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☆ Europe’s gas prices are a worry ahead of winter despite brimming stores
▼ + stars: | 2023-11-02 | by ( Anna Cooban | ) edition.cnn.com time to read: +8 min

But while gas shortages are unlikely in Europe this winter, the price of the fuel remains a worry. According to S&P Global, about one-fifth of global LNG supply travels through the channel on Iran’s south coast. In a less jittery market, neither incident may have had the effect it did, helping boost European gas prices by more than 40% over the course of a single week. High gas prices have presented a persistent economic headwind for Europe's biggest economy due to its reliance on energy-intensive industries. Together, these milestones should push European gas prices down to €30 ($32) per megawatt hour by the end of next year, Weatherburn added.

Persons: Asia —, Soeren, ”, Jack Sharples, Heikki Saukkomaa, Simone Tagliapietra, Bill Weatherburn, Stefan Sauer, Weatherburn, “ Organizations: London CNN, European Union, International Energy Agency, EU, Getty, “, Oxford Institute of Energy Studies, CNN, Hamas, P, Chevron, Egyptian, Steam, ”, Capital Economics, Qatar, Energy Locations: Russia, Moscow, Ukraine, Europe, North America, Asia, Norway, Hungary, Austria, Azerbaijan, Algeria, Germany, Israel, Gaza, Hormuz, Jordan, Egypt, Cairo, Estonia, Australia, AFP, “, ” Europe, France, Italy, Lubmin, Pomerania, United States, Qatar

☆ Europe has dodged Putin’s gas bullet. But it’s still thirsty for cheap energy
▼ + stars: | 2023-09-07 | by ( Luke Mcgee | ) edition.cnn.com time to read: +9 min

For Europe, energy security has always been a trade-off: Cheap, imported energy comes with the risk of dependency on the countries from which it originates. Europe had an especially mild winter while governments and citizens made a concerted effort to use less gas. Despite these efforts, officials and analysts are fearful that however impressive these advancements have been, Europe’s energy is far from secure in the long term. And when it comes to energy security, dependency ultimately brings us back to that classic trade-off: economics versus risk. China is not the only threat when it comes to energy security in Europe.

Persons: guzzled, Vladimir Putin, –, Sean Gallup, Koen van Weel, ”, Milan Elkerbout, Kevin Frayer, Ursula von der Leyen, Von der, Adam Bell, it’s, Ursula von der, Yves Herman, Velina Tchakarova, ” Tchakarova Organizations: CNN, Ukraine, European Union, EU, Getty, Center for European Policy Studies, China . Workers, China Locations: Ukraine, Europe, Russia, Moscow, European, Lubmin, Germany, Port, Rotterdam, Netherlands, Qatar, Nigeria, China, Huainan, Anhui province, Brussels, Beijing, Belgium, Taiwan, cyberattacks . China, Saudi Arabia, Khazakstan, Libya

A general view shows a special ship, "Neptune", the floating liquefied natural gas terminal, during the inauguration of the Liquefied Natural Gas (LNG) terminal 'Deutsche Ostsee' in the port of Lubmin, Germany January 14, 2023. REUTERS/Annegret Hilse/File PhotoLAUNCESTON, Australia, Aug 14 (Reuters) - The comfort that had characterised natural gas markets in Asia and Europe in recent months was shown to be a mere illusion by the threat of strike action at three major Australian liquefied natural gas (LNG) plants. Benchmark Dutch natural gas prices jumped 28.3% from the close on Aug. 8 to the finish on Aug. 10 as reports of the looming strike action spooked the market. Woodside and Chevron are engaging in talks with labour unions at the LNG facilities, and it's not yet clear what form any strike action would take, assuming no agreement can be reached. Europe's LNG imports in contrast have been trending lower as the continent's natural gas storages remained elevated and demand shifts structurally lower as countries move to reduce reliance on fossil fuels.

Persons: Annegret, Tom Hogue Organizations: REUTERS, Woodside Energy, Chevron, West Shelf, Benchmark, South Korea, China, Reuters, Thomson Locations: Lubmin, Germany, LAUNCESTON, Australia, Asia, Europe, Western Australia, North Asia, Woodside, Chevron, Ukraine, Japan, South Korea, Qatar, United States

[1/2] A general view shows a special ship, "Neptune", the floating liquefied natural gas terminal, during the inauguration of the Liquefied Natural Gas (LNG) terminal 'Deutsche Ostsee' in the port of Lubmin, Germany January 14, 2023. Northweat Europe LNG imports Northwest Europe LNG importsAnalysts estimate that Europe accounted for more than a third of global spot market trades in 2022, from around 13% in 2021. Such exposure could reach more than 50% this year if no long-term contracts were signed. Morten Frisch, senior partner at Morten Frisch Consulting, said Europe ideally needs about 70-75% of its LNG supply under firm long-term sale and purchase agreements (SPAs). LNG spot market prices LNG spot market pricesBut they are expected to rise again, with a hot summer that could cut hydro levels, a cold 2023-2024 winter and a rebound in Chinese LNG demand all seen as among the risk factors for price.

