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☆ Oil and natural gas prices are climbing again as risks multiply
▼ + stars: | 2023-10-13 | by ( Anna Cooban | ) edition.cnn.com time to read: +5 min

“The oil market is very sensitive to developments with the Israel-Hamas war,” he told CNN. Risks to natural gas supplyThe situation in Israel has also weighed heavily on the European natural gas market. Egypt produces a lot of its own natural gas in addition to imports and processes some of it into LNG for shipping abroad. “This has obviously created a lot of nervousness and heightened the geopolitical risk within the European gas market,” Tomas Marzec-Manser, head of gas analytics at ICIS, told CNN. And Marzec-Manser thinks Europe’s upcoming winter will be bearish for the gas market.

Persons: Edward Moya, ”, —, ” Moya, Brent, Price, ” Sophie Lund, Yates, Hargreaves Lansdown, Massimo Di Odoardo, Wood Mackenzie, Di Odoardo, Frederic J . Brown, ” Tomas Marzec Organizations: London CNN — Global, Brent, Texas, CNN, Israel Defense Forces, Hezbollah, Group, Chevron, Getty, Authorities Locations: Israel, Iran, Tehran, United States, Gaza, Lebanon, Saudi Arabia, Russia, Egypt, Jordan, Europe, LNG, Finland, Estonia, Kern County , California, AFP, Baltic, Germany, Ukraine

Pipes for the Nord Stream 2 gas pipeline in the Baltic Sea, which are not used, are seen in the harbour of Mukran, Germany, on September 30, 2022. Before Russia's invasion of Ukraine, the Nord Stream 1 pipeline had accounted for 15% of Europe's gas imports in 2021, according to the Oxford Institute for Energy Studies. A second Nord Stream 2 link was planned but never operated. "Our biggest risk was that Russia can manipulate our energy markets," EU Energy Commissioner Kadri Simson told Reuters. Across the EU, gas storage caverns are now 95% full, Gas Infrastructure Europe data show.

Persons: Pipes, Fabian Bimmer, Kadri Simson, SEB, Ole Hvalbye, Tom Marzec, Wood Mackenzie, Gergely Molnar, Jacob Mandel, Kate Abnett, Julia Payne, Nora Buli, Barbara Lewis Organizations: REUTERS, Oxford Institute for Energy Studies, Reuters Graphics, EU Energy, Reuters, EU, SEB Commodities, Gas Infrastructure, International Energy Agency, Aurora Energy Research, Thomson Locations: Baltic, Mukran, Germany, Russia, BRUSSELS, OSLO, Europe, Ukraine, RUSSIA, Norway, United States, Russian, Greece, Poland, Finland, Italy, Netherlands, France, Reuters Graphics Germany, Belgium, Britain, Portugal, Spain, Paris, Brussels, Oslo

☆ Natural gas prices are spiking again. Here’s why
▼ + stars: | 2023-08-10 | by ( Olesya Dmitracova | ) edition.cnn.com time to read: +3 min

London CNN —Natural gas prices have spiked again this week, just as Europe prepares for the heating season. The price of Dutch natural gas, the European benchmark, has jumped 24% to €40 ($44) per megawatt hour since Tuesday on news of potential industrial action at liquefied natural gas (LNG) plants in Australia. US natural gas prices have climbed 18% so far this month. “As much of the spare LNG supply comes from the US, natural gas prices there have also jumped higher,” he added. The sudden rise in gas prices follows a recent run-up in oil prices, driven by production cuts by major exporters such as Saudi Arabia and Russia.

Persons: Brad Gandy, Tom Marzec, ”, Russia —, Bill Weatherburn, Brent, Weatherburn, Massimo Di Odoardo, Wood Mackenzie, “, Woodside, — Hilary Whiteman Organizations: London CNN, Offshore Alliance, Chevron, North West, Woodside Energy Group, Facebook, CNN, —, Capital Economics, European Union, Asia —, Reuters Locations: Australia, Europe, Russia, Ukraine, Norway, LNG, United States, Qatar, Moscow, Saudi Arabia, Marzec, “, Asia, Asia — Japan, —, Brisbane

☆ 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 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.

☆ Europe now has so much natural gas that prices just dipped below zero
▼ + stars: | 2022-10-26 | by ( Anna Cooban | ) edition.cnn.com time to read: +4 min

London CNN Business —Europe has more natural gas than it knows what to do with. Now, EU gas storage facilities are close to full, tankers carrying liquefied natural gas (LNG) are lining up at ports, unable to unload their cargoes, and prices are tumbling. The price of benchmark European natural gas futures has dropped 20% since last Thursday, and by more than 70% since hitting a record high in late August. Prices turned negative because of an “oversupplied grid,” Tomas Marzec-Manser, head of gas analytics at the Independent Commodity Intelligence Services (ICIS), told CNN Business. The bloc has ramped up imports of LNG from the United States and Qatar as natural gas imports from Russia plummeted.

LONDON, Oct 26 (Reuters) - European benchmark gas prices have been steadily declining over the past few months to near their levels before war broke out in Ukraine. WHY HAVE GAS PRICES BEEN FALLING RECENTLY? The European Union as a whole also met a target for refilling gas storage sites to 80% by Nov. 1 ahead of time. Liquefied natural gas (LNG) supply and Norwegian pipeline supply have been strong. Added to that, wind power output has been quite high, which reduces demand for gas from power plants.

☆ Europe has enough energy to survive the winter. Next year might be different
▼ + stars: | 2022-10-13 | by ( Anna Cooban | ) edition.cnn.com time to read: +8 min

Cornelius Poppe/NTB/AFP/Getty ImagesBut success has come at a heavy cost to the economy: the scramble for alternative sources has sent energy prices soaring. Alexei Miller, CEO of Russian state energy giant Gazprom, said on Wednesday that there was “no guarantee” that Europe would survive the winter with its current reserves. “Adopting policies that prevent the pass-through of high energy prices to consumers is an expensive gamble that is doomed to fail if wholesale energy prices will stay high in the future,” he added. Carlos Torres Diaz, head of power analysis at Rystad Energy, told CNN business that Europe’s energy transition “has been put on hold” as it prioritizes energy security. “These sources of energy also help reduce the dependency on energy imports,” Torres Diaz added.

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