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☆ ‘I will return to the US in an urn’: She moved to Portugal with her husband two years ago, and this American woman says she’s never coming back
▼ + stars: | 2024-05-08 | by ( Tamara Hardingham-Gill | ) edition.cnn.com time to read: +12 min

‘Aha’ momentCynthia Wilson and her husband Craig Bjork relocated from the US to Marinha Grande, situated in the Leiria District of Portugal, just over two years ago. Community spiritThe couple celebrate Wilson's first birthday in Portugal with friends. “My Portuguese friends taught me that you have to first recognize their humanity,” says Wilson. There’s no place for that.”Wilson has warmly embraced the Portuguese way of life, particularly the focus on food, which has long been a big part of her life. Doing something odd.”Wilson and Bjork say that they’ve had “zero problems” since relocating to Portugal and couldn’t be happier.

Persons: CNN — They’d, Cynthia Wilson, Craig Bjork, Wilson, –, I’ve, ” Wilson, ”, Bjork, “, it’s, Wilson's, ’, Cynthia Wilson “ Retirement’s, that’s, I’m, hasn’t, ” “, ‘, they’ve, Dulce Silva, Sérgio Carvalho, grandly, Rainha Joia, Maria da Silva, Cynthia Wilson Wilson, “ There’s, couldn’t Organizations: CNN, CNN Travel, Facebook Locations: Portugal, Europe, Seattle, Estonia, Marinha, Leiria District, Lisbon, Kansas, Wichita , Kansas, Marinha Grande, Porto, Algarve, San Francisco, Manhattan, Florabela, America, “

☆ Oil edges up after Israel strikes Gaza, while truce talks continue
▼ + stars: | 2024-05-07 | by ( ) www.cnbc.com time to read: +1 min

Oil rig and pump of H&P Rig 488 in Stanton, Texas, on June 8, 2023. Oil prices ticked up early on Tuesday after Israel struck Rafah in Gaza while negotiations for a ceasefire with Hamas continued without resolution. Israeli forces struck Rafah on Gaza's southern edge from the air and ground and ordered residents to leave parts of the city, which has been a refuge for more than a million displaced Palestinians. Riyadh's move to raise the official selling prices for its crude sold to Asia, Northwest Europe and the Mediterranean in June also supported prices, signaling expectations of strong demand this summer. The world's top exporter hiked its flagship Arab Light crude oil price to Asia to $2.90 a barrel above the Oman/Dubai average in June, the highest since January and at the upper end of traders' expectations in a Reuters survey.

Persons: Israel Organizations: Brent, U.S, West Texas, Hamas Locations: Stanton , Texas, Israel, Rafah, Gaza, Israeli, Asia, Northwest Europe, Oman, Dubai

☆ Oil nudges higher after Saudi Arabia hikes prices
▼ + stars: | 2024-05-06 | by ( ) www.cnbc.com time to read: +2 min

Oil futures edged up on Monday after Saudi Arabia hiked June crude prices for most regions and as the prospect of a Gaza ceasefire deal appeared slim, renewing fears the Israel-Hamas conflict could still widen in the key oil producing region. Brent crude futures climbed 28 cents, or 0.3%, to $83.24 a barrel at 0119 GMT, while U.S. West Texas Intermediate crude futures were at $78.40 a barrel, up 29 cents, or 0.4%. Saudi Arabia raised the official selling prices, or OSPs, for its crude sold to Asia, Northwest Europe and the Mediterranean in June, signaling expectations of strong demand this summer. This comes after Saudi Arabia raised June OSPs for most regions amid a tightening of supplies this quarter, he added. The geopolitical risk premium in oil prices has also eased as talks for a Gaza ceasefire are underway.

