European Union (EU) lawmakers approved new rules that would allow member countries to limit LNG imports from Russia as cargoes continue to hit Europe’s ports in record numbers. Under the new gas market regulations, countries could legally block Russian exporters from being able to bid on liquefied natural gas import or storage capacity. “We have…
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Russian LNG Output Reportedly Down Amid Western Sanctions – Three Things to Know About the LNG Market
NO. 1: The Biden administration has rejected a proposal from House Speaker Mike Johnson (R-LA) to tie a national security package to a temporary pause on new LNG export authorizations. Johnson reportedly wanted to advance aid for Ukraine and Israel in exchange for lifting the pause imposed in January by the Biden administration. The administration…
Gazprom Tightens Grip on Sakhalin 2 LNG Project by Purchasing Shell’s Stake
Russia’s Gazprom PJSC will reportedly increase its ownership of Sakhalin 2 LNG project, placing more of the country’s export capacity under state-owned company’s control as sanctions continue to pressure its oil and pipeline gas revenues. According to the Russian government, a 27.5% stake valued at $1.6 billion is to be sold to Gazprom, increasing its…
Global Security Threats Push Natural Gas Prices Higher Despite Lax LNG Demand – LNG Recap
While LNG demand still remains mostly lax across Europe and Asia, the specter of supply volatility helped stoke global prices Monday as traders reacted to a bevy of attacks in Russia and Ukraine. The Dutch Title Transfer Facility (TTF) continued its upward march from last week, closing above $9/MMBtu. Asian liquefied natural gas prices followed…
Russia, China Slow to Progress Power of Siberia 2 Natural Gas Negotiations
Negotiations between Russia and China over the Power of Siberia 2 (POS 2) pipeline, which would further link the countries, have shown no signs of gaining traction. Although Moscow is eager to close the deal, disagreements over pricing, tariffs, taxes, financing and the pipeline route may make it difficult for the project to meet its…
U.S. Sanctions Slowly Impacting Russian LNG Exports
U.S. sanctions announced late last year have so far succeeded in inhibiting trade flows from Russian LNG export facilities. Sanctions have affected the sale, transport and transshipment of liquefied natural gas from PAO Novatek’s 19.8 million tons (Mt)/year Arctic LNG 2 facility, creating “a two tier universe for Russian LNG,” Kpler analyst Viktor Katona said…
Global Natural Gas Prices Expected to Remain Muted Despite Roiling Volatility – LNG Recap
The tensions ratcheting up in the Middle East have left the Suez Canal devoid of LNG carriers to start the week, adding shipping lags and costs to cargoes for possibly the rest of the winter. However, the global natural gas market appears locked into a downward spiral as forecasts point to weaker price dynamics through…
Global Natural Gas Prices Slide Further as High Inventories Trump Volatility – LNG Recap
Natural gas prices worldwide have continued to edge down as lagging winter weather and abundant storage win out over increasing risks in the Middle East and earthquakes in Japan. Gas markets were relatively muted Tuesday despite a New Year’s Day tremor that impacted Japan, the world’s second largest LNG buyer. The 7.6 magnitude quake originated…
Sempra Sees Investment in Mexico, Global LNG Demand Boosting North American Energy Markets
Sempra is betting that continued global energy volatility and geopolitical tensions will strengthen North America’s key natural gas markets, supporting its investments in LNG exports and Mexico. In the San Diego-based firm’s third quarter earnings call, CEO Jeff Martin said the series of global conflicts that have impacted global markets recently have accelerated a “trend…
Algerian Natural Gas Exports Surge, Providing Additional Supply Cushion for Europe
Algeria is keeping its promise to supply Europe with additional natural gas as the continent continues replacing Russian imports. Algeria LNG exports reached record highs during the first nine months of this year, increasing 35% year-over-year to 9.94 million tons (Mt), according to Kpler data. Algeria liquefied natural gas exports are being supported by a…