Ukraine-Russia Crisis

U.S. Oil Output Flat; OPEC-Plus Sticks to Modest Production Plan Even as Ukraine War Rages

U.S. Oil Output Flat; OPEC-Plus Sticks to Modest Production Plan Even as Ukraine War Rages

Despite solid demand and a raging war in Ukraine that could disrupt global supply, U.S. crude producers held the line on output in the final week of February – as they did throughout the month, the Energy Information Administration (EIA) said Wednesday. Production last week was flat with the three prior weeks at 11.6 million…

March 2, 2022
Biden Calls on Country to Embrace Renewables, While Releasing Oil Reserves to Reduce Prices

Biden Calls on Country to Embrace Renewables, While Releasing Oil Reserves to Reduce Prices

In his first State of the Union address, President Biden called on the country to embrace alternative energy, while promising to release emergency oil reserves to ease the price at the pump following Russia’s invasion of Ukraine. The president in an emotional address called on Americans to rally behind U.S.-led efforts as part of the…

March 2, 2022
Natural Gas Futures Follow Crude Prices Higher as Russia’s Invasion Spurring Supply Fears

Natural Gas Futures Follow Crude Prices Higher as Russia’s Invasion Spurring Supply Fears

Against a backdrop of soaring crude oil prices fueled by supply fears surrounding the Russia-Ukraine conflict, natural gas futures continued to advance in early trading Wednesday. The April Nymex contract was up 17.3 cents to $4.746/MMBtu at around 8:50 a.m. ET. West Texas Intermediate futures were racing well above the $100/bbl mark early Wednesday, up…

March 2, 2022
ExxonMobil Exiting Russia’s Sakhalin-1, Discontinuing New Spending as Ukraine War Rages

ExxonMobil Exiting Russia’s Sakhalin-1, Discontinuing New Spending as Ukraine War Rages

ExxonMobil is discontinuing operations and taking steps to exit the Sakhalin-1 oil and natural gas venture, which it operates with Russia’s state-owned Rosneft. In addition, no future investments in new Russian developments are planned in response to the unprovoked attack on Ukraine. The integrated major operates the Sakhalin-1 project with a 30% stake on behalf…

March 1, 2022
Natural Gas Futures Rebound as LNG Demand Potential Mounts Amid Russia-Ukraine War

Natural Gas Futures Rebound as LNG Demand Potential Mounts Amid Russia-Ukraine War

Natural gas prices bounced back Tuesday amid potential for even stronger demand for U.S. exports of liquefied natural gas (LNG) against the backdrop of Russia’s invasion of Ukraine and the specter of European supply disruptions as the war raged into a seventh day. The April Nymex gas futures contract settled at $4.573, up 17.1 cents…

March 1, 2022
Expected Spring Thaw Sends March Bidweek Natural Gas Prices Plummeting; Russian War Seen Driving Continued Volatility

Expected Spring Thaw Sends March Bidweek Natural Gas Prices Plummeting; Russian War Seen Driving Continued Volatility

Spring appears to have sprung in the U.S. natural gas market, with an extensive sell-off in March bidweek prices as heating loads are set to decline and production expected to recover with the arrival of warmer weather in the Lower 48. Led by the Northeast – which recorded losses of nearly $12 month/month – NGI’s…

March 1, 2022
TotalEnergies Vows to Withhold Capital in Russia Following ‘Military Aggression’ in Ukraine

TotalEnergies Vows to Withhold Capital in Russia Following ‘Military Aggression’ in Ukraine

The energy industry on Tuesday continued its condemnation of Russia’s unprovoked invasion of Ukraine, with TotalEnergies SE joining BP plc, Equinor ASA and Shell plc in withdrawing capital for new projects. Shunning Russia has been nearly universal, with the western energy majors, some with large interests in the country, pulling back resources. ExxonMobil was one…

March 1, 2022
Louisiana LNG Departs for Global Market Uneasy Over Ukraine

Louisiana LNG Departs for Global Market Uneasy Over Ukraine

The first cargo of liquefied natural gas (LNG) has departed the Calcasieu Pass export terminal in Louisiana, providing additional American supplies to a tight market uneasy about war in Ukraine.  Venture Global LNG Inc., which owns Calcasieu Pass, said a subsidiary of Jera Co. Inc. chartered the Greece-flagged vessel Yiannis to load the first cargo.…

March 1, 2022
Germany Revives LNG Import Plans to Cut Reliance on Russian Natural Gas in Marked Policy Shift

Germany Revives LNG Import Plans to Cut Reliance on Russian Natural Gas in Marked Policy Shift

Germany has revived its liquefied natural gas (LNG) import plans to reduce dependency on Russian natural gas, following Russia’s invasion of Ukraine.  Germany’s energy strategy to phase out coal-fired power plants by 2030, and to shutter its nuclear power plants by the end of this year, has left the country with few alternatives to meet…

March 1, 2022
Natural Gas Futures Slide Further on Easing Demand Despite Rising War Jitters; Cash Plummets

Natural Gas Futures Slide Further on Easing Demand Despite Rising War Jitters; Cash Plummets

Natural gas futures prices fell on Monday as weather gained the upper hand early in the trading session despite intensifying concerns regarding the Russia-Ukraine conflict. After reaching a $4.683/MMBtu intraday high, the April Nymex futures contract settled 6.8 cents lower at $4.402. May futures slipped 6.5 cents to $4.420. Spot gas prices also continued to…

February 28, 2022