Europe

European natural gas prices surged again on Monday as Russia ratcheted up tensions by cutting off supply to another customer and the Kremlin sowed further doubts about equipment needed to boost flows on Nord Stream 1 (NS1).  Gazprom PJSC said Saturday that it has stopped delivering natural gas to Latvia “due to violation of the…

TotalEnergies SE boosted its energy output in the second quarter to help fill the shortfall in Russian oil and natural gas supplies, reaping the benefits of soaring commodity prices in the process. “Russia’s invasion of Ukraine continued to impact energy markets in the second quarter, with oil prices averaging more than $110/bbl in the quarter,…

LONDON (ICIS) — Russia stepped up its curtailment of gas flows to Europe this week, in a move designed to be the dominating factor in the market. The impact was palpable as the ICIS TTF front-month gas price, the global benchmark, rose by 30% over the last seven days, with little indication of a significant fall back as long as current market conditions persist.

The European Commission (EC) has approved a huge hydrogen initiative that would be financed by 15 European Union (EU) countries and 35 companies as it continues to diversify its energy supplies.  Under the plan, EU member states would work on 41 “important projects of common interest” (IPCEI) to create a hydrogen hub. The IPCEI Hy2Tech…

Norway plans to increase natural gas production through the summer to help meet European Union (EU) demand and fill the void left by declining Russian deliveries.   Equinor ASA said its Norwegian exports to the rest of Europe increased by 18% year/year in the second quarter. Norway is Europe’s second largest gas supplier behind Russia, which…

August Nymex natural gas futures faltered Wednesday, snapping a furious rally that dated to last week amid robust cooling demand and global supply worries. The prompt month gas futures contract settled at $8.687/MMBtu, down 30.6 cents day/day. September fell 27.1 cents to $8.554. At A Glance: Nymex gas trading proves volatile Weather-driven demand holds strong…

European natural gas prices continued their charge higher Tuesday, hitting levels not seen since March. The prompt Title Transfer Facility contract surged by 13% to settle above $59/MMBtu.

HOUSTON (ICIS) – Asia spot LNG prices have fallen this week, with the September ’22 ICIS East Asia Index (EAX) down more than 9% on 21 July from one week ago. The EAX has declined in recent days after peaking above $40/MMBtu.

Global energy researchers are forecasting China, the world’s largest LNG importer, is on track to record the largest year-to-year drop in volumes since it started importing the super-chilled gas. Citing unprecedented liquefied natural gas market volatility and inflationary pressure, Wood Mackenzie recently predicted China’s imports would drop 14% by the end of the year. That…