Damage to the Nord Stream (NS) pipeline systems that connected Russian natural gas supply to Western Europe was caused by detonations and more than likely sabotage, authorities with the Swedish Security Service said Thursday. Sweden’s counter-espionage and counter-terrorism officials disclosed some of the first official conclusions into the incident since gas leaks in the Baltic…
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OPEC-Plus Agrees to Slash Production in Attempt to Boost Prices, Bolster Russia
OPEC-plus members, including Saudi Arabia and Russia, agreed on Wednesday to cut crude production by 2 million b/d. It marked the coalition of oil-producing countries’ largest pullback on output since the early days of the pandemic in April 2020, a move that could both send prices back to $100/bbl and aid Russia’s escalating war in…
As Hurricane Ian Rages, November Natural Gas Futures Contract Debuts with Whimper
Natural gas futures fell on Wednesday in the wake of demand destruction imposed by Hurricane Ian and another stout storage injection. The November Nymex gas futures contract, debuting as the prompt month, lost 8.1 cents day/day and settled at $6.874 /MMBtu. December shed 5.8 cents to $7.142. At A Glance: EIA prints 103 Bcf storage…
October Natural Gas Futures Probe Higher into Expiration as ‘Awful’ Hurricane Strikes, Russia Antagonizes
Natural gas futures seesawed as a powerful hurricane hammered Florida Wednesday, curbing demand but raising the specter of production interruptions. Market participants also weighed expectations for another stout storage print amid thin trading heading into contract expiration. At A Glance: Analysts look for 90s Bcf storage build Hurricane Ian poses damage wildcard Russian threats ignite…
Nord Stream Pipe Damage Sparks European Natural Gas Price Surge
European natural gas and power prices reversed a nearly week-long decline on Tuesday as news of potential damage to the Nord Stream 1 (NS1) and Nord Stream 2 (NS2) pipeline networks stoked concern about the future of Russian supply to the continent. The operator of NS1, Nord Stream AG, detected a drop in pressure late…
Europe May Survive This Winter Without Rationing Natural Gas, Wood Mackenzie Says
High European natural gas prices are expected to reduce demand and leave the continent’s storage inventories in line with historical averages at winter’s end if Russia doesn’t cut supplies further and record LNG imports continue, according to Wood Mackenzie. Prices have dropped significantly since last week, when they hit $100/MMBtu, but they remain elevated as…
Williams CEO Says U.S. LNG to Benefit from NS2 Suspension; Natural Gas Prices Move Higher
Europe’s dependence on U.S. natural gas is going to “grow even faster” if Nord Stream 2 (NS2) deliveries from Russia to Germany are delayed, Williams CEO Alan Armstrong said. During a conference call Tuesday to discuss the natural gas pipeline giant’s fourth quarter and year-end results, Armstrong said the value of domestic supply will grow…
Natural Gas Futures Post Modest Increase on Near-Term Cold, Geopolitical Unrest
Natural gas strengthened after the extended holiday weekend as cold, rainy winter blasts continued to move across the country. With heightened geopolitical tensions driving a broader spike across commodities, the March Nymex gas futures contract settled Tuesday at $4.498/MMBtu, up 6.7 cents from Friday’s close. April futures climbed 8.4 cents to $4.461. Spot gas prices…
Biden Promises More Russian Sanctions and Germany Suspends NS2 Certification
President Biden on Tuesday increased pressure on Russia with economic sanctions and troop movements in response to escalation on the Ukrainian border. It was the latest pushback against the country by western allies of Ukraine after President Vladimir Putin announced he would recognize the sovereignty of two pro-Russian sepratist states along the eastern border and…
Biden Warns Nord Stream 2 to ‘End’ if Russia Invades Ukraine
President Biden on Monday warned that if Russia invades Ukraine, the 5.3 Bcf/d Nord Stream 2 (NS2) pipeline project will not proceed. The president made the remarks at a press conference, held with German Chancellor Olaf Scholz on his first visit to the White House. The future of the critical energy infrastructure project to deliver…