Russia

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…

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…

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…

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.

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…

The ICIS TTF price scaled new heights last week before plummeting this week, setting the tone for erratic Asian spot price movements.

President Vladimir Putin’s latest decree to stop sales of Russian energy assets, leaves the status and progress of Russia’s liquefied natural gas (LNG) projects in disarray.  The decree takes full control of the 9.6 mmt/y Sakhalin-2 project in Russia’s far east. Shell plc has already said it plans to divest its 27.5% stake in the…

Sympathetic to spiking European prices amid constraints on imports from Russia, domestic natural gas futures were soaring in early trading Monday. As of around 8:55 a.m. ET, the September Nymex contract was up 53.5 cents to $9.871/MMBtu. Surging Dutch Title Transfer Facility (TTF) prices in Europe, driven by supply fears amid tensions over the Russian…

Oman and Iran have agreed to revive an offshore pipeline project that would see Iranian natural gas exported via Oman’s LNG facilities, which have been working to boost capacity amid strong global demand. The agreement followed a meeting earlier this summer between Iranian oil minister Javad Owji and Omani energy minister Mohammed al-Rumhy in Muscat.  …