Persons: ICE Brent, Warren Patterson, OSPs, Brent, Benjamin Netanyahu, Baker Hughes Organizations: Brent, U.S, West Texas, ICE Locations: Saudi Arabia, Gaza, Israel, Asia, Northwest Europe

☆ Oil climbs as Gaza tensions rise, Saudi Arabia hikes prices
▼ + stars: | 2024-05-06 | by ( ) www.cnbc.com time to read: +2 min

A view of oil-well in action during sunset at Elk Hills Oil Field as gas prices on the rise in California, United States on April 14, 2024. Oil futures climbed on Monday after Saudi Arabia hiked June crude prices for most regions and as the prospect of a Gaza ceasefire deal appeared slim, renewing fears the Israel-Hamas conflict could still widen in the key oil-producing region. Brent crude futures were up 77 cents, or 0.9%, to $83.73 a barrel at 1055 GMT, while U.S. West Texas Intermediate crude futures were at $78.98 a barrel, up 87 cents, or 1.1%. The geopolitical risk premium in oil prices also eased as talks for a Gaza ceasefire were underway. Also supporting oil was Saudi Arabia's move to raise the official selling prices (OSPs) for its crude sold to Asia, Northwest Europe and the Mediterranean in June, signaling expectations of strong demand this summer.

Persons: Brent, Tony Sycamore Organizations: Brent, U.S, West Texas, IG Locations: Elk, California, United States, Saudi Arabia, Gaza, Israel, Rafah, Saudi, Asia, Northwest Europe, China

But 18-24 months later, the acute phase of the adjustment is complete, with energy inventories comfortable and prices reverting towards long-term inflation-adjusted averages. Chartbook: Europe's energy supplies and pricesThere will undoubtedly be more shocks in future, but the disruption associated with the end of the pandemic and Russia’s invasion of Ukraine is over. Europe’s residual issue is that it has swapped relatively cheap Russian pipeline gas for relatively expensive LNG, putting its industrial competitiveness at risk, but that is a chronic problem rather than a crisis. OILIn the oil market, U.S. domestic crude and condensates production has continued to increase and surpassed its pre-pandemic peak in August 2023. Related columns:- China braces for record winter electricity demand (November 24, 2023)- Europe’s gas crisis is over, but not the painful adjustment (November 21, 2023)- Oil prices slump as fundamentals reassert themselves (November 9, 2023)- Europe's record gas stocks start to pressure prices (November 7, 2023)John Kemp is a Reuters market analyst.

Persons: John Kemp, Jan Harvey Organizations: U.S, Brent, Thomson, Reuters Locations: Europe, Asia, Ukraine, U.S, Saudi Arabia, Germany, Italy, France, Netherlands, Spain, Belgium, Poland, Northwest Europe, China, Russia, South, East Asia, Brazil

A general view of pipelines on the gas storage facility at the gas trading company VNG AG in Bad Lauchstaedt, Germany July 28, 2022. REUTERS/Annegret Hilse Acquire Licensing RightsLONDON, Nov 21 (Reuters) - Europe’s gas inventories continued to accumulate much later than usual into the autumn as exceptionally mild weather delayed the onset of the winter heating season. It was the culmination of an unusually long refill season which has left the region’s storage sites brimming with gas and eliminated fears about supply security. In an average heating year, Frankfurt will experience a total of around 2,161 heating degree days between July 1 and June 30. Related columns:- Europe's record gas stocks start to pressure prices (November 7, 2023)- Europe’s gas stocks at record high going into winter 2023/24 (October 6, 2023)John Kemp is a Reuters market analyst.

Persons: Annegret, John Kemp, Marguerita Choy Organizations: VNG AG, REUTERS, European Union, Britain, Gas Infrastructure, Thomson, Reuters Locations: Bad Lauchstaedt, Germany, Chartbook, Europe, GIE, Ukraine, Northwest Europe, Frankfurt, EU, Russia, Asia

REUTERS/Kacper Pempel/File Photo Acquire Licensing RightsLONDON, Nov 7 (Reuters) - Europe's record gas inventories continue to climb even higher as a warm start to autumn delays the onset of heating demand while high prices discourage industrial use and encourage continued imports. But prices for gas delivered at the height of winter in January 2024 have started to slide as the record levels of inventory weigh on the market. Chartbook: Europe gas inventories and pricesInventories across the European Union and United Kingdom hit a record 1,146 terawatt-hours (TWh) on Nov. 5, according to Gas Infrastructure Europe. At the same time, futures prices and calendar spreads have remained strong, despite record stocks, discouraging resumption of industrial use and encouraging continued imports of liquefied natural gas (LNG). Related columns:- Europe’s gas stocks at record high going into winter 2023/24 (October 6, 2023)- Europe’s gas storage must peak early this autumn (September 8, 2023)John Kemp is a Reuters market analyst.

