Norway’s Equinor ASA reported it has fully cut ties with its Russian projects as it finishes a long-awaited restart of one of Europe’s largest liquefied natural gas (LNG) terminals. Equinor launched a plan to end all future investments and divest from current partnerships in Russia shortly after the country’s forces invaded Ukraine in February. The…
Europe
Articles from Europe
ICE Reports Jump in LNG, European Natural Gas Trades Amid Volatility
Additional volatility in the global natural gas market set off by Russia’s invasion of Ukraine earlier this year is driving liquidity in global benchmarks that continues to set new highs, particularly in Europe, according to the Intercontinental Exchange (ICE). Open interest in Italian Punto di Scambio Virtuale (PSV) gas futures was up 169% year/year from…
LNG Market Volatility Fueling Another Banner Year for Long-Term Contracts
International liquefied natural gas (LNG) buyers could keep up the strong pace of new long-term contracts through the rest of the year as short-term volumes continue to grow more expensive, according to market analysts. Since the beginning of the year, buyers have secured over 22 million metric tons/year (mmty) of LNG by signing new deals.…
Asian-European Natural Gas Price Spread Narrows on Uptick in Demand
MADRID (ICIS) –The spread between TTF and Asian prices narrowed slightly in the seven days to 26 May, as the ICIS TTF dropped slightly while the East Asia Index (EAX) rose on regional demand rallies.
U.S., European LNG Task Force Accused of Violating Federal Law, Operating Secretly
An environmental watchdog group in a letter to President Biden is arguing that a joint task force formed by the White House and European Commission (EC) to help Europe secure more liquefied natural gas (LNG) and displace Russian imports is operating secretly and violating federal law. UK-based Global Witness said the task force’s three meetings…
European Natural Gas Prices Hit Three-Month Low – LNG Recap
Natural gas prices in Europe on Monday slumped to their lowest level since Russia invaded Ukraine in February as weak demand and the steady arrival of liquefied natural gas (LNG) cargoes have combined to weigh down benchmarks. Storage inventories are filling rapidly as the continent races to displace Russian supplies. Inventories were at about 43%…
Asia Spot LNG Prices Drop, Prompt Shipping Rates Rise
HOUSTON (ICIS) — Asian LNG spot prices have fallen this week, with the July ICIS East Asia Index (EAX) down more than 12% on 19 May from one week ago. The softness in prices, compared with levels seen just a month ago, could attract additional buyers into the market. New demand will be weather dependent…
Yellen Says Russia ‘Using Energy As a Weapon,’ Reiterates U.S. LNG Commitment to Europe
U.S. Treasury Secretary Janet Yellen said the United States and Europe needed to “go further” in confronting Russia’s war against Ukraine, while expanding the “potent transatlantic cooperation to address many of the other shared challenges we face.” Speaking at the Brussels Economic Forum on Tuesday, Yellen said “we must address the present energy security emergency…
EU Plan to Cut Out Russian Energy Supplies Aims to Reduce Natural Gas Consumption
The European Commission (EC) on Tuesday released a long list of measures aimed at supporting its plan to end Russian energy imports that would significantly reduce the continent’s consumption of fossil fuels. Energy efficiency efforts, fuel substitution, electrification and what the commission said would be a “massive scaling-up and speeding-up of renewable energy,” could cut…
European Storage Filling Quickly as Natural Gas Floods Continent – LNG Recap
Europe’s natural gas storage inventories continue to rise at some of the fastest rates on record as an influx of liquefied natural gas (LNG) cargoes lands on the continent to take advantage of strong prices. Storage stocks are at roughly 40% of capacity, which is below the five-year average of about 45%, but roughly aligned…