EU not planning an emergency response to spike in energy prices caused by Iran
Officials told reporters on Wednesday that the European Union had warned its'member states' about the soaring gas prices caused by Iran, but did not see any immediate threat to supply and was not planning a response of emergency. The U.S. and Israeli war against Iran, and Iran's attacks in the Middle East have jolted the global oil and gas market. This has led to a halt of Qatari LNG production and energy shipments across the Strait of Hormuz.
Spain cannot claim immunity as a state in the UK dispute over renewable energy incentives
The United Kingdom's top court ruled that Spain cannot claim immunity in order to prevent a multimillion euro award being made?over the reduction of renewable energy incentives. This limits states' rights to claim immunity when they are involved in disputes with investors. The Supreme Court stated, however, states can claim immunity with respect to the execution of a arbitration award against state property. Infrastructure Services Luxembourg…
Trump meets with tech giants to discuss energy pledges ahead of midterm elections
The U.S. president?Donald Trump will meet with leaders of technology companies on Wednesday, including 'Google, Meta and OpenAI. They are expected to formalize an agreement to protect consumers from the rising costs of electricity due to the rapid growth of data centers that use a lot of energy. The White House announced that the "Ratepayer Protection Pledge" announced by Trump during his State of the Union Address would…
Source: Russia is ready to divert oil from Middle East to India due to Middle East conflict disrupting flows.
An 'industry source' with direct knowledge said that Russia was ready to divert oil from the Middle East to India in order to counter supply disruptions. About 9.5 million barrels of Russian crude are currently on vessels near Indian waters, and could arrive within weeks. Sources declined to reveal the original destination of the non-Russian cargoes, but they said that they could be delivered to India in a matter of weeks. This would provide refiners with immediate relief. India is susceptible to supply shocks.
The European market is seeking clarity about Qatari LNG supplies, which has led to a reduction in prices.
The Dutch and British gas price were lower on Wednesday, after rising earlier in the week. However, they could still be volatile, as traders try to gauge how long Qatari LNG supply will remain interrupted. Data from Intercontinental Exchange (ICE), showed that the benchmark 'Dutch front month contract' at the TTF hub had fallen by 1.02 euros to?53.27 per megawatt-hour (MWh) as of 1018 GMT. The price of electricity rose to a record high of 65.79 euro/MWh on Tuesday, the highest since January 2023.
US considers oil tanker insurance to ease Middle East crude shipping, sources say
Two sources say that U.S. president Donald Trump will review on Tuesday a number of policy options to control energy prices in the face of the escalating conflict in the Middle East. One option is for the government help oil tankers obtain insurance. Since Israeli and U.S. troops began attacking Iran on the weekend, fighting has disrupted Middle East oil tanker deliveries. Sources, who spoke on the condition of anonymity…
Russell: China imports most energy but has the best position on Iran
China is the largest energy importer in the world and would appear to be vulnerable to the rise in crude oil and gas prices caused by the conflict between Israel, the United States and Iran. China's huge crude oil stockpile is a buffer against price spikes. This means that any energy-driven inflation in other parts of the world won't hit China. By increasing the exports of refined goods, China's refiners may also be able…
The price of oil is rising as the US-Israeli war against Iran escalates supply risks
Brent rose by more than $3 Tuesday, marking a third consecutive day of gains. The U.S. - Israel conflict?with Iran?and threats to shipping via the Strait of Hormuz?increased fears of'supply.disruptions' from the Middle East. Brent crude futures stood at $80.89 per barrel by 0745 GMT, an increase of $3.15 or 4.1%. The contract reached $82.37 on Monday, its highest level since January 2025. However, it retraced these gains and settled 6.7% higher. U.S. West Texas Intermediate Crude climbed $2.55 or 3.6% to $73.78 per barrel.
Russell: China imports most energy but has the best position on Iran
China, the world's biggest energy importer, is vulnerable to the rise in prices of crude oil and natural gas caused by the conflict between Israel and United States against Iran. China's huge crude oil stockpile is likely to be a buffer against any price spikes in the world, so that any energy-driven inflation will not affect China. In the event that crude oil supplies from the Middle East are disrupted for a long time, it is possible that China’s refiners could make a windfall profit by increasing exports of refined goods.
Analysts say that India is most at risk from prolonged disruptions in Mideast oil supply.
Analysts said that India, as a rapidly growing oil consumer, would be the most vulnerable country to a 'crude supply shock' if the Middle East conflict led to a long-term disruption of shipments out of the region. This is mainly due to its thin reserves. China and India are Asia's two largest energy consumers. They import around half their crude oil from the Middle East. However, India has less crude in its storage than China, and it is now more dependent on Middle East crude than the past three years.