Persons: Kacper, Stocks, John Kemp, David Evans Organizations: REUTERS, European Union, United, Gas Infrastructure, Thomson, Reuters Locations: Strachocina, Poland, Chartbook, Europe, United Kingdom, Gas Infrastructure Europe, Frankfurt, Germany, Ukraine

☆ How European airlines have hedged against fuel price increases
▼ + stars: | 2023-11-06 | by ( ) www.reuters.com time to read: +5 min

Spot Northwest European jet fuel prices were at $950 per metric ton on Monday, up 4% from before the assault. They also try to hedge against value changes in the U.S. dollar, in which jet fuel is priced. JET2 (JET2.L):The British leisure travel company said in July it had 81.8% of fuel hedged over the next 12 months. Lufthansa has hedged 74% of the fuel it expects to need for 2024 at an average price of $951 per ton. WIZZ AIR (WIZZ.L):The Hungarian carrier said in June it had hedged 62% of its 2024 fuel needs and 53% of the dollars it needs for that fuel.

Persons: Toby Melville, Vueling, IAG, Camilla Borri, Louis van Boxel, Woolf, Marta Frąckowiak, Milla Nissi, Edwina Gibbs Organizations: Heathrow Airport, REUTERS, Brent, U.S ., AIR FRANCE, KLM, Reuters, British Airways, LUFTHANSA, Lufthansa, NORWEGIAN AIR, RYANAIR, SAS, Thomson Locations: London, Israel, Ukraine, Franco, Dutch, Iberia, NORWEGIAN, Norwegian, Gdansk

Intra-European travel has been doing very well," said aviation analyst James Halstead, adding that limited planes meant ticket prices could stay high. Britain's easyJet (EZJ.L) said earlier this month it wanted to more than double profits and expand its fleet, even though fuel prices could mean higher ticket prices. Spot Northwest European jet fuel prices were at $957 per metric ton on Wednesday, up 5% from before the assault. JET FUELSome airlines have already warned that rising fuel costs will drive up ticket prices or dampen future earnings. He said ticket prices could go up by a mid-single digit percentage ahead of Christmas.

Persons: Charles de, Benoit Tessier, James Halstead, You've, Michael O'Leary, it's, Neil Glynn, Alexander Irving, Bernstein, Agata Rybska, Natalie Grover, Josephine Mason, Mark Potter Organizations: Lufthansa Airbus, Charles de Gaulle International Airport, REUTERS, Air France, KLM, Lufthansa, Air, Brent, JET, Ryanair, Air Control, Thomson Locations: Charles de Gaulle, Roissy, Paris, Israel, Palestinian, Europe, Air France, Ukraine, Gdansk, London

TASS news agency cited Energy Minister Nikolai Shulginov as saying the government "at all levels" had been discussing partial permission for fuel exports. Europe could also fill some of the gap left by the Russia gasoline ban. Northwest European suppliers, which lost market share in West Africa to Russian supplies this year, could step in, FGE said. Since banning Russian fuel imports, Europe has been seeking suppliers elsewhere, including from the Middle East. As a result, traders said they expected Northeast Asian refiners in China and South Korea to boost diesel exports to Europe.

Persons: Tatiana Meel, Alexander Novak, Vortexa, Nikolai Shulginov, JP Morgan, FGE, Edmund Blair, Mark Potter Organizations: REUTERS, Traders, Kremlin, Kommersant, TASS, Analysts, FGE Energy, WHO, BE, European Union, Gulf, Diesel, Northwest, Competition, Thomson Locations: Nakhodka Bay, Nakhodka, Russia, LONDON, SINGAPORE, Soviet, United States, Ukraine, Europe, Brazil, Turkey, North, West, East, Gulf, gasoil, India, Africa, Kpler, U.S, Gulf Coast, America, West Africa, China, South Korea

The diesel ban will have the biggest impact because Russia is the world's top seaborne exporter of the fuel, just ahead of the United States. Europe could also fill some of the gap left by the Russia gasoline ban. Northwest European suppliers, which lost market share in West Africa to Russian supplies this year, could step in, FGE said. Since banning Russian fuel imports, Europe has been seeking suppliers elsewhere, including from the Middle East. As a result, traders said they expected Northeast Asian refiners in China and South Korea to boost diesel exports to Europe.

