Russell: China's LNG crown is at risk due to high prices that limit demand.
Asia's imports liquefied gas remained flat in November. The region that is the largest buyer of this super-chilled fuel will likely record its first decline annually in three years. China is largely to blame for this soft result, as it may lose its position as the top LNG importer in the world to Japan. The drop in imports is likely due to the high spot price for LNG, which has been persistent for most of the year. Asia imported 22.99 millions metric tons (MT) of LNG in the month of November.
Joint development of synthetic LNG by Tree Energy, TotalEnergies and Japanese firms in the US
PARIS, 2 December - French oil giant TotalEnergies, along with its partner Tree Energy Solutions, will develop synthetic methane in collaboration with Japanese companies Osaka Gas Toho Gas Itochu, at an American facility located in Nebraska. Osaka Gas and Toho Gas will be the primary offtakers or contracted buyers of the synthetic gases as part of an aim to inject 1% of Japan's gas grid and reduce emissions by 2030. The most common way to obtain methane, also called natural gas, is by drilling into the ground.
Russell: China's LNG crown is at risk due to high prices that limit demand.
Asia's imports liquefied gas remained flat in November. The region that is the largest buyer of this super-chilled fuel will likely record its first decline annually in three years. China is largely to blame for this soft result, as it may lose its position as the top LNG importer in the world to Japan. The drop in imports is likely due to the high spot price for LNG, which has been persistent for most of the year. Asia imported 22.99 millions metric tons (MT) of LNG in the month of November.
Palm oil rises as Chicago soyoil and crude oil strengthen
The price of Malaysian palm oils futures increased on Tuesday as a result of higher Chicago crude oil and soyoil prices. A weaker ringgit was also a factor. By midday, the benchmark palm oil contract on Bursa Derivatives Exchange for February delivery had gained 38 ringgit or 0.93% to 4,132 Ringgit ($1,000.48). CPO opened higher on the morning session, thanks to news that China had purchased U.S. soya beans. The sentiment was also boosted by higher crude oil price, said David Ng.
Gunvor's managers buy out Tornqvist's CEO as the company seeks to 'definitive re-set'
Torbjorn Tornqvist, the CEO of global commodity trading firm Gunvor, will sell his entire shareholding as part of a management buyout. This comes after the U.S. labeled the company the "Kremlin’s puppet" because it had previously been linked to Russia. Gary Pedersen, the Americas director who was hired just last year by the firm, will take on the role of CEO. Gunvor stated in a press release that the buyout was being advanced…
Sources say that RPT-Gunvor is weighing the US energy push, which could strengthen Washington ties.
Sources familiar with the situation said that Gunvor, a commodity trader, has been in active discussions to invest into U.S. oil and gas producing assets. This could help to repair relations with the Trump Administration after the fallout of Gunvor's attempt to purchase the foreign assets of the sanctioned Russian company Lukoil. Gunvor dropped its offer to purchase Lukoil assets after the U.S. Gunvor was interested in increasing its U.S.
Documents show that Alberta oil regulators stopped enforcing gas flare limits after government pressure.
Documents seen by have revealed that the regulator responsible for environmental enforcement in Canada’s largest oil-producing province, bowed to pressure from both the provincial government and major oil companies in order to remove a limitation on natural gas flare ups as Canadian oil production increased. Alberta's decision to remove its 20-year old flaring limit, after companies exceeded the limit twice in a row with…
Gunvor considers US energy push, which could strengthen Washington ties
Sources familiar with the situation said that Gunvor, a commodity trader, has been in active discussions to invest into U.S. oil and gas producing assets. This could help to repair relations with the Trump Administration after the fallout of Gunvor's attempt to purchase the foreign assets of the sanctioned Russian company Lukoil. Gunvor dropped its offer to purchase Lukoil assets after the U.S. Gunvor was interested in increasing its U.S.
Sources say that OPEC+ will maintain its oil production policy.
Four OPEC+ sources have said that OPEC+ is likely to leave the oil production levels unchanged during its Sunday meetings. The group has slowed down its efforts to regain market shares amid fears of a looming glut. The meeting of OPEC+ - which pumps half the world's crude oil - comes at a time when the United States is trying to broker a peace deal between Russia and Ukraine, which would increase oil supplies if sanctions against Russia were eased. Two sources confirmed that ministers are holding a series online meetings.
The central bank of Russia says that the discount on Russian Urals oil prices has increased to 23% by November.
In its latest review, the Russian Central Bank said that the discount between the price of the Urals oil blend and Brent global benchmark has increased by six percentage points to 23% this month. Although the discount is less severe than what was seen in the first wave of Western sanctions, which began in 2022; it still reflects mounting pressure on Russian Oil revenues, which are a vital lifeline for Moscow’s budget. Last month, the United States imposed strict restrictions on Russian oil companies Lukoil & Rosneft.
The central bank of Russia says that the discount on Russian Urals oil prices has increased to 23% by November.
