APPEC Russian oil diversion post-EU sanctions to raise shipping hurdles
Oil markets are bracing for the biggest shift in global trade flows ever as nearly 3 million barrels per day of Russian crude oil and products will have to be Continue Reading
Not Everyone Is Ditching Russian Energy
While Europe and North America continue to turn their backs on Russian energy, China, India, and several other countries remain happy to buy ‘cheap’ Russian energy products. China is thought Continue Reading
Natural Gas Prices Continue Plunge As Europe Fills Up Ahead Of Schedule
Europe’s natural gas prices have continued their sharp pullback across UK and European benchmarks as the continent has filled up its gas storage ahead of schedule. Benchmark Dutch front-month futures Continue Reading
UK scours market for new gas, LNG supply deals as pound weakness bites
BEIS talking to market about commercial gas deal availability US LNG producers approached for supply proposals: sources Pound weakness adding to LNG procurement costs in UK The UK government is Continue Reading
Russian Crude Is Slowly Being Squeezed Out of Europe
Russia to Flood Asia With Fuels Russia’s seaborne crude exports to Europe are being compressed, with the bloc’s sanctions only about two months away. Shipments in recent weeks have been Continue Reading
Gazprom says group’s first half core earnings more than doubled to $53 billion
Russian gas giant Gazprom Group’s (GAZP.MM) earnings before interest, taxes, depreciation and amortisation more than doubled in the first six months of the year to 3.05 trillion roubles ($52.54 billion), Continue Reading
Global Oil Flows Are Changing As Russian Crude Moves East
Global oil flows are changing ahead of the coming embargo on Russian oil, with a growing amount of Russian crude heading east. Meanwhile, the amount of fuel and oil flowing Continue Reading
Moscow pledges ‘full protection’ to any areas annexed by Russia
Referendums on joining Russia held over four days Regions would have Russia’s ‘full protection’ – Lavrov Two sides trade blame for rocket strikes, shelling Ukraine won’t give in to rhetoric Continue Reading
Europe Faces An Exodus Of Energy-Intensive Industries
Very high energy costs are forcing European companies to cheaper places like the U.S. The Inflation Reduction Act could benefit chemicals, batteries and clean energy industries. Industries such as manufacturing Continue Reading
Baltic Sea Countries Eye LNG, Offshore Wind Expansion
Eight Baltic Sea littoral nations have signed a declaration to phase out Russian energy imports and to decarbonize their energy sectors. LNG and offshore wind are key in the Baltic Continue Reading
Pound plunge the latest ill omen as market stress rises
Sterling slumped to a record low on Monday, and a renewed selloff in British gilts pushed euro zone yields higher as the fall out from last week’s fiscal statement in Continue Reading
APPEC U.S. official rules out secondary sanctions for Russian oil price cap
A U.S. Treasury official has ruled out secondary sanctions to enforce a price cap mechanism on Russian oil exports despite a proposal last week by U.S. senators. Democratic and Republican Continue Reading
Ukrainians scared by Russia’s preordained referendums
After seven weary months of the war, many Ukrainians fear more suffering and political repression awaits them as referendums orchestrated by the Kremlin with help from gun-toting police portend Russia’s Continue Reading
Lights out, ovens off: Europe preps for winter energy crisis
As Europe heads into winter in the throes of an energy crisis , offices are getting chillier. Statues and historic buildings are going dark. Bakers who can’t afford to heat Continue Reading
Pushing East of Kupyansk, Ukrainian Forces Expand Offensive
KUPYANSK, Ukraine—The grain elevator towering over the eastern edge of Kupyansk, the former seat of Russian power in Ukraine’s Kharkiv region, was supposed to be defended by soldiers from an Continue Reading
Germany Readies Electricity Price Cap as Economic Pain Mounts
Germany is preparing to introduce a national electricity price cap this fall if the European Union fails to agree on a similar move for the entire bloc, according to government Continue Reading
Military briefing: How will Russia’s mobilisation affect the war in Ukraine?
