Russia

Shock OPEC-Plus Production Cut Galvanizes Fresh Support for Bill Targeting Cartel Price Fixing

Shock OPEC-Plus Production Cut Galvanizes Fresh Support for Bill Targeting Cartel Price Fixing

The consortium of oil-producing countries known as OPEC-Plus spurred rare bipartisanship in the U.S. capital after the cartel said it would slash crude production. The group said last week its decision to cut output by 2 million b/d in November was in response to global recessionary headwinds and threats to demand. But Washington lawmakers on…

October 10, 2022
OPEC-Plus Agrees to Slash Production in Attempt to Boost Prices, Bolster Russia

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…

October 5, 2022
Russian Natural Gas Halt Threatens LNG Market Tightness, European Storage Shortfalls, Says IEA

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…

October 3, 2022
Germany Secures LNG Supply from UAE, Possible First Cargo by December

Germany Secures LNG Supply from UAE, Possible First Cargo by December

German utility RWE AG has secured another LNG supply source in an agreement with Abu Dhabi National Oil Company (ADNOC) that could bring additional cargoes to Germany’s developing import terminals as soon as December. RWE and the United Arab Emirates’ (UAE) state-owned ADNOC agreed to a multi-year supply contract for liquefied natural gas starting in…

September 30, 2022
North American Natural Gas Marketers Report Strong Sales, LNG Demand in Second Quarter

North American Natural Gas Marketers Report Strong Sales, LNG Demand in Second Quarter

Top North American natural gas marketers reported stronger overall sales volumes for the second quarter as production gathered momentum in response to strong consumption and prices. A multitude of enduring demand drivers could fuel momentum through this year and into next, marketers and traders say. The 24 gas marketers included in the latest NGI Top…

September 29, 2022
Nord Stream Pipe Damage Sparks European Natural Gas Price Surge

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…

September 27, 2022
Leading North American Natural Gas Marketers Post 2Q2022 Gains Amid Demand, Price Spikes

Leading North American Natural Gas Marketers Post 2Q2022 Gains Amid Demand, Price Spikes

Top North American natural gas marketers reported stronger overall sales volumes for the second quarter as production gathered momentum in response to strong consumption and prices. A multitude of enduring demand drivers could fuel momentum through this year and into next, marketers and traders say. The 24 gas marketers included in the latest NGI Top…

September 20, 2022
China Assumes Role of Swing Player With Surplus Natural Gas Inventories

China Assumes Role of Swing Player With Surplus Natural Gas Inventories

China, the world’s largest buyer of LNG,  is reselling the super-chilled fuel to Europe and Asia as an economic slowdown and a boost in Russian gas supplies have created surplus inventories.  In 2021, Chinese gas demand grew at the fastest rate on record, when year/year imports increased by 19.9%, according to the Middle East Institute…

September 14, 2022
East Asia, TTF Prices Fall After Rally, With Some LNG Buying Deferred

East Asia, TTF Prices Fall After Rally, With Some LNG Buying Deferred

The extended closure of the Nord Stream 1 pipeline from Russia to Germany caused a major rise in TTF prices on Monday and a similar reaction for East Asian spot LNG prices.

September 9, 2022
OPEC-Plus to Cut Output as West Seeks to Cap Russian Crude Prices

OPEC-Plus to Cut Output as West Seeks to Cap Russian Crude Prices

OPEC and its Russian allies, on Monday agreed to reduce global crude oil output by 100,000 b/d in October, in what the Saudi-led cartel said was a proactive move to stabilize the market. At the monthly ministerial meeting, the cartel noted the “adverse impact of volatility and the decline in liquidity on the current oil…

September 6, 2022