Suez Canal

European natural gas prices retreated on Tuesday after the United States announced an international naval force to protect commercial and energy cargoes transiting the Red Sea. The Title Transfer Facility erased the gains it made Monday amid escalating tensions in the Middle East. The prompt month contract fell 8% to close at $10.47/MMBtu, its lowest…

Global natural gas prices bounced back Monday, lifted by escalating tensions in the Middle East, where increasing attacks in the Red Sea have impacted commercial shipping operations.  BP plc joined a growing list of major shipping companies in announcing that it would halt all of its oil and natural gas cargoes in the Red Sea.…

A persistent drought impacting the Panama Canal has left LNG shippers with a few alternatives; either wait for weeks in a growing queue, pay exorbitant prices to jump the line or take a long detour. The water levels at Alajuela and Gatun, the two artificial lakes that supply water to the canal, have continued to…

A collision of two vessels in the Suez Canal hasn’t disrupted LNG traffic between the Atlantic and Pacific basins, but slight delays on the critical waterway could help add to shipping times as U.S. cargoes continue to shift from the Panama Canal. The Suez Canal Authority reported Wednesday a stop in traffic on the channel…

Egypt’s Suez Canal Authority (SCA) is increasing transit tolls next year, adding to the costs associated with shipping LNG and other fuels through the key trade route. Fees will increase by 15% for tankers carrying oil and petroleum products, and by 10% for dry bulk carriers and cruise ships. “I don’t expect the Suez canal…

The Egyptian government’s Suez Canal Authority (SCA) reported it plans to soon raise tolls on ships transiting the key waterway linking the Mediterranean and Red seas — with two notable exceptions: cruise ships and liquefied natural gas (LNG) carriers. According to SCA, the 6% hike year/year takes effect in early Feb. 2022. Cruise ship and…

The backlog of vessels at the Suez Canal was dwindling Thursday after a massive container ship was freed following a week-long blockade, and little impact was seen — for now — on the global liquefied natural gas (LNG) trade. As of Thursday, about 250 ships had transited the canal since Monday (March 29), down from…

A salvage team on Monday finally dislodged the massive container ship that’s been stuck in the Suez Canal for nearly a week, clearing a path for hundreds of vessels to begin transiting the crucial waterway. Aided by the tides, nearly a dozen tugboats refloated the 1,312-foot-long  Ever Given which slowly made its way through the…

Natural gas futures crept higher in early trading Monday as markets continued to monitor the obstruction in the Suez Canal. While projections continued to point to weak near-term demand for gas, the expiring April contract picked up 2.5 cents to trade at $2.582/MMBtu at around 8:50 a.m. ET. The May contract was up 2.2 cents…