas assets located in the east. This caused a drop of at least 40% in gas production. A certain amount of capacity has been recovered. The bank stated in a recent report that although production would gradually improve, it wouldn't be enough to meet the needs of industry, utilities, and households.
Norway's Yara trounces profit estimates despite rising gas costs, tariff concerns
Yara's shares rose 4.7% early in the morning trade after it reported a first-quarter core profit that was well above expectations. This was due to higher volumes and better margins. The company highlighted its ongoing cost reductions, as well as portfolio optimization. It said that this would allow it to continue growing in a nitrogen market which is becoming increasingly tight. Yara has said that natural gas, a vital ingredient in fertiliser, will cost the company $140 million during the second quarter.
Palm oil prices rise on stronger edible oils and are set to gain weekly
Malaysian palm futures rose on Friday as the market regained confidence after a three-week loss streak. At midday, the benchmark palm oil contract on Bursa Derivatives Exchange for July delivery gained 80 ringgit or 1.98% to 4,116 Ringgit ($940.80), a metric tonne. This week, the contract has increased by 3.55%. A Kuala Lumpur based trader reported that the price of crude palm oil futures was boosted by overnight gains in rival oilseeds. This included Chicago soyoil due to optimism regarding export demand for United States soyoil.
Britain Emphasizes Collaboration on Energy Security at Global Summit
Britain urged closer international cooperation to improve energy security on Thursday, telling dozens of other governments and business leaders that they would otherwise be vulnerable to those who were willing to weaponise supplies.Security of energy supply shot up the agenda of countries around the world after Russia's full-scale invasion of Ukraine in 2022 drove up global prices and pushed the EU to curb its reliance on Russian fuels."Energy security is national security...
EU to Present a Roadmap in May for the Phase-out of all Russian Fossil Fuel Imports
Ursula von der Leyen, the President of the European Commission, said that in two weeks it will present a roadmap outlining how it plans to eliminate all Russian fossil fuel imports. She made this announcement at a London energy event on Thursday. In response to Moscow's invasion of Ukraine in 2022, the European Commission has committed to stop using Russian fossil fuels before 2027. Von der Leyen, speaking at a UK government-sponsored meeting with the International Energy Agency…
Ukraine's Naftogaz signs a contract with Orlen for 100 mcm gas
Ukraine's Naftogaz signed a contract on Thursday for another 100 million cubic meters (mcm), bringing its total purchase volume from Orlen to 300 mcm. After Russian missiles damaged the production facilities to the east of Ukraine, Ukraine was forced to increase gas imports and withdraw more gas from storage this winter and in the spring. Sources in the industry told us earlier this month Orlen plans to sell 10 LNG cargoes to Ukraine this coming year, as Kyiv tries to fill up gas storage sites before winter.
Trump's emergency move is aimed at cutting approval time for energy projects from 28 days to 28
The Trump administration announced on Wednesday that it would implement a process of emergency permitting for energy and mining on federal land, cutting approval times from months or even years down to just 28 days. The U.S. Department of the Interior's move comes in response to the President Donald Trump declaration of a national energy emergency, which he issued on his first official day of office. This was to expedite the permitting process in an attempt to boost the domestic energy supply, lower fuel prices, and strengthen national security.
UK launches energy security summit by investing in offshore wind supply chain
The UK will host a summit on energy security in London, starting the event by promising to invest 399 million pounds (399 million dollars) into the domestic supply chain of offshore wind projects. After the Russian invasion of Ukraine, 2022, which led to price spikes around the globe and saw the EU try to reduce its dependence on Russian fuels. The UK Government, International Energy Agency and EU Commission President Ursula von der Leyen will host a two-day energy summit in London.
Source: EU considering options to prohibit new Russian gas contracts
A senior EU official revealed on Tuesday that the European Commission is considering whether it can legislate in order to prohibit firms from signing new contracts with Russian fossil fuels. The senior official also added that the EU is working on legal options which would allow EU companies to terminate existing gas supply agreements with Russia without being penalized. The Commission has been looking for other ways to reduce Europe's dependence on Russian energy, as some EU member states have pledged to block any EU sanction on Russian gas.
Document shows that Russia has reduced its estimate of energy export revenue by 15% for 2025.
According to a document from the Economy Ministry, Russia's forecast for oil and gas export revenue for 2025-2027, which is a major source of funding for state budgets, has been cut by 15% due to lower oil prices. This revision will put additional pressure on the budget already burdened by high defense spending for the war in Ukraine. Donald Trump, the U.S. president, said that lower oil prices this year could help to end the war in Ukraine. The document…
Naftogaz, the Ukrainian gas company, says it wants to buy 2 billion cubic meters of gas for 1 billion Euros
Naftogaz, Ukraine's state-owned oil and gas company, is in negotiations with the government and international financing institutions to raise one billion euros for the purchase of over two billion cubic meters gas for the heating season 2025/26. In a press release, it said that 430 millions euros would be provided by the EBRD to buy an additional 1 bcm gas. Another 0.1 bcm LNG would come from Poland’s Orlen. After Russian missiles damaged the production facilities to the east of Ukraine…
