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☆ Russia’s diesel export ban may be just its latest attempt to hurt Europe
▼ + stars: | 2023-09-22 | by ( Anna Cooban | ) edition.cnn.com time to read: +5 min

London CNN —Russia’s decision to ban diesel exports to most countries could not have come at a worse time for Europe. But the EU still needs a steady flow of Russian diesel to global markets to keep prices stable. The Russian government announced the curbs — which also apply to gasoline — Thursday, saying they were aimed at stabilizing domestic fuel prices. Diesel is Europe’s economic workhorse, powering the majority of vans and trucks ferrying goods and raw materials round the continent. Before Europe imposed its import ban, Russia supplied 40% of the country’s diesel.

Persons: London CNN —, ” Jorge León, ”, Natalia Kolesnikova, Pamela Munger, Henning Gloystein, Gloystein, “, Tim Lister, Anna Chernova Organizations: London CNN, European Union, Reuters, Kremlin, Diesel, Analysts, European, Rystad Energy, CNN, Gazprom, Getty, Eurasia Group, “, Brent Locations: Europe, Russian, Moscow, Ukraine, Russia, Saudi Arabia, South America, East, North Africa, AFP, Turkey, United States

☆ An escalating dispute at major gas facilities in Australia could drive up European prices, analysts say
▼ + stars: | 2023-09-06 | by ( Sam Meredith | ) www.cnbc.com time to read: +6 min

Liquefied natural gas (LNG) storage units at Grain LNG importation terminal, operated by National Grid Plc, on the Isle of Grain on August 22, 2022 in Rochester, England. Jacob Mandel Senior research associate for global energy markets at Aurora Energy ResearchFears of strike in Australia, one of the world's biggest exporters of liquified natural gas (LNG), have recently pushed up European gas prices — and analysts expect near-term volatility to persist. Jacob Mandel, senior research associate for global energy markets at U.K.-based consultancy Aurora Energy Research, said the global natural gas market was currently "very tight" and "very little supply flexibility" means that strike action in Australia could send European gas prices higher. He said that European gas prices could climb to above 40 euros ($42.9) per megawatt hour if the strikes go ahead as planned. The front-month gas price at the Dutch Title Transfer Facility (TTF) hub, a European benchmark for natural gas trading, traded at 33.5 euros on Tuesday.

Persons: Dan Kitwood, Jacob Mandel, Mandel, we've, Ramesh, Wheatstone, Henning Gloystein, Gloystein Organizations: National Grid, Getty, CNBC, Chevron, Offshore Alliance, Wheatstone, Fair, Aurora Energy, Aurora Energy Research, videoconference, Rystad Energy, Europe, EU, Eurasia Group Locations: Isle, Rochester , England, Western Australia, Chevron Australia, Australia, Europe, Japan, Korea, wean, Ukraine, Russia

☆ European gas prices jump 50% in June
▼ + stars: | 2023-06-16 | by ( Anna Cooban | ) edition.cnn.com time to read: +4 min

Prices reversed course mainly because of longer-than-expected maintenance outages at key gas plants in Norway, analysts told CNN. “The recent price rally shows just how sensitive the European market is to disruption,” said Bill Weatherburn, a commodities economist at Capital Economics. European natural gas prices are still far below their levels last summer, when the continent found itself locked in an energy standoff with Russia following Moscow’s invasion of Ukraine. The field is one of the biggest in the world but now accounts for just a fraction of Europe’s gas supply. “The European gas market — and by extension the global gas market — [is] certainly not out of the woods in terms of adequately matching supply with demand,” Tom Marzec-Manser, head of gas analytics at ICIS, told CNN.