Persons: Alexey Malgavko, Vortexa, JP Morgan, said.Turkey, FGE, Edmund Blair Organizations: Traders, Kremlin, FGE Energy, WHO, BE, European Union, Gulf, Diesel, Northwest, Competition, Thomson Locations: Omsk, Russia, LONDON, SINGAPORE, Soviet, United States, Ukraine, Europe, Brazil, Turkey, North, West, East, Gulf, gasoil, India, Africa, Kpler, U.S, Gulf Coast, America, West Africa, China, South Korea

☆ Saudi Arabia hikes most August oil prices to Asia after supply cuts
▼ + stars: | 2023-07-06 | by ( Muyu Xu | ) www.reuters.com time to read: +2 min

Companies Saudi Arabian Oil Co FollowJuly 7 (Reuters) - Top oil exporter Saudi Arabia has raised the prices for most its crude oil to Asian customers in August for a second month, after its announcement of prolonging an extra output cut on top of a broader OPEC+ deal. Saudi Aramco hiked the official selling prices (OSP) for August-loading Arab Light to Asia by 20 cents a barrel from July to $3.20 a barrel over Oman/Dubai quotes, the state oil giant said in a statement. Saudi Arabia on Monday announced it would draw out its 1 million barrels-per-day (bpd) voluntary cut to oil production to August and left the door open to extend the trim further. The more expensive Saudi oil would further weigh on the thin refining margins in Asia and prompt refiners to seek alternatives from other Middle Eastern suppliers or from regions such as the U.S. and West Africa, considering the spread between Brent- and Dubai-pegged oil has narrowed. Meanwhile, the OSP to the United States was also raised by 10 cents in August from the prior month at $7.25 versus ASCI.

Persons: refiners, Muyu Xu, Brijesh Patel, David Goodman, David Evans, Alexander Smith Organizations: Saudi Arabian Oil, Saudi Aramco, Reuters, Saudi, Monday, Renaissance Energy, Thomson Locations: Saudi Arabia, OPEC, Saudi, Asia, Oman, Dubai, West Africa, Brent, Singapore, Europe, United States

☆ Last month was the planet’s hottest June on record by a huge margin
▼ + stars: | 2023-07-06 | by ( Rachel Ramirez | ) edition.cnn.com time to read: +4 min

The analysis from the European Union’s Copernicus Climate Change Service found that last month was the planet’s hottest June by a “substantial margin” above the previous record, which was set in 2019. The nine hottest Junes have all occurred in the last nine years, according to the agency – evidence the human-caused climate crisis is driving temperatures to unprecedented levels. This is exactly what global warming looks like.”Scientists have warned that these record temperatures bear the fingerprints of the climate crisis. Northwest Europe experienced record-breaking temperatures last, including the UK, which logged its hottest June on record, according to the UK Met Office. “The ocean warming is even more concerning because as the oceans warm, they expand, which means higher sea levels, larger storms surges and more flooding of coastal communities,” Marlon said.

Persons: Copernicus, ” Jennifer Marlon, “, Greenlee Beal, El Niño, ” Marlon, — Organizations: CNN, Southern, Yale School of Environment, Northwest, UK Met Office, Reuters, Climate, Atlantic Locations: Southern US, Mexico, El, Pacific, Northwest Europe, Canada, United States, Asia, Australia, Texas, Central America, Ireland, Baltic, Europe, Iceland, Russia, Turkey, Kosovo, Romania, Scandinavia, America, Horn of Africa, South America, Antarctica

"It's all about containing those kinds of capabilities from the north," retired U.S. Major General Gordon B. Davis Jr. told Reuters. "With five submarines we can close the Baltic Sea," Linden told Reuters. The region from the Baltic in the south to the high north may become almost an integrated operating area for NATO. It was first shipped from Germany across the Baltic Sea, then trucked nearly 900 km to the north. "It would make it very difficult for the Russian Baltic Sea fleet to operate in a free way," he said.

