EQT Corp. said in a regulatory filing late Tuesday it expects to report steep losses on derivatives for the third quarter as U.S. natural gas prices have hit their highest levels in more than a decade. In a Form 8-K filed with the U.S. Securities and Exchange Commission, EQT forecast a $1.6 billion loss on…
Russia-Ukraine conflict
Articles from Russia-Ukraine conflict
Biden Says ‘There Will Be Consequences’ as U.S.-Saudi Standoff Intensifies; OPEC Demand Outlook Dims
President Biden warned of “consequences” for Saudi Arabia after OPEC-plus dismissed U.S. objections and said it would slash crude production, a move that could send global oil prices and gasoline costs for Americans surging. The Biden administration said the plan by the cartel, to cut output by up to 2 million b/d next month, would…
European Demand for Russian Natural Gas, Oil Continues to Drive Revenues
Despite a massive throttling of pipeline natural gas to Europe after Russia’s February invasion of Ukraine, European Union (EU) members in September still led the world in Russian oil and natural gas imports, according to a new report. Since the beginning of the conflict in Ukraine, EU members have imported around $97 billion in Russian…
European Buyers ‘Stuck in the Mud’ on Long-Term Natural Gas Needs, Say Experts
European governments should be moving more aggressively to secure long-term LNG supplies if they hope to end reliance on Russian natural gas, experts in London said recently. Plans to phase out fossil fuels and significantly curb emissions in the years ahead could still weaken the continent’s energy security, panelists said at Energy Trading Week in…
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…
Switching from Natural Gas to Coal Said More Difficult for Electric Utilities
A buffer against higher natural gas prices that has traditionally been available to U.S. electric utilities, gas-to-coal switching, has become less tangible as more coal-fired power plants are retired and supply chain challenges linger, according to analysts. “I do not think utilities have any options, other than to burn dry gas in their” combined cycle…
Biden Backs Ongoing LNG Exports to Europe as Russia’s War in Ukraine Rages, Report Says
The Biden Administration remains committed to supporting robust levels of LNG exports in support of Europe’s efforts to bolster supplies for winter, according to a report Tuesday. The continent is moving with haste to reduce its dependence on Russia amid the Kremlin’s war in Ukraine and is consistently calling for U.S. shipments of the super-chilled…
Russian Natural Gas Halt Threatens LNG Market Tightness, European Storage Shortfalls, Says IEA
European natural gas prices have continued to decline since the Nord Stream (NS) pipeline systems connected to previously vital Russian gas were damaged, but the International Energy Agency (IEA) warned LNG markets could be drastically impacted into next year. In the IEA’s latest natural gas market report, researchers said the blows to Russian gas imports…
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…