Persons: ”, Bill Weatherburn, Tom Marzec, ” Massimo Di Odoardo, Wood Mackenzie, ” Henning Gloystein, Di Odoardo Organizations: London CNN, Benchmark, Independent Commodity Intelligence Service, CNN, Capital Economics, European Union, Gas, Gas Infrastructure, Wood, Eurasia Group, Norway “ Locations: Norway, Russia, Ukraine, Moscow, Europe, Netherlands, Groningen, “, Gas Infrastructure Europe, Japan, South Korea, Asia, Russian

☆ The World’s Demand for Oil Is Set to Slow
▼ + stars: | 2023-06-14 | by ( Stanley Reed | ) www.nytimes.com time to read: +1 min

Unease about prospects for global oil demand may account for this market malaise, analysts say. The agency’s report is likely to add to fears among oil traders that China, for decades the key driver of global oil demand growth, no longer performs this role. Growth in its consumption of oil is expected to slow, especially in the latter years of the forecast, which runs through 2028. There is a “dawning realization that China’s economic recovery from Covid isn’t producing the same sort of oil demand growth that China had prepandemic” said Henning Gloystein, a director at Eurasia Group, a political risk firm. These vehicles will mean that three million barrels a day of oil a day that might have been consumed will instead remain in the ground.

Persons: lockdowns, isn’t, prepandemic ”, Henning Gloystein Organizations: Brent, Eurasia Group, International Energy Agency Locations: Riyadh, China

☆ With Russia's role in the global energy system falling, a select few nations are set to benefit
▼ + stars: | 2023-04-26 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

Russia's role as a global energy player is set to diminish, and the U.S. and Qatar are among a slew of nations ready to fill its shoes, analysts told CNBC. "Russia's global LNG supply share will almost certainly decline this decade," Henning Gloystein, a director for energy, climate, and natural resources at political consultancy Eurasia Group told CNBC. He noted that its role in the liquefied natural gas space was retreating even before the country's invasion of Ukraine last year. Western sanctions, which resulted from the onslaught of its neighbor, further sapped most foreign investment out of Russia's LNG sector. He added that the total capacity for Russia's LNG facilities to produce natural gas will remain flat at 37 million tons over the next few years.

☆ Europe's natural gas prices fall below €50
▼ + stars: | 2023-02-17 | by ( Anna Cooban | ) edition.cnn.com time to read: +3 min

London CNN —Europe’s natural gas prices have tumbled to their lowest level in nearly 18 months in the latest sign the region has avoided a much-feared energy crisis. Benchmark wholesale gas prices fell almost 5% Friday to hit €49 ($52) per megawatt hour, their lowest level since September 2021 and a fraction of the all-time high of €320 hit in August last year, according to data from Independent Commodity Intelligence Service. The plunge in prices will further reduce the risk of a recession in Europe. Gas stores across the European Union were 65% full on Thursday, according to Gas Infrastructure Europe, an industry body. The bloc has also boosted imports of pipeline natural gas from Norway, and of liquefied natural gas (LNG) — a chilled, liquid form of gas that can be transported via sea tankers — mostly from the United States and Qatar.

☆ Natural gas prices haven’t been this low since Russia went to war
▼ + stars: | 2023-01-06 | by ( Anna Cooban | ) edition.cnn.com time to read: +7 min

London CNN —Natural gas prices in Europe and the United States have tumbled to levels last seen before Russia sparked a global energy crisis by invading Ukraine. Even so, European gas prices are still historically high, and could rise again this year if demand from China picks up or supplies are disrupted. Wholesale prices were already shooting up in the months before the war as economies reopened from pandemic lockdowns. “It will take a bit [of time] for the fall in the wholesale prices of natural gas to [feed into] into the retail prices,” he said. That will keep Europe at a competitive disadvantage to the United States, where gas prices are about five times lower.

A large dent has also come from industrial sectors forced to curb output as high gas prices make production uneconomic with some firms shifting production to regions with cheaper energy. FIGHT FOR SUPPLIESThe obvious way to boost supplies is through liquefied natural gas (LNG). That may not happen next year, meaning Europe would face fierce competition for LNG that would drive up the cost. Record high prices in Europe, however painful, helped the region to secure record volumes of LNG imports this year. Benchmark European gas prices hit a peak in August of more than 300 euros/MWh.