The Russian central bank announced on Thursday that the discount between Brent and Urals, which is Brent's global benchmark oil, has increased by six percentage points to 23% this month. These discounts are less severe than the first wave of Western sanctions that began in 2022 but they still reflect increasing pressure on Russian oil revenue, which is a vital lifeline for Moscow’s budget. Last month, the United States imposed strict restrictions on Russian oil companies Lukoil & Rosneft.
EUROPE GAS - European prices stable in a new lower range
The Dutch and British contracts for gas were slightly weaker Thursday, but they remained at 18-month lows, hit earlier in the week, due to milder weather and abundant supply, as well as hopes of a Ukraine Peace Deal. However, some winter risks still remain. LSEG data shows that the benchmark Dutch front-month contract was 29.05 euros per Megawatt Hour (MWh) or $9.86/mmBtu at 0925 GMT. This is a decrease of 0.20 euros. Tuesday's contract reached its lowest intraday price of 29 euros/MWh, its lowest since May 2024.
The US SEC settles with the former CFO of smart window maker View
Former chief financial officer, View, settled a lawsuit filed by the Securities and Exchange Commission in the United States. The suit claimed that he had negligently allowed View to understate costs of replacing "smart" windows with defective ones. According to a filing made Wednesday in San Jose federal court, lawyers for Vidul Prakash, and the SEC, reached a principle agreement to end the civil suit, subject to the approval of SEC commissioners.
Signing a maritime demarcation agreement between Lebanon and Cyprus opens the door to possible energy exploration
On Wednesday, Lebanon and Cyprus signed the long-awaited maritime delimitation agreement. This will pave the way for the exploration of gas fields offshore and the energy cooperation in Mediterranean. The agreement was signed at Lebanon's Presidential Palace by the Lebanese president Joseph Aoun, and the Cypriot president Nikos Christodoulides. Both leaders told reporters that the signing would indicate a deeper level of cooperation between Lebanon and EU-member Cyprus. Christodoulides stated, "This agreement is historic.
Official: Serbia is preparing an amendment that will allow it to take over a Russian-owned refinery.
The parliament speaker, who spoke to Euronews Serbia Tuesday, said that Serbia was preparing a change to the draft budget bill to allow it to own its Russian-owned and U.S. sanctioned oil refiner NIS. In January, the Office of Foreign Assets Control of the U.S. Treasury Department imposed sanctions on Russia's energy sector, including NIS. This company is owned in majority by Russia's Gazprom and Gazprom. The U.S. granted NIS multiple waivers until the sanctions came into effect finally in October.
Venture Global and Tokyo Gas Sign 20-year LNG Supply Deal
Venture Global, a U.S. LNG exporter, has signed a deal for Tokyo Gas to receive 1 million metric tonnes per year (mtpa), starting in 2030. Venture Global has now signed its fourth long-term LNG contract with a Japanese firm. The U.S.-based company announced in a Wednesday statement that it had signed LNG long-term contracts totaling 7.75 mtpa over the past six months. This move shows that Japan is increasing its energy purchases from the United States, while President Donald Trump pushes for increased U.S.
Brazil views issues related to the import of US biofuels as 'practically solved'
Geraldo Alckmin, the Brazilian Vice-President, said on Tuesday that "practically all issues" related to Brazil's imports from the United States of biofuels had been "resolved". Alckmin, the Minister of Development, Industry, Trade and Services, said that his comments referred to an easing of rules in the RenovaBio Program to address U.S. concern. RenovaBio promotes the use biofuels like ethanol and biodiesel in place of fossil fuels to reduce greenhouse gas emission.
What might Maduro have to offer Trump? What could Maduro offer Trump in potential talks?
Venezuelan President Nicolas Maduro is in a position to use crude oil cargoes that Venezuela sells mainly to China as a bargaining tool if Venezuela decides to negotiate with the United States. The Trump administration has increased its military presence in Caribbean and has stated that it is willing to talk to Maduro. His government has been struggling to attract foreign investment to the oilfields of Venezuela due to U.S. sanction. According to sources, the U.S.
US federal funds for energy production will decline by 11% by 2025
Interior Department reported on Friday that revenue from energy production in U.S. public waters and lands fell by 11% to $14.61 Billion during the last fiscal year, citing lower commodity prices like oil. The total is the lowest since 2021 - the first year under the administration of U.S. president Joe Biden - but the fifth highest since 1982. As part of his agenda to dominate the energy sector, President Donald Trump pledged to increase energy production on federal land and waters while keeping prices low for consumers.
Russell: COP30 agreement is not important in the battle between renewables and fossil fuels.
It was not realistic to expect anything better from the COP30 Climate Summit than a weak statement that omitted all mention of fossil fuels. It was never going to be easy to bring nearly 200 countries together with vastly different perspectives and make a statement of commitment to fight climate change. After the Belem summit, the question that needs to be asked is, does what the final statement says and doesn't state, really matter?