[1/2] The landfall facilities of the 'Nord Stream 1' gas pipeline are pictured in Lubmin, Germany, March 8, 2022. Russia has a 51% stake in Nord Stream 1 through a subsidiary of state-owned energy group Gazprom (GAZP.MM). While the import of Russian crude oil and oil products is banned under European Union (EU) sanctions, Russian gas imports are allowed. In September 2022, several unexplained underwater explosions ruptured the Nord Stream 1 and newly-built Nord Stream 2 pipelines, each more than 1,200-km-long, that link Russia and Germany across the Baltic Sea. Gazprom and Swiss-based Nord Stream AG did not immediately respond to requests for comment.

[1/2] The main deck of the Floating Storage and Regasification Unit (FSRU) "Neptune" is seen during the official commissioning of the liquefied natural gas (LNG) terminal "Deutsche Ostsee" at the harbour in Lubmin, Germany, January 14, 2023. John Macdougall/Pool via REUTERSLONDON/FRANKFURT, Feb 9 (Reuters) - Germany and Oman are in advanced talks to sign a long-term deal for liquefied natural gas (LNG) lasting at least 10 years as Berlin continues its search for alternatives to Russian fuel supplies, three sources familiar with the matter said. Europe has been scrambling to replace Russian gas since last year against a backdrop of war in Ukraine, with state-run Gazprom (GAZP.MM) progressively reducing and then suspending the lion's share of pipeline supplies to Europe. Germany has been holding talks for months with the world's biggest LNG producer Qatar for additional supplies, but negotiations have been lengthy. While supply deals with Qatar would be positive for Germany, they would not offer an immediate solution to Berlin's energy crisis.

☆ Germany's gas situation is secure this winter, regulator says
▼ + stars: | 2023-01-17 | by ( ) www.reuters.com time to read: 1 min

[1/2] The landfall facilities of the 'Nord Stream 1' gas pipeline are pictured in Lubmin, Germany, March 8, 2022. REUTERS/Hannibal HanschkeBERLIN, Jan 17 (Reuters) - Germany's gas supply situation is secure and gas shortage is unlikely to happen this winter, the head of the country's network regulator said on Tuesday. "With savings, gas inflows, good storage levels ... We are very, very optimistic that we will no longer have to worry about a gas shortage this winter," Klaus Mueller said at an energy summit organised by Handelsblatt newspaper. Mueller said he expected a relatively warm winter which will help the power supply situation in both France and Germany. Reporting by Riham Alkousaa, Christoph Steitz and Vera Eckert Editing by Paul CarrelOur Standards: The Thomson Reuters Trust Principles.

☆ Why we still like Coterra Energy despite the recent fall in natural gas prices
▼ + stars: | 2023-01-12 | by ( Kevin Stankiewicz | ) www.cnbc.com time to read: +6 min

U.S. natural gas prices rose nearly 4% Thursday to roughly $3.81 per million British thermal units (MMBtu). Thursday's natural gas gains — on top of a 0.88% jump on Wednesday — reverse some of its recent losses. As recently as Dec. 15, U.S. natural gas prices settled at nearly $7 per million British thermal units. Pioneer Natural Resources (PXD), by contrast, has generated 11% of its operating revenue from natural gas over the same span. This helps explain why the Club hasn't run for the hills as natural gas prices fell in recent weeks.

☆ Launch of floating LNG terminal in Lubmin, Germany, delayed - Spiegel
▼ + stars: | 2022-12-08 | by ( ) www.reuters.com time to read: 1 min

BERLIN, Dec 8 (Reuters) - The launch of a floating terminal for liquefied natural gas (LNG) in Lubmin, Germany, which was due at the beginning of December, has been delayed by several weeks, Der Spiegel news magazine reported on Thursday. The delay is due to pending approval procedures, Spiegel said. It quoted a company spokesperson for terminal operator Deutsche Regas as saying: "We expect to start the terminal before the end of December, the month runs until the 31st." Writing by Paul Carrel, editing by Rachel MoreOur Standards: The Thomson Reuters Trust Principles.