Wall Street closes with a narrowly mixed result, but trading is volatile following air strikes on Iran
U.S. stock prices ended Monday close to flat after a volatile session that saw shares fall early following the weekend's?U.S. Israeli air strikes against?Iran.?But there were bounces all day long as investors bought dips. The coordinated U.S.-Israeli strikes against Iran last weekend resulted in the death of Tehran's Supreme leader, and shocked global markets. Oil prices rose and many overseas stock indexes ended lower. Investors…
Middle East is a major source of oil and LNG globally
India and other Asian countries are most dependent on Middle East oil and gas, which makes them vulnerable to supply disruptions if the conflict that has erupted following the Israeli and U.S. attack on Iran continues. Here is an overview of the imports and stockpiles of major Middle Eastern buyers. INDIA In January, the share of Middle Eastern crude oil in India’s crude imports reached its highest level since late 2022. This is amounted to?about 2,74 million barrels a day. Refiners have reduced their intakes of Russian oil.
EUROPE GAS-European Gas Prices Close Higher on Disruption to LNG Shipments
The benchmark European wholesale gas price closed Monday around 35-40% more expensive, after major LNG exporter Qatar Energy announced that it had stopped production due to attacks in the Middle East. A cargo standstill through the Strait of Hormuz also raised concern about the length of the disruption. Qatar is soon to become the second largest LNG exporter in the world after the United States. It plays a significant role in balancing the demand for LNG on both the Asian and European market.
Minister: Road damage has caused the reopening of the Congo-Zambia Copper corridor on Tuesday.
Zambia's Infrastructure Minister said on Monday that the main corridor for Democratic?Republic of Congo copper, cobalt?and?other mineral exports will?reopen? on Tuesday?after?road?damage halted?flows. Congo is Africa's biggest copper producer, and the second largest copper producer in the world by output. The world's largest cobalt supplier, it produces over 70% of the global cobalt production and exports the majority of the cobalt along with other important battery minerals.
EUROPE GAS - European gas prices rise as Qatar stops LNG production
Benchmark Dutch and British wholesale?gas?prices rose by almost 50% Monday after a major LNG exporter, Qatar Energy, announced that it had stopped production due to the attacks in Middle East. Qatar is soon to become the second largest LNG exporter in the world after the United States. It plays a significant role in balancing the demand for LNG on both the Asian and European market. QatarEnergy, according to a source familiar with the situation, is preparing to declare force majeure for LNG shipments.
EUROPE GAS-European gas prices soar as Iran had conflict halts Qatar LNG output
The benchmark Dutch and British wholesale gas prices rose by nearly?50% after Qatar Energy, a major LNG exporter, announced that it had stopped production because of attacks in the Middle East. Qatar is soon to become the second largest LNG exporter in the world after the United States. It plays a significant role in balancing the demand for LNG on both the Asian and European market. Trade sources report that most tanker owners and oil majors…
Spain's Moeve joins forces with Masdar to launch a $1.2 billion green hydrogen project
Spanish energy company Moeve approved a major green hydrogen project that involves more than 1 billion euros ($1.2billion) in investment, with Abu Dhabi renewable energy company Masdar as a "minority" partner. Moeve announced on Monday that it had made the final investment decision for the first part in the Andalusian Green Hydrogen Valley, Spain. The project will have a 300-megawatt capacity and the "possibility" to add an additional 100 MW based on grid availability and board approval.
Hang Tung: Brazil sorghum to exports will gain momentum in H2
Brazilian sorghum will be limited by a restricted supply in the first half of 2026, but the director-general for Brazil, 'Hang Tung,' expects a more active second half, as harvest time arrives. Gabriel Cordeiro is the director-general of Hang Tung in Brazil. He said that exporters are competing with producers of animal feed and ethanol for sorghum. This has limited current supplies. Cordeiro stated that sorghum exports will increase as the second crop harvest in Brazil begins.
Palm oil mirrors the strength of its Chicago rival; crude provides support
Malaysian palm futures closed Monday higher than they had done in a week, following gains made by Chicago edible oils. Meanwhile, advances?in energy complex?also added support. The benchmark?palm-oil contract for May delivery at Bursa Malaysia's Derivatives Exchange rose 104 ringgit or 2.57% to 4,146 Ringgit ($1,056.57) per metric ton. The price of CPO futures on the Bursa Malaysia exchange opened higher today, following the price spreads for rival oilseeds, according to a Kuala Lumpur-based trader.
Minister says Austria will deepen its cooperation with Abu Dhabi
Austrian Economy Minister Wolfgang Hattmannsdorfer announced that the country plans to expand economic cooperation with Abu Dhabi following the creation of Borouge Group International (BGI), a chemicals company. In an interview with?Hattmannsdorfer on Friday night, he said that he expects BGI, the?tie up between units of 'Abu Dhabi National Oil Company' and Austrian energy company OMV which is owned by Austria and Abu Dhabi to open new business opportunities. BGI is expected to close in the third quarter.