Shell plc is shuttering the 3.6 million metric tons/year Prelude floating liquefied natural gas (FLNG) export facility offshore Western Australia, as union workers overwhelmingly rejected the London-based major’s latest offer to improve pay and working conditions. The Offshore Alliance union told Shell that workers planned to ban mooring tankers alongside the FLNG facility, preventing the…
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Articles from Europe
Global LNG Prices Surge to Fresh Highs, Raising Prospect of Demand Destruction
LONDON (ICIS) — European gas supply uncertainty has continued to push the TTF benchmark to new highs, with the ICIS TTF August ’22 contract surging to the fourth highest level ever on 6 July.
South Asia Buyers Again Sidelined by High LNG Spot Prices
High liquefied natural gas (LNG) spot prices have again pushed India, Pakistan, and Bangladesh out of the market. As Russia’s war in Ukraine continues, and the Kremlin has limited exports, European countries have rushed to replace Russian pipeline gas with LNG imports, creating a competitive and expensive global spot market that’s made some small and…
Europe Set to Classify Natural Gas, Nuclear as Green Investments
The European Parliament voted in favor on Wednesday of accepting the proposal by the European Commission (EC) to classify new natural gas and nuclear power projects as “green.” The classification would allow for subsidies and low-cost loans for natural gas and nuclear projects deemed environmentally sustainable. “This vote is important recognition of our pragmatic and…
European Natural Gas Prices Surge to Four-Month High on Supply Squeeze – LNG Recap
European natural gas prices hit their highest point in months on Tuesday, extending a series of gains as the continent continues to face the threat of supply shortages on a number of fronts. A prolonged shutdown of the Freeport liquefied natural gas (LNG) export terminal in the United States, reduced flows from Russia on the…
LNG Market Volatility Continues as European Supply Risk Grows
MADRID (ICIS) – Spot LNG prices in Asia rose on 30 June but remained at a discount to the European TTF, following the highest TTF front-month price since 9 March.
EU Countries Face Market Realities of Restocking Natural Gas After 80% Storage Rule
With an official natural gas storage plan by the European Union (EU) in hand, member countries are bearing down on filling reserves while the market keeps a wary eye on volumes from Russia and U.S. liquefied natural gas (LNG) producers. The European Commission (EC) solidified on Monday a plan that directs storage facilities in member…
EU Approves 80% Natural Gas Storage Plan as Markets Kick Off Another ‘Volatile’ Week
After slightly cooling on an apparent price correction, European energy markets started the week with another leap upward as the European Union (EU) formalized its winter natural gas storage plan. The EU countries officially ratified a plan Monday to reach 80% of natural gas storage capacity available among the 27-country bloc by the winter heating…
Chevron, Egypt Pondering Increased Natural Gas Exports
As Egypt’s role as an option for sending more natural gas to Europe solidifies, the country’s petroleum ministry has announced a new tentative partnership with Chevron Corp. to explore ways to boost its liquefied natural gas (LNG) exports. In a memorandum of understanding (MOU) announced by Egypt’s Ministry of Oil and Mineral Resources, Chevron and…
Supply Constraints Create Step Change Up for European Gas, Asian LNG
Russian pipe gas flows to Europe fell again and will likely remain heavily curtailed over the coming weeks. This was a key driver behind price rises at the ICIS TTF which in turn lifted the ICIS East Asia Index (EAX) back to prices last seen in March.