More than a dozen non-governmental (NGO) and environmental organizations are challenging the European Union’s (EU) decision to label natural gas and nuclear as sustainable investments under a law adopted in July. The EU taxonomy under the Climate Delegated Act (CDA) is a classification system established to clarify which investments are considered sustainable. The groups opposing…
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Europe Searching for Alternative Benchmark Amid TTF, LNG Disconnect
Proposals by the European Commission (EC) to tame soaring energy costs don’t alter the role natural gas plays on the continent and may do little to rein in the volatility that has ruled the market this year. The EC proposed revenue caps on some power producers, a windfall tax on the excess profits of fossil…
Extended NS1 Outage Further Tightens EU Natural Gas Supply
Analysts with Fitch Ratings Inc. now assume the European Union (EU) will not receive any Russian pipeline gas until the end of the year, making an already tight supply situation even tighter. The credit rating firm updated its guidance after comments from Russia’s President Putin and other officials indicated that western flows on the Nord…
Natural Gas Forwards Ease Lower, Though Freeport LNG News Spurs Futures Bulls
A down-then-up stretch in the futures market saw natural gas forwards pull back slightly at most Lower 48 hubs during the Aug. 4-10 trading period, although several western hubs enjoyed basis strengthening on upcoming heat, NGI’s Forward Look data showed. Prices for September delivery at benchmark Henry Hub ended the period at $8.203/MMBtu, a 6.4-cent…
G7 Nations Look to Cap Russian Oil Prices; U.S. Renews Vow to Help Quench Europe’s LNG Thirst
The Group of Seven (G7) nations on Monday pursued new sanctions, notably including a potential price cap on Russian oil, in an effort to cripple the Kremlin’s vital energy complex and hamstring its ability to finance the war in Ukraine. The United States, as part of the three-day G7 gathering that started Sunday, also vowed…
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…
Israel, Egypt Eye Sending More LNG Supplies to Europe
The European Union (EU) has created a framework for potentially sending more natural gas to the continent following a tentative agreement between Israel and Egypt. The EU and the two potential partners clinched a memorandum of understanding (MOU) outlining collaboration efforts. The MOU highlights plans to send Israeli natural gas to Europe using liquified natural…
To Cripple War Effort, European Union Imposes Oil Embargo on Russia
European Union (EU) leaders agreed late Monday to cut off the majority of oil imports from Russia, a sweeping step aimed at crippling the Kremlin’s ability to finance its invasion of Ukraine. EU officials planned to meet Wednesday to finalize the embargo. It would exempt oil delivered via pipelines – nearly one-third of imports from…
Novatek’s LNG Export Projects Hit by Global Sanctions Against Russia
Russia’s largest independent gas producer, PAO Novatek, is struggling with its two liquefied natural gas (LNG) projects in the country’s Far North under the latest European sanctions imposed against Russia. Novatek’s first operating export facility, Yamal LNG, is finding it difficult to secure European buyers. And the delay in the construction of its second project,…
Aiming to Cripple Kremlin, G7 Nations Vow to Phase Out Russian Oil; Is Natural Gas Next?
The Group of Seven (G7) nations has pledged to end imports of Russian oil as part of a broader acceleration of Western sanctions intended to debilitate the Kremlin’s ability to finance its invasion of Ukraine. “We commit to phase out our dependency on Russian energy, including by phasing out or banning the import of Russian…