☆ Huge trade partner and ‘systemic rival.’ Europe has a China problem
▼ + stars: | 2022-11-30 | by ( Anna Cooban | ) edition.cnn.com time to read: +8 min

The Covid-19 pandemic, Russia’s invasion of Ukraine, and tit-for-tat sanctions between China and EU lawmakers have strained relations since. The total value of the goods trade between China and Europe hit €696 billion ($732 billion) last year, up by nearly a quarter from 2019. China was the third largest destination for EU goods exports, accounting for 10% of the total, according to Eurostat data. Even so, the United States may exert more pressure on Europe to pull away from China, Borges de Castro noted. EU investment into China has also become more concentrated.

☆ European Energy Ministers Set to Clash Over Proposed Gas-Price Cap
▼ + stars: | 2022-11-24 | by ( Kim Mackrael | ) www.wsj.com time to read: 1 min

Pipes at facilities of the Nord Stream 2 gas pipeline in Lubmin, northern Germany. European Union countries earlier this year agreed to voluntary plans to reduce their gas consumption. BRUSSELS—European Union energy ministers are gathering to haggle Thursday over details of a new proposal from the bloc’s executive body for an emergency cap on the price of natural gas. The meeting convenes as EU diplomats struggle to agree on a separate, international plan to cap prices paid for Russian oil around the world.

☆ European Energy Ministers Clash Over Proposed Gas-Price Cap
▼ + stars: | 2022-11-24 | by ( Kim Mackrael | ) www.wsj.com time to read: 1 min

Pipes at facilities of the Nord Stream 2 gas pipeline in Lubmin, northern Germany. European Union countries earlier this year agreed to voluntary plans to reduce their gas consumption. BRUSSELS—European Union energy ministers failed to reach an agreement Thursday on a plan to put an emergency cap on the price of natural gas, saying they would resume their debate next month. EU diplomats are also struggling to agree on a separate, international plan to cap prices paid for Russian oil around the world.

☆ World's dash for natural gas endangers climate goals -report
▼ + stars: | 2022-11-10 | by ( Kate Abnett | ) www.reuters.com time to read: +3 min

[1/3] Germany's future LNG terminal is under construction amid the Russian invasion of Ukraine, in Lubmin, Germany, September 19, 2022. Among the projects are new gas drilling in Canada and liquefied natural gas (LNG) import capacity in Germany and Vietnam. By October, Russian gas had plummetted to 7.5% of Europe's gas imports, down from 40% in recent years. The dash to replace those supplies has bolstered plans to expand fossil fuel infrastructure, even as the European Union has proposed higher renewable energy targets to attempt to mostly replace Russian fuel with clean energy. The International Energy Agency has said no new oil and gas fields should be opened if the world is hit the 1.5C goal.

☆ Europe still can't live without Russian LNG exports
▼ + stars: | 2022-11-09 | by ( Anna Cooban | ) edition.cnn.com time to read: +7 min

London CNN Business —Europe may be closer than ever to breaking its energy dependence on Moscow, but it still can’t live without one type of Russian natural gas. Russian imports doubled in the year to September to 1.2 million tons, Rystad data shows. The majority of the Russian LNG imports come from privately owned Novatek, the country’s second-largest natural gas producer after Gazprom. “I expect that Russian LNG will continue to play an important role in filling European storage going into winter of 2023,” he told CNN Business. “[Europe] would rather get whatever [it] can in terms of Russian pipeline gas and Russian LNG… it would take a lot before [it] would think about sanctioning gas or LNG from Russia,” Ramesh said.

☆ Germany could seize property to speed LNG build-out -Handelsblatt
▼ + stars: | 2022-11-01 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +1 min

BERLIN, Nov 1 (Reuters) - Germany, racing to end its reliance on Russian gas, plans to introduce new regulation that will make it possible to expropriate property to link offshore liquid natural gas terminals to the grid, Handeslblatt reported. Until earlier this year, some 55 billion cubic metres of gas were pumped to Germany each year through Nord Stream 1. Nord Stream 2 never went into operation. Germany, which has for decades fuelled its vast industrial sector with copious supplies of Russian gas, pledged after Russia's invasion of Ukraine to cut its imports from Russia to zero by 2024. Four planned floating LNG terminals, including one at Lubmin where the sub-Baltic gas pipelines land, are key to that ambition.

