The European Union’s (EU) energy regulatory agency has recommended bloc members continue reducing natural gas consumption in the short-term and prioritize energy projects that cut future demand. Since European natural gas prices rose to peak levels last summer, the region’s supply and demand balance has found an uneasy equilibrium thanks to demand reduction policies and…
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Gazprom’s Natural Gas Export Woes Bode Well for Growing American LNG Complex
Citing fallout from the war in Ukraine, Russian natural gas behemoth Gazprom PJSC said its net income for the first half of 2023 plummeted. The steep drop came after Russia cut off most exports to Europe last year after it invaded Ukraine. The continent has also reduced its reliance on Russian natural gas, turning instead…
Production Hit, Heat Not Enough to Propel Natural Gas Futures, Spot Prices
Natural gas futures lost momentum on Wednesday, despite intense near-term heat and lower production estimates. Coming off an 11.7-cent gain, the August Nymex gas futures contract shed 2.6 cents day/day and settled at $2.603/MMBtu. September fell 3.3 cents to $2.585. At A Glance: 40s Bcf injection expected Production slides further Signs of strong LNG demand…
EU, Japan Agree to Natural Gas Cooperation Amid Deep Structural Market Changes
The European Union (EU) and Japan, two of the world’s largest importers of natural gas, agreed this week to strengthen energy cooperation by establishing an EU-Japan energy security dialogue focused on global LNG flows. The partnership will work to improve global security of supply, transparency of markets and reduction of methane emissions in the liquefied…
Europe’s Reliance on Diverse Pool of LNG Sources Continues Year After Ukraine Invasion
A year after Russia’s invasion of Ukraine splintered the energy landscape in Europe, the region is continuing to diversify its natural gas supply, thanks in part to a wave of LNG imports. However, it still faces years of possible shortages as global export capacity remains tight. Since last February, liquefied natural gas imports have taken…
U.S. Agrees to Boost UK’s LNG Imports Via ‘Energy Security’ Partnership
The U.S. government has committed to exporting up to 353 Bcf of natural gas to the UK next year as part of a strategic partnership aimed at strengthening commodity markets in Europe. As a part of the initiative disclosed Wednesday, called the UK-US Energy Security and Affordability Partnership, the countries have formed a joint action…
EU, UK LNG Import Capacity Seen Growing by One-Third by 2024
After a decade of relative stagnation, LNG import capacity in the European Union (EU) and the United Kingdom (UK) is set to increase by 34% in 2024 compared with 2021, according to the U.S. Energy Information Administration (EIA). The EIA, citing data from the International Group of Liquefied Natural Gas Importers (GIIGNL) and trade press,…