Ukraine-Russia Crisis

Russia’s yearlong – and ongoing – invasion of Ukraine sparked a reordering of global natural gas supply and demand, igniting record calls for U.S. exports of LNG and amplifying the enduring prominence of fossil fuels in the world’s energy mix. Domestic gas production climbed to record highs in response. The war, whose one-year anniversary is…

Russia said it would cut its roughly 10 million b/d oil production by 5% in retribution of Western sanctions amid the Kremlin’s nearly year-long war in Ukraine. The decision follows steps by Russia in 2022 to slash the bulk of natural gas exported via pipeline to the European Union (EU) – moves that hastened calls…

The wide spread between European pipeline gas futures and LNG delivered to the continent has narrowed to an average range as global gas prices continue to slide, but analysts warn the risk of volatility still looms large. European regulators and natural gas buyers have been cautiously eyeing the differential between Northwest European liquefied natural gas…

Multiple U.S. LNG export projects could reach a final investment decision (FID) this year after a record stretch of supply contracting activity in 2022 that accelerated after war broke out in Ukraine. In the year since Russia’s invasion, U.S. liquefied natural gas projects have signed over 30 sale and purchase agreements (SPA) with buyers looking…

Shell plc and BP plc were among the 76 companies that made 115 bids for 258 of the 931 blocks on offer in the UK’s offshore oil and gas exploration licensing round last month.  It was the country’s first licensing round since 2019, which attracted 104 bids for 245 blocks. The Department of Business, Energy…

The European Union (EU) has published the first LNG reference price for use in a market control mechanism to cap natural gas prices under regulations that take effect later this month.  The reference price is an average of several liquefied natural gas indexes and benchmark prices that will be used to trigger the cap if…

Europe must continue cutting its natural gas consumption this year and act quickly to secure additional supplies if it expects to make it through next winter, according to Brussels-based think tank Bruegel. The European Union (EU) must cut demand this year by 13% from the previous five-year average through at least Oct. 1, Bruegel said…

Intercontinental Exchange Inc. (ICE) said Friday it would launch a market for trading Title Transfer Facility (TTF) contracts in London that are subject to the European Union (EU) cap on the continent’s gas benchmark that takes effect next month. “ICE’s purpose is to create markets to allow our customers to manage their risk and we…

Algeria, Europe’s third largest natural gas supplier, is planning to boost LNG and pipeline exports to the continent this year as it continues to wean off Russian supplies. Nearly 85% of the country’s gas exports are already designated for Europe, making Algerian President Abdelmadjid Tebboune’s pledge to nearly double them to 100 billion cubic meters…