☆ Factbox: Germany's LNG import project plans
▼ + stars: | 2022-10-28 | by ( ) www.reuters.com time to read: +2 min

FRANKFURT, Oct 28 (Reuters) - Germany is acquiring liquefied natural gas (LNG) terminals as part of its efforts to diversify away from Russian gas. Wilhelmshaven will become the first LNG hub and Brunsbuettel the second, to be developed by Uniper UN01.DE and RWE RWEG.DE, respectively. Later, facilities to import ammonia and set up an electrolysis plant for turning ammonia into clean hydrogen will be set up at the location. Dutch gas network operator Gasunie, which has a 40% stake in the FSRU project, is planning two related gas pipelines. Shell (SHEL.L) has committed itself to some guaranteed purchases.

☆ Factbox: How is Germany replacing Russian gas?
▼ + stars: | 2022-10-24 | by ( ) www.reuters.com time to read: +2 min

FRANKFURT, Oct 24 (Reuters) - Germany, Europe's biggest economy and historically a major importer of Russian gas, is scrambling to secure alternative supplies following a plunge in flows from Russia since its invasion of Ukraine. Germany is sourcing more gas from Benelux countries, Norway, and France. IMPORTERS' STRATEGIESStricken importer Uniper (UN01.DE) has said it is sourcing Norwegian, Dutch and Azeri gas via pipelines and using its global role as a trader of liquefied natural gas (LNG) to procure more of the super-cooled gas into north western Europe. LNG TERMINALSIn the absence of LNG reception terminals, Germany is building floating LNG terminals (FSRUs), of which two will be ready at the turn of the year, in Brunsbuettel and Wilhelmshaven. In the long term, fixed onshore terminals will be built with a view to receiving gas, carbon-free hydrogen, and ammonia.

☆ Kremlin: Nord Stream probe is set up to falsely blame Russia
▼ + stars: | 2022-10-18 | by ( ) www.reuters.com time to read: +2 min

View towards Nord Stream 1 Baltic Sea pipeline and the transfer station of the Baltic Sea Pipeline Link in the industrial area of Lubmin, Germany, August 30, 2022. Kremlin spokesman Dmitry Peskov said "elementary logic" showed the pipeline damage was a blow to Russia's interests. Swedish and Danish authorities have been investigating four holes in the Nord Stream 1 and 2 pipelines. Four of three pipelines of Nord Stream 1 and Nord Stream 2, the largest routes for the Russian gas to Europe, were ruptured in the Baltic Sea last month. read moreRussian Deputy Prime Minister Alexander Novak said last week that Russia needed permission for its vessels to conduct investigations into explosions that damaged Nord Stream pipelines.

☆ Turkey backs Putin gas plan as Nord Stream faces long outage
▼ + stars: | 2022-10-14 | by ( ) www.reuters.com time to read: +4 min

Pipes at the landfall facilities of the 'Nord Stream 1' gas pipeline are pictured in Lubmin, Germany, March 8, 2022. Russian President Vladimir Putin this week proposed Turkey as a base for gas supplies after the Nord Stream pipelines under the Baltic Sea were damaged last month by blasts. Both Nord Stream 1 and Nord Stream 2, connecting Russia and Germany, were damaged last month, spewing out a large amount of gas. With Nord Stream out of service, Miller said that Russia will start "concrete" talks with Turkey next week on proposals to route more gas their way. SECURITY FEARSThe Nord Stream blasts have heightened concerns over energy security in Europe as the conflict rages in Ukraine.

☆ Russia could deliver gas via Nord Stream 1, but not Nord Stream 2 - Germany
▼ + stars: | 2022-10-12 | by ( ) www.reuters.com time to read: +1 min

Pipes at the landfall facilities of the 'Nord Stream 1' gas pipeline are pictured in Lubmin, Germany, March 8, 2022. The spokesperson added, however, that if Russia wanted to resume gas deliveries it could do so via the Nord Stream 1 pipeline. read moreRegister now for FREE unlimited access to Reuters.com RegisterAsked if Germany ruled out receiving gas through Nord Stream 2, the spokesperson replied: "Yes." "No gas has come through the Nord Stream 1 pipeline because Russia did not deliver," the spokesperson added at a regular government news conference. "If Russia delivers through Nord Stream 1, there is no embargo against it at the moment.