☆ Russian oil sanctions are about to kick in. And they could disrupt markets in a big way
▼ + stars: | 2022-12-01 | by ( Silvia Amaro | ) www.cnbc.com time to read: +1 min

European oil sanctions are due to kick in on December 5. Upcoming sanctions on Russian oil are set to be "really disruptive" for energy markets if European nations fail to set a cap on prices, analysts warned. The 27 countries of the European Union agreed in June to ban the purchase of crude oil from Dec. 5. The potential for rising oil prices is "why there's pressure from the U.S." to agree on a cap, Gloystein told CNBC Wednesday. A price limit would see G-7 nations buy Russian oil at a lower price, in an effort to reduce Russia's oil income without raising crude prices across the globe.

Ukrainian state energy firm Naftogaz said in a Tuesday tweet that “Gazprom accused Ukraine of stealing gas. Russia is also sending gas to Europe via the TurkStream pipeline that runs through Turkey to Bulgaria. If Russia halted exports through Ukraine, Europe would lose about 4 billion cubic meters of gas — or just 1% of its estimated gas demand for 2022 — between December and March, Filippenko said. The continent’s gas storage facilities are nearly 95% full, according to data from Gas Infrastructure Europe. In this context, a total shut off of Moscow’s pipeline gas through Ukraine would cause “minimal” damage, Filippenko said.

The Dutch Title Transfer Facility (TTF) is Europe's main benchmark for natural gas prices. In addition, intraday European gas prices even went negative at the start of the week — meaning that holders of natural gas paid buyers to take the cargo off their hands. Nikoline Bromander, analyst at consultancy Rystad Energy, said high output from wind power and political agreement within the EU on cooperative measures to reduce gas prices and consumption have contributed to lowering gas prices. Before Russia's invasion of Ukraine, the EU was obtaining about 40% of all its natural gas from Moscow. Several experts have warned that Europe's high storage levels were to a large extent achieved with Russian gas.

☆ Former German Chancellor Merkel defends her government's move to buy massive amounts of Russian gas, saying she has no regrets as it was right for the time
▼ + stars: | 2022-10-14 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

The former German Chancellor said she had no regrets about her government's energy policy, per Reuters. "You always act in the time in which you find yourself," Merkel told reporters in Lisbon, according to Reuters. Merkel was referring to liquefied natural gas, a supercooled version of natural gas that can be transported via ships. She recently came under heavy scrutiny and criticism from political rivals, the press, and her peers for her Russia policy amid Moscow's invasion of Ukraine. Germany's Russian gas policy spanned decades, starting during the Cold War in the 1960s with the Pipelinepolitik policy that connected both sides with a pipeline.

☆ Professor Nina Khrushcheva on Nord Stream pipeline damage: It doesn't look like the Russian fingerprint
▼ + stars: | 2022-09-28 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailProfessor Nina Khrushcheva on Nord Stream pipeline damage: It doesn't look like the Russian fingerprintHenning Gloystein, The Eurasia Group director of energy, climate and resources & Nina Khruscheva, professor of international affairs at New York's New School, join 'The Exchange' to discuss damage to the Nord Stream pipeline.

☆ Shorter showers, slower driving and an Eiffel Tower blackout: How Europe plans to cut gas usage this winter
▼ + stars: | 2022-09-21 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +3 min

"We're already there … savings this month have already surpassed the 15% target," said senior energy strategist from Goldman Sachs, Samantha Dart. Kenzo Tribouillard | Afp | Getty ImagesShe added that northwestern Europe's estimated August gas consumption was 13% below average. "We believe this is more than enough savings to go through winter without blackouts or a heating crisis," Dart said, assuming that the average winter weather scenario holds. "Achieving the 15% reduction target vs business as usual will be difficult, but not impossible," Gloystein told CNBC. A cold winter could make it difficult to achieve the demand reduction needed in Europe.

☆ Even as the West tries to wean itself off Russian oil, Moscow has found itself yet another buyer: Myanmar
▼ + stars: | 2022-08-19 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Myanmar is buying Russian oil, which it says is "high-quality" and cheap. This time, Myanmar is joining the line to buy Russian gas and fuel oil, according to Reuters and Bloomberg. He said military chief Min Aung Hlaing sealed a fuel oil deal with Russia during a trip to Moscow in July. Russian fuel oil exports are expected to start arriving in Myanmar in September, Reuters reported, citing local media. Myanmar is the latest in a list of crisis-hit countries — including Sri Lanka and Laos — to actively seek out Russian oil.

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