Russia’s war in Ukraine threatens global crude supplies, but a resurgence of the coronavirus in China is curbing demand as the United States and other countries prepare to release oil from strategic reserves. The result: volatile prices. Brent crude prices on Tuesday climbed more than 6% to about $104/bbl intraday following OPEC Secretary General Mohammad…
Russia-Ukraine conflict
Articles from Russia-Ukraine conflict
Europe Scrambling to Secure Floating Storage for LNG Supply
European countries without adequate liquefied natural gas (LNG) infrastructure are scrambling to secure floating storage and regasification units (FSRU) to import more of the super-chilled fuel amid a broader effort to cut reliance on Russian energy supplies. Ultimately, Europe is aiming to replace 155 billion cubic meters/year (Bcm/year) of Russian natural gas imports before 2030.…
Nymex Futures Falter, but $6.00 Natural Gas ‘Potentially in Play’ in Coming Days
Natural gas futures treaded water early Monday as traders looked for fresh direction amid the continued war in Ukraine. After spending much of the afternoon in positive territory, a trio of bearish headwinds eventually left the May Nymex contract nearly unchanged at $5.712/MMBtu. June also barely budged, off two-tenths of a cent to $5.793. Spot…
African LNG Eyed to Assist in Europe’s Quest to Replace Russian Natural Gas
Sub-Saharan Africa (SSA) is looking to boost its natural gas exports over the next eight years, a supply source that could help supplant the loss of Russia’s imports to Europe. The SSA could expand liquefied natural gas (LNG) exports to 60 million metric tons/year (mmty) by 2025 and to another 74 mmty by 2030, according…
With Fresh Pandemic Concerns and Spring Temperatures, April Natural Gas Futures Contract Flops on Final Day
Natural gas futures floundered on Tuesday as the domestic weather outlook shifted increasingly bearish, production ticked up and energy commodities broadly dipped lower amid pandemic flare-ups and the potential for a cease-fire in Ukraine. On its final day as the prompt month, the April Nymex gas futures contract lost 17.2 cents day/day and settled at…
Calfrac Suspends Russian Oil, Gas Completions, Halts Equipment Sales
Calgary-based completions expert Calfrac Well Services Ltd. has suspended its work in Russia’s oil and natural gas fields in response to its invasion of Ukraine and the trade sanctions imposed by Western nations, including Canada. The oilfield services (OFS) company, which chiefly works in Canada and the United States, also works in Argentina. Calfrac’s Russian…
Canada Stalls Approval of $12B Equinor Offshore Oil Development
As Europe seeks replacements for Russian oil, the Canadian government has withheld approval of a $12 billion supply project led by Norwegian producer Equinor ASA offshore of Newfoundland. A week after the Russian invasion of Ukraine began on Feb. 24, the Liberal federal cabinet in Ottawa announced its second 40-day postponement of a decision on…
Germany Looks to Cut Russian Natural Gas Supply Swiftly, Import LNG by 2023
Chancellor Olaf Scholz’s pledge for Germany to become independent from Russian energy imports “as soon as possible” is said to be supported by ambitious plans, including starting liquefied natural gas (LNG) imports by 2023. Germany’s Economy and Climate Minister Robert Habeck said at a recent news conference that one of Europe’s largest energy-consuming nations is…
Fueled by Uncertainty of Ukraine War, Natural Gas Bulls Power Futures Forward a Fourth Day
The natural gas futures market shrugged off a bearish government inventory report and flew higher Thursday amid robust demand for U.S. exports, extending a rally to four straight sessions. The April Nymex gas futures contract climbed 16.9 cents day/day and settled at $5.401/MMBtu. May rose 17.2 cents to $5.446. NGI’s Spot Gas National Avg. slipped…
All Eyes on War in Ukraine as North American Natural Gas Prices Rise – Mexico Spotlight
After two weeks of downward pressure on prices, North America natural gas futures popped this week on the back of renewed concerns over the war in Ukraine. Natural gas futures finished higher for the third consecutive session on Wednesday. The April New York Mercantile Exchange gas futures contract rose 4.5 cents day/day and closed at…