☆ How Germany's industrial giants are preparing for winter
▼ + stars: | 2022-09-27 | by ( Victoria Waldersee | ) www.reuters.com time to read: +7 min

Some industrial giants in particular gas-heavy industries like chemicals have begun shifting production and sourcing from elsewhere, while others are switching from gas to coal or oil - spelling trouble for their carbon footprint. read moreBMW (BMWG.DE)BMW consumes around 3,500 gigawatt hours (GWh) of energy annually in Germany and Austria, three-quarters of which comes from natural gas. The carmaker can reduce its gas intake by at least 15% compared to last year, the company's chief financial officer said on Monday. LINDEThe world's largest industrial gas company said in July it produced gases which were critical from a medical or process safety perspective and so believed it would be prioritised for gas allocation from Germany' government. read moreA spokesperson declined to provide further information, saying an update would be provided later in October in line with third quarter results.

☆ Kremlin: sabotage cannot be ruled out as reason for Nord Stream damage
▼ + stars: | 2022-09-27 | by ( ) www.reuters.com time to read: +3 min

The logo of Nord Stream is seen at the headquarters of Nord Stream AG in Zug, Switzerland March 1, 2022. Nord Stream AG, the operator of the network, said earlier on Tuesday that three offshore lines of the Nord Stream gas pipeline system sustained "unprecedented" damage in one day. The Nord Stream 1 and Nord Stream 2 pipelines have a joint annual capacity of 110 billion cubic metres - more than half of Russia's normal gas exports volumes. Sweden's Maritime Authority issued a warning about two leaks in the Nord Stream 1 pipeline, shortly after a leak on the nearby Nord Stream 2 pipeline was discovered that had prompted Denmark to restrict shipping in a five nautical mile radius. Nord Stream 2, which runs almost in parallel to Nord Stream 1, was built in September 2021 but was never launched as Germany refused to certify it.

☆ Denmark to raise preparedness level after leaks on gas pipelines
▼ + stars: | 2022-09-27 | by ( ) www.reuters.com time to read: 1 min

Security walk next to the landfall facility of the Baltic Sea gas pipeline Nord Stream 1 in Lubmin, Germany, September 19, 2022. REUTERS/Fabrizio BenschCOPENHAGEN, Sept 27 (Reuters) - Danish authorities have asked that the country's level of preparedness for the power and gas sector be raised after three leaks occurred on the Nord Stream 1 and 2 pipelines near Denmark and Sweden, Energy Minister Dan Jorgensen said on Tuesday. Register now for FREE unlimited access to Reuters.com RegisterReporting by Stine Jacobsen, editing by Anna RingstromOur Standards: The Thomson Reuters Trust Principles.

☆ Nord Stream operator says three offshore gas pipelines damaged in one day
▼ + stars: | 2022-09-27 | by ( ) www.reuters.com time to read: +2 min

Pipes at the landfall facilities of the 'Nord Stream 1' gas pipeline are pictured in Lubmin, Germany, March 8, 2022. REUTERS/Hannibal Hanschke/MOSCOW, Sept 27 (Reuters) - Three offshore lines of the Nord Stream gas pipeline system on the bed of the Baltic Sea sustained "unprecedented" damage in one day, Nord Stream AG, the operator of the network, said on Tuesday. The bulletin was published after Sweden's Maritime Authority issued a warning about two leaks in the Nord Stream 1 pipeline, shortly after a leak on the nearby Nord Stream 2 pipeline was discovered that prompted Denmark to restrict shipping in a five nautical mile radius. Register now for FREE unlimited access to Reuters.com Register"The destruction that occurred on the same day simultaneously on three strings of the offshore gas pipelines of the Nord Stream system is unprecedented. read moreNord Stream 2, which runs almost in parallel to Nord Stream 1, was built in September 2021 but was never launched as Germany refused to certify it.

☆ Factbox: How Germany's industrial giants are preparing for winter
▼ + stars: | 2022-09-27 | by ( Victoria Waldersee | ) www.reuters.com time to read: +7 min

Industrial giants, in particular gas-heavy industries like chemicals, have begun shifting production and sourcing from elsewhere. It is now sourcing some of its ammonia from outside of Europe, where prices are lower, a spokesperson said. read moreBMW (BMWG.DE)BMW consumes around 3,500 gigawatt hours (GWh) of energy annually in Germany and Austria, three-quarters of which comes from natural gas. Chief executive Dominik von Achten said the company was shifting production at plants to times when power prices were lower, such as weekends. LINDEThe world's largest industrial gas company said in July it produced gases which were critical from a medical or process safety perspective and so believed it would be prioritised for gas allocation from Germany' government.

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