Russian natural gas could increasingly find a home in China as the countries have strengthened ties in a way that could undermine some of the West’s economic sanctions and lessen the blow of Europe’s move away from imports.. “China is in a difficult position,” geopolitics energy specialist Marco Giuli of the Brussels School of Governance…
Ukraine-Russia Crisis
Articles from Ukraine-Russia Crisis
As Global Supply Worries Escalate, U.S. Oil Production Holds Stubbornly Flat
Even as sanctions mount against energy-rich Russia amid its war in Ukraine — intensifying concerns about global crude supplies — U.S. oil output is holding steady, the Energy Information Administration (EIA) said Wednesday. Production for the week ended March 4 held at 11.6 million b/d, EIA’s latest Weekly Petroleum Status Report showed. It hovered at…
Despite Ukraine War and Global Price Upheaval, Natural Gas Futures Drop Amid Mild Weather Forecasts
Natural gas futures slipped lower for a second consecutive day, as traders continued to focus on bearish shifts in domestic weather outlooks even as war raged in Ukraine and Western sanctions against Russia threatened to send global commodity prices to record highs. The April Nymex natural gas futures contract settled at $4.527/MMBtu, down 30.6 cents…
Venezuela Poised to Provide U.S. Additional Barrels in Wake of Russia Oil Ban
In another sign of the dramatic overhaul in the world order, the U.S. government has reengaged with Venezuela’s President Nicolás Maduro to potentially undo oil sanctions on the Latin American nation. In an address on state television, Maduro called a weekend meeting at the Miraflores presidential palace with U.S. officials “respectful, cordial, and very diplomatic.”…
Uncertainty is Theme of Latest STEO as EIA Models Falling Crude Prices in 2H2022
Brent crude oil prices will average $116/bbl in the second quarter, and Henry Hub spot natural gas prices will average $3.83/MMBtu over the same period, though events in Ukraine have clouded the outlook, the Energy Information Administration (EIA) said in updated projections published Tuesday. In the March edition of its Short-Term Energy Outlook (STEO), the…
European Commission Rolls Out Plan to Gain Independence from Russian Fossil Fuels by 2030
The European Commission on Tuesday unveiled a proposal to break free of Russian energy imports before 2030, including plans to reduce demand for Russian natural gas by two-thirds by the end of this year. Russia is the European Union’s (EU) biggest coal, natural gas and oil supplier, fulfilling roughly 60% of the region’s gross energy…
ConocoPhillips’ Lance Urges Natural Gas, Oil Industry to ‘Stay Connected’ in Midst of Ukraine Crisis
In the wake of a ban on Russian oil and natural gas to the United States, Tuesday talks at CERAWeek in Houston notably shifted to energy security and geopolitics, but ConocoPhillips CEO Ryan Lance had a few choice words for anyone who believes this is a perfect time to keep the U.S. natural gas and…
Biden Bans Russian Oil, Natural Gas Imports in ‘Powerful Blow’ Against Putin’s ‘War Machine’
President Biden has banned imports of Russian oil and natural gas in a move that at once compounded already severe sanctions against the Kremlin and amplified the specter of record high energy prices amid a raging war in Ukraine. “Russian oil will no longer be acceptable at U.S. ports,” the president said in televised remarks…
Assessing How Russia’s War on Ukraine Impacts Mexico’s Natural Gas Market – Listen Now to NGI’s Hub & Flow
Click here to listen to the latest episode of NGI’s Hub & Flow for a deeper understanding of how the Russia-Ukraine crisis could impact Mexico’s natural gas market. In the podcast, NGI Senior Editor Christopher Lenton sits down with Gadex Consultant Eduardo Prud’homme to look at how Russia’s invasion of Ukraine is impacting global natural…
Shell Ending Involvement in All Russian Hydrocarbons, Ceasing Spot Crude Oil Purchases Immediately
Shell plc is withdrawing its involvement in “all Russian hydrocarbons,” it said Tuesday, including oil, petroleum products, natural gas and liquefied natural gas (LNG). “As an immediate first step, the company will stop all spot purchases of Russian crude oil” and “shut its service stations, aviation fuels and lubricants operations in Russia.” The phased approach…