Images of drunken conscripts brawling and staggering as they depart for the Russian army suggest Vladimir Putin could have difficulty in creating effective fighting forces for his war in Ukraine Continue Reading
U.S. Warns Russia of ‘Catastrophic Consequences’ if It Uses Nuclear Weapons
President Biden’s national security adviser said on Sunday that the United States had warned Russia that there would be “catastrophic consequences” for the country if Moscow used nuclear weapons in Continue Reading
Germany Seals Milestone LNG Deal With The UAE
The United Arab Emirates agreed to an LNG supply deal with Germany’s RWE during Chancellor Olaf Scholz’s visit to the Gulf. The deal only covers one tanker of LNG, or Continue Reading
EU countries push to keep their own energy crisis measures
European Union countries are pushing for guarantees that they can keep their own windfall profit levies on energy companies, and retain the option to impose even tougher measures, alongside bloc-wide Continue Reading
Russia’s idle primary oil refining capacity revised down by 3.6% for Sept
Russia’s offline primary oil refining capacity was revised down by 3.6% for September from the previous plan to 4.233 million tonnes, according to sources and Reuters calculations. Russia’s offline primary Continue Reading
World opinion shifts against Russia as Ukraine worries grow
The tide of international opinion appears to be decisively shifting against Russia, as a number of non-aligned countries are joining the United States and its allies in condemning Moscow’s war Continue Reading
Russia’s Gas Exports To Europe Drop By 82% In A Year
Russian natural gas exports to Europe have dropped by more than 82% in one year, according to Spain’s Energy Transition Minister Teresa Ribera. “In just a year, the flow of Continue Reading
Poland Now Has Enough Natural Gas And Coal Supply For Winter
Poland has secured its supply of natural gas and coal for the coming winter heating season, the country’s largest oil and gas firm and a senior politician from the ruling Continue Reading
Winter power demand in EU’s main gas markets forecast 5.3% lower: S&P Global
Winter power demand across the EU’s main gas-fired power markets is forecast some 5.3% below the five-year average, analysis by S&P Global Commodity Insights shows. November-to-March demand in eight EU Continue Reading
Europe’s First Cold Snap Is Early Test for Continent in Crisis
Normal temperatures are set to return by the start of October when wind generation will increase too. Photographer: Angel Garcia/Bloomberg An Arctic chill that’s blowing across western Europe through next Continue Reading
Belgium To Shut Nuclear Reactor On Friday Amid Energy Crunch
Belgium announced on Friday that its Doel 3 nuclear reactor will disconnect from the grid and cease operations, even as the country fears blackouts this winter. It is one of Continue Reading
UK Set for Winter Power Shortages Even With Coal Making Comeback
Europe May Rely on Coal More in Winter, Kung Says The UK may still face energy shortages this winter even after resorting to burning coal, with less power flowing through Continue Reading
Russia’s Historic 100 Million-Ton Wheat Crop Piles Up at Home
A combine harvester is used to harvest wheat at a farm in Orel, Russia. Photographer: Andrey Rudakov/Bloomberg Russia’s wheat harvest could reach a historic 100 million tons, according to consultant Continue Reading
Lights off, heat down: central Europe governments save power to set example
Turning off lights, lowering thermostats and installing motion detectors are among the ways central European governments have begun energy saving, as part of efforts to trim costs and avoid shortages Continue Reading
Volkswagen Warns: High Gas Prices Could Impact Car Production
Germany’s Volkswagen AG warned on Thursday that global auto production will be at risk in 2023 if Russia fails to resume deliveries of natural gas through Nord Stream 1. As Continue Reading
European fuel makers urge EU to rethink plans for ICE car ban due to energy crisis
EU proposals to ban the sale of new internal combustion engine cars and vans by 2035 should be reconsidered given the impact Russia’s war in Ukraine has had on soaring Continue Reading
Russia starts annexation vote in occupied areas of Ukraine, draws condemnation
Referendums in Luhansk, Donetsk, Kherson, Zaporizhzhia Seen as paving the way for Russian escalation of war Denounced as illegal, illegitimate by Ukraine, West Regions represent about 15% of Ukraine territory Continue Reading