Persons: Mika Hakkarainen, Finland –, Major General Gordon B, Davis Jr, Fredrik Linden, Sweden's, Linden, Samu Paukkunen, Paukkunen, Sebastian Bruns, Michael Maus, Kurt Rossi, Rossi, Tuomo Lamberg, Bruns, Nick Childs, Anne Kauranen, Johan Ahlander, Jacob Gronholt, Sabine Siebold, Sara Ledwith Organizations: NATO, Reuters, Fleet, Finnish Institute of International Affairs, Major, Analysts, Northern Fleet, Kiel University's Institute for Security, NATO's, Transformation, Field Artillery, U.S . Army, Baltic, Commission, Security, Cooperation, Naval Forces and Maritime Security, International Institute for Strategic Studies, Fouche, Pedersen, Thomson Locations: TORNIO, Finland, KARLSKRONA, Sweden, Norway, Russia, Stockholm, Ukraine, Moscow, Europe, RUSSIA, Russian, Murmansk, Kola, Barents, North America, Greenland, Iceland, Helsinki, Baltic, Nord, Russia's, Denmark, Kiel, Rovaniemi, Santa Claus, United States, Britain, Germany, –, St, Petersburg, Kaliningrad, Sweco, Swedish, Gotland, Karlskrona, Oeland, London, Birmingham, Tornio, Oslo, Copenhagen, Brussels

☆ What Sweden's submarines bring to NATO
▼ + stars: | 2023-07-03 | by ( Johan Ahlander | ) www.reuters.com time to read: +3 min

Sweden's key to keeping the waters navigable in a conflict is its world-leading submarine fleet, which analysts say holds some of the most advanced conventional submarines ever built. "The Swedish submarine fleet is well prepared for this environment and will add greatly to NATO's overall submarine capabilities in the Baltic," a NATO official told Reuters. "We have regional expertise, which fills a gap, expertise that NATO doesn't have," said Submarine Flotilla Commander Fredrik Linden. [1/5]The Swedish submarine HMS Gotland lies in a port at the naval base of Karlskrona, Sweden May 25, 2023. While submerged, conventional submarines run on battery power.

Persons: Fredrik Linden, Tom Little, Sebastian Bruns, Bruns, Sara Ledwith Organizations: NATO, Reuters, U.S navy's, REUTERS, Institute for Security, Kiel University, SAAB, Thomson Locations: KARLSKRONA, Sweden, Europe, Baltic, Russia, Germany, Swedish, Gotland, Karlskrona

☆ Stock Market Today: Dow Futures Edge Up With Debt Ceiling Eyed
▼ + stars: | 2023-05-19 | by ( ) www.wsj.com time to read: +1 min

Stock future are hovering, with debt-ceiling negotiations still in focus. Futures for the S&P 500 and tech-heavy Nasdaq-100 were up around 0.1%, while Dow futures were flat. Commodity prices gained. Wholesale gas prices in northwest Europe rose 1.1% to 30.56 euros a megawatt-hour, but remained near two-year lows. The pan-continental Stoxx Europe 600 gained 0.7%, while Germany’s DAX index was within striking distance of a new record closing high.

Inventories in the European Union and the United Kingdom amounted to 632 terawatt-hours (TWh) on March 31, according to Gas Infrastructure Europe (“Aggregated gas storage inventories”, GIE, April 13). Chartbook: Europe gas inventories and pricesRECORD REFILL IN 2022Record end-of-winter inventories are a consequence of a record start-of-winter stock; a mild winter, especially in the first half; and significant cuts in industrial gas use. The European Union and United Kingdom added an unprecedented 788 TWh of gas to storage in 2022 to prepare for a possible interruption of pipeline supplies from Russia. REDUCED CONSUMPTIONEurope’s gas consumption was sharply reduced in winter 2022/23 compared with previous years. Europe emptied around a third of its gas storage space over the whole drawdown period compared with an average of 53% over the previous decade.

[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.

The outages have in recent days led to growing concern that French and regional supplies of fuels, in particular diesel, could tighten in the coming weeks. Reuters GraphicsThe profit margin for refining crude oil into diesel has jumped by nearly 40% over the past month. The Ekofisk North Sea crude grade, produced at a field in Norway where TotalEnergies has equity, relies on France for two-thirds of its export stream, Rauball said. Meanwhile, prices for crude grades from Nigeria, one of France's top suppliers, have dropped by around $1/bbl in the past two weeks, traders said. "It's a buyer's market, with WTI and Azeri crude offered way down to sell," a trader of West African crude said.

