International

Russia’s control of global oil and natural gas supplies, and particularly LNG, has progressed with ExxonMobil’s exit from the Sakhalin-1 offshore oil project. ExxonMobil disclosed exited Sakhalin-1 after Russian President Vladimir Putin signed a decree expropriating the supermajor’s 30% stake “With its two recent decrees, the Russian government unilaterally terminated our interests in Sakhalin-1, and…

European natural gas prices continued to dip after the 27 European Union (EU) leaders agreed to a “roadmap” of emergency measures, including capping prices on gas sales, to help meet Europe’s energy crisis. Following many hours of negotiations, agreement was reached on several measures, including a proposal for a temporary price limit on gas transactions…

Asia spot prices have fallen this week, with the December ‘22 ICIS East Asia Index (EAX) down more than 20% on 20 October from one week ago.

An unprecedented number of LNG vessels are floating offshore Europe as regasification terminal congestion and whipsawing prices further complicate the supply situation. At least 22 ships loaded with liquefied natural gas had been moored on Wednesday for more than five days around European regasification hubs, according to data from Kpler. The majority of the ships…

Moderating prices and favorable storage data do not tell the whole story of Europe’s natural gas status heading into winter, International Energy Agency (EIA) Executive Director Fatih Birol said, citing Russia and fallout from its protracted war in Ukraine. Following recent meetings with European leaders – including Czech Prime Minister Petr Fiala, Finnish Prime Minister…

Asian countries that typically buy massive volumes of LNG are moving to build contingencies for procuring expensive cargoes and reserving excess volumes as risks of colder winter weather and continued competition with Europe sustain market volatility. Asian natural gas prices have been steadily descending for more than a week, following the Dutch Title Transfer Facility…

American exploration and production (E&P) companies raised oil output modestly last week as overall petroleum demand recovered some ground after multiple declines earlier in the fall, the U.S. Energy Information Administration (EIA) said Wednesday. U.S. oil production last week increased by 100,000 b/d to 12.0 million b/d, EIA said in its latest Weekly Petroleum Status…

Houston-based Baker Hughes Co. kicked off third quarter earnings season for the oil and natural gas sector on Wednesday, acknowledging challenges but optimistic about the emerging upcycle, with a continuing bullish view for LNG. The oilfield services (OFS) giant operates around the world in four segments: OFS, Oilfield Equipment (OFE), Turbomachinery & Process Solutions (TPS),…

BP plc’s Orlando Alvarez, head of gas and power trading in the Americas, sees natural gas and other energy markets heading further into “unprecedented times” of market volatility and regulatory uncertainty, but those changes don’t all have to be challenges for the industry. During a keynote address at LDC Gas Forums’ Gulf Coast Energy Forum…