Europe

The growing threat of a Russian invasion of Ukraine had the energy market on edge Monday, when oil and natural gas prices again moved higher. The standoff has also upended metals markets, weighed on equities and is creating additional inflationary pressures. The U.S. warned Friday that an attack could be imminent, sending commodity prices up.…

The geopolitical standoff between Russia and Ukraine has deepened turmoil in Europe’s natural gas market and laid bare its dependence on energy imports, but it remains highly unlikely that Russia would halt all natural gas flows or even significantly curb deliveries to the continent. Russia’s Gazprom PJSC “does not need to stop gas to wreak…

Spark Commodities reported its first ever negative spot liquefied natural gas (LNG) freight rate on Tuesday as a glut of tankers in the Atlantic Basin that are moving cargoes faster to Europe has dragged down rates. Spark assessed Atlantic Basin rates at minus $750/day, reflecting what CEO Tim Mendelssohn said is an increase in vessel…

A roundup of news and commentary from NGI’s LNG Insight Europe imported a record 11.6 million tons (Mt) of LNG in January, according to Kpler. Higher prices, short supplies, colder weather and rising geopolitical tensions between Russia and Ukraine pulled cargoes away from Asia toward the continent. LNG imports were 4.5 Mt in January 2021.…

European natural gas prices declined again Tuesday despite geopolitical tensions between Russia and Ukraine, which showed no signs of relenting. Mild weather and strong wind output also dragged down prices Monday, reversing last week’s gains that came as the market baked in the risk to European supplies from a broader conflict between Russia and Ukraine.…

The almost 16-month-long repair operation at Equinor ASA’s Hammerfest liquefied natural gas (LNG) terminal in Norway has been extended a few months more as the company deals with impacts from the latest Covid-19 variant. The Norwegian company reported plans Monday to push start-up of the 4.3 million metric tons/year terminal from the end of March…

Germany’s new coalition government may revisit proposals to diversify the country’s natural gas supply and reduce its reliance on Russian imports.   However, the new coalition government which came into office in December, has not publicly supported any plans. Stakeholders in two of three previously proposed LNG projects for the country told NGI that they expect…

President Biden and European Commission President Ursula von der Leyen pledged Friday to work closely to ensure adequate energy supplies for Europe, including liquefied natural gas (LNG), as geopolitical tensions between Russia and Ukraine show no signs of easing.  “The United States and the European Union (EU) are working jointly towards continued, sufficient and timely…

Natural gas and oil resources can be produced in many areas today at lower than current breakeven commodity prices, allowing operators to develop their portfolios and haul in strong cash flow, Chevron Corp. CEO Mike Wirth said Friday. Wirth and CFO Pierre Breber held court with financial analysts to discuss the quarterly and full-year 2021…