On Tuesday, a nationwide day of industrial action brought record numbers of people onto the streets against the policy change. But Olivier Gantois, the head of the French Association of Petroleum Industry (UFIP), said there was little impact on consumers for now. The logo of French oil and gas company TotalEnergies is seen at TotalEnergies fuel depot in Mardyck, near Dunkerque, as France faces the sixth nationwide day of strike and protests against French government's pension reform plan, France, March 7, 2023. REUTERS/Pascal RossignolThe four French LNG terminals and all of the gas storage facilities also remained blocked, FNME-CGT representative Fabrice Coudour said. The next nationwide day of strikes and protests is set for Saturday.

☆ Saudi Arabia raises Arab Light crude price to Asia for 2nd month in April
▼ + stars: | 2023-03-06 | by ( Muyu Xu | ) www.reuters.com time to read: +2 min

SINGAPORE, March 6 (Reuters) - Top crude exporter Saudi Arabia raised prices for the flagship Arab light crude it sells to Asia for a second month in April, to $2.50 a barrel above the Oman/Dubai average, Aramco (2222.SE) said on Sunday night. The market is surprised by Saudi Arabia's price setting on Arab Heavy, a medium sour crude containing more sulphur than Arab Light. The official selling price (OSP) for Arab Heavy is $0.75 a barrel above the Oman/Dubai average, up $2.5 a barrel from March. PetroChina (601857.SS) is preparing to start its 400,000 barrels-per-day refinery in the southern Chinese province Guangdong, which has been designed to refine heavy grades such as Arab Heavy. Meanwhile, the OSP to Mediterranean was raised by 30 cents from last month at $0.80 versus ICE Brent for April.

Stocks in the European Union and United Kingdom amounted to a seasonal record 685 terawatt hours (TWh) on March 1, and storage was almost 61% full, according to data from Gas Infrastructure Europe (GIE). Storage fill is at record levels and far above the 39% seasonal average for the last decade (“Aggregated gas storage inventory”, GIE, March 3). Chartbook: Europe gas stocks and pricesOn average, stocks fall to a post-winter minimum around March 30, with the low occurring at the earliest on March 16 (winter 2011/12) and at the latest on April 19 (winter 2020/21). Related columns:- Europe nears end of winter with bulging gas stocks (February 17, 2023)- Crisis over? Europe’s gas stocks at seasonal record high (January 17, 2023)- Europe's gas prices slump to moderate storage build (January 4, 2023)John Kemp is a Reuters market analyst.

LONDON, Feb 17 (Reuters) - Europe is on course to end the winter with a near-record volume of gas in storage as a result of industrial closures, high prices and a milder-than-normal season. The projected carry out would be the second-highest on record and only just below 609 TWh at the end of winter 2019/20. Chartbook: European gas inventories and pricesRelatively mild temperatures so far this winter have played a part in reducing heating demand and gas consumption. At the same time, high prices continued to maximise the inflow of liquefied natural gas (LNG) to Europe at the expense of importers in China and South Asia. Europe’s gas stocks at seasonal record high (Reuters, January 17, 2023)- Europe's gas prices slump to moderate storage build (Reuters, January 4, 2023)John Kemp is a Reuters market analyst.

Combined gas inventories in the European Union and the United Kingdom were equivalent to 807 terawatt-hours (TWh) on Feb. 1, according to data from Gas Infrastructure Europe. Stocks are projected to deplete to a post-winter low of 606 TWh (with a range from 468 TWh to 705 TWh), slightly down from a projection of 617 TWh (487-733 TWh) on Jan. 22. Chartbook: Europe gas stocks and pricesNorthwest Europe is more than 60% of the way through the heating season so there is increasing visibility about the likely carryout. But overall Europe’s gas inventories remain exceptionally high for the time of year, which has kept a lid on prices and spreads despite the drop in temperatures. Europe’s gas stocks at seasonal record high(Reuters, January 17, 2023)- Europe's gas prices slump to moderate storage build (Reuters, January 4, 2023)John Kemp is a Reuters market analyst.

LONDON, Jan 19 (Reuters) - European Union energy regulators published their first daily liquefied natural gas (LNG) price assessment on Thursday, a first step in the EU's plan to launch a new European LNG benchmark price by the end of March. WHY DOES THE EU WANT A NEW LNG PRICE? Unlike pipeline gas, LNG is not widely traded on exchanges, so there is less visibility on how much the fuel costs. HOW WILL ACER'S LNG PRICE BE DIFFERENT? ACER can only produce a price assessment if it receives at least five transactions in the assessed five-day period.

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