Ukraine-Russia Crisis

The European Union (EU) could reduce its dependence on Russian natural gas by around one-third within 12 months while remaining on track to meet its climate change goals, according to new analysis by the International Energy Agency (IEA). The report was published Thursday amid surging gas prices and growing supply fears in Europe as its…

European natural gas prices on Wednesday reached their highest level since Russia attacked Ukraine last week, as fighting intensified and fears over supply disruptions continued to grow. The Title Transfer Facility was up across the curve, while the prompt month soared by a record 60% from Tuesday’s close to hit an intraday high of nearly…

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…

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…

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…

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…

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…

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…

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…