Exclusive: Germany in talks over urgent help for regional energy providers – sources
The German government is in talks about providing urgent financial support for scores of regional state-owned energy providers which are struggling to cope with soaring gas prices, three sources familiar Continue Reading
Mercedes-Benz has further gas reduction plans in back pocket, production chief says
Mercedes-Benz (MBGn.DE) has planned out measures by which it could reduce gas consumption by up to 50% but has not reduced it beyond 10% as of yet, the carmaker’s production Continue Reading
What Russia wants from the votes in occupied Ukraine
Booklets were handed out on the eve of the referendum in Luhansk Russian-backed officials in four occupied regions of Ukraine are holding self-styled referendums on joining Russia. Denounced as illegitimate Continue Reading
Europe’s Energy Crisis Will Not Be “A One Winter Story”
As Europe races to get enough energy for winter, national economies are battling recessions, and energy giants battling bankruptcy. Even if European countries manage to survive winter, as it appears Continue Reading
Why Removing The UK Fracking Ban May Have Been Pointless
Earlier this week, the UK government lifted the moratorium on hydraulic fracturing in England, removing what seems the biggest obstacle to greater energy security. According to geologists, however, this is Continue Reading
UK Government Lifts Shale Gas Production Moratorium
The UK government has lifted the moratorium on shale gas production in England. The UK department for Business, Energy and Industrial Strategy (BEIS) has announced that, to bolster the UK’s Continue Reading
High Natural-Gas Prices Push European Manufacturers to Shift to the U.S.
A big winner from the energy crisis in Europe: the U.S. economy. Battered by skyrocketing gas prices, companies in Europe that make steel, fertilizer and other feedstocks of economic activity Continue Reading
Germany takes over Uniper, raising rescue bill to $29 bln
Germany on Wednesday agreed to nationalize Uniper, raising the bill to rescue the gas importer to 29 billion euros ($28.7 billion) amid an escalating energy crisis that shows just how Continue Reading
German Jan-July gas import costs surge 164% as imports drop 25.5%
German natural gas import costs rose by 164% in the first seven months of 2022 from a year earlier, even though imports were down by 25.5%, official monthly data showed Continue Reading
The Single Largest Energy Market Intervention In EU History
EU plans to mandate a 5% reduction in peak hour energy demand will be a real test of resolve. Power generation technologies with lower generation costs than natural gas – Continue Reading
Thousands Take To The Streets In Belgium Against Soaring Energy Prices
Thousands of people protested against soaring electricity prices and costs of living in the Belgian capital Brussels on Wednesday, following a similar protest the day before in Slovakia, and earlier Continue Reading
Gas demand reduction key for upcoming winter, but situation ‘manageable’: EC
Highlights EC on standby to issue ‘union alert’ on gas demand: Zsigri Winter could become difficult, no room for complacency No final decision yet on scope of gas price cap Continue Reading
New York still top, Moscow sinks in finance centre ranking
New York remains far and away the world’s most favored financial centre, with London still second and Singapore overtaking Hong Kong to come in third, latest rankings from the Global Continue Reading
Britain lifts ban on gas fracking in push for energy independence
Britain on Thursday formally lifted a moratorium on fracking for shale gas that has been in place since 2019, saying strengthening the country’s energy supply was an “absolute priority”. Energy Continue Reading
Shale gas is safe and seismic limits must be revisited – UK minister
Shale gas is safe and Britain needs to revisit the limits on seismic activity allowed at fracking sites, business minister Jacob Rees-Mogg said on Thursday. “We need to revisit the Continue Reading
Germany broadens crude import horizons as Russian flows dry up
Highlights Diversification to grow as EU sanctions, Rosneft takeover looms Germany laps up Canadian, Libyan, Saudi crudes in recent months Rosneft plant buyout to throw focus on Polish import route Continue Reading
Russia Losing Gas War
Russia is losing its gas war against Europe, according to Standard Chartered analysts. Russia is losing its gas war against Europe. That’s what Standard Chartered analysts think, according to a Continue Reading