Natural gas prices in Europe and Asia fell again on Monday, continuing six consecutive weeks of losses as both markets are well supplied and demand remains muted. The Title Transfer Facility (TTF) prompt contract gave up another 1% Monday to finish again near $10/MMBtu after declining by 12% last week. Winter prices further out the…
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Articles from Europe
Global Natural Gas Demand Projected to Decline Through Remainder of Year, IEA Says
Global natural gas demand is expected to remain flat in 2023 with modest growth in the Asia-Pacific region offset by projected declines in Europe and North America, according to the International Energy Agency (IEA). The world’s natural gas consumption declined 1.5% year/year in 2022, driven largely by a sharp increase in prices after Russia invaded…
Global Natural Gas Prices Dragged Lower Amid Strong Supply, Ongoing Demand Lull – LNG Recap
European natural gas prices on Tuesday traded at some of their lowest levels since 2021, continuing a weeks-long slide amid ample supplies and weak demand across the continent and other parts of the world. “The market remains overall bearish amid seasonally average temperatures and high storage levels,” said trading firm Energi Danmark in a note…
Lower Natural Gas Prices Ease Burden of Replacing Russian Supplies for Germany’s Uniper
Uniper SE recorded no losses in the first quarter related to replacing natural gas supplies that were cut off by Russia last year, and the company expects a “strong earnings recovery” after being bailed out by the German government in 2022. The steep decline in global gas prices since last year has eased the costs…
Calgary’s Vermilion Says Higher European Natural Gas Prices Boosting Profits
Premium European natural gas prices, Montney Shale drilling and a Saskatchewan asset sale supported a 34% jump in profits during the first quarter for Canada producer Vermilion Energy Inc. The Calgary-based explorer, which reports in Canadian dollars (C$1.00/73 cents), reported elevated prices for Dutch, German, French and Irish production, high enough to offset deeper cuts…
Wave of Upcoming LNG Contract Expirations Could Help Reshape Global Natural Gas Markets
As a large swath of long-term and shorter LNG contracts are set to expire by the end of the decade, buyers could see a future global natural gas market that is both more physically flexible and financially complex. By 2030, long-term and short-term contracts covering around 195 million tons (Mt) of liquefied natural gas could…
Europe’s LNG Infrastructure Buildout Seen Colliding With Climate Goals
The European Union’s (EU) plans to significantly increase LNG import capacity continues to draw mixed opinions and raise concerns over whether the expansion would conflict with decarbonization targets and aspirations to dramatically boost renewable energy supplies this decade. To bring in enough LNG to gain independence from Russian natural gas, the EU aims to increase…
LNG Market Shifting Attention to Summer as Demand Remains Weak Across Asia, Europe – LNG Recap
The LNG market was again muted as the week got underway with hotter weather and restocking demand still in the offing. In Europe, the prompt Title Transfer Facility (TTF) gained just a penny in a quiet day of trading amid labor holidays across the continent. The June contract gave up 4% last week to finish…
Chevron CEO Warns Punitive Penalties for Excess Oil, Gas Profits May Discourage Investment
Any attempts by California to penalize oil and natural gas producers for what state leaders may consider to be excess profits will likely backfire, Chevron Corp. CEO Mike Wirth said Friday. During the first quarter conference call, Wirth was asked about a rulemaking process underway in the company’s home state. Spearheaded by Democratic Gov. Gavin…
ExxonMobil’s Global Trading Arm Aiming to Leverage Heft in Natural Gas, Oil and Refinery Operations
ExxonMobil’s natural gas, crude, power and petroleum products trading as of June 1 will become “one centralized trading organization for the whole corporation,” able to stand with any global competitor, CEO Darren Woods said Friday. The new Global Trading arm has been in the works in some form or fashion since 2018, Woods said during…