DIRS.INFO The most relevant business & tech news

☆ Russian oil is now 20% below the proposed price cap as EU nations remain split in talks
▼ + stars: | 2022-11-28 | by ( Brian Evans | ) www.businessinsider.com time to read: +2 min

That's 20% lower than the European Union's proposed price cap of $65 per barrel, though some nations want it lower. EU member countries are resuming talks on Monday over the Russia oil price cap. Last week, reports said a price cap of $65-$70 was under discussion. The price cap will coincide the EU's December 5 embargo on seaborne Russian crude imports and ban on related services for deliveries worldwide. But because Russian oil is already selling below the proposed price cap level, analysts have noted that it wouldn't be low enough to weaken Moscow's revenue.

☆ 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.

A farmer spreads nitrogen fertilizer in his wheat field in Blecourt, France, May 27, 2021. Russia, under financial sanctions, is a major producer of fertilizer and natural gas, key in making nitrogen products to boost yields of corn and other crops. Since Russia's February invasion of Ukraine, Europe started weaning itself off Russian natural gas and a pipeline transporting ammonia from Russia to a Ukraine port shut down. European countries typically buy most of their imported urea, a form of nitrogen fertilizer, from North Africa, but are now purchasing it further afield, Wallace said. EU nitrogen prices eased in mid-October as some European plants resumed production due to softening natural gas prices, he said.

Such sanctions would prohibit Gazprom from paying Ukraine transit fees, which analysts say could end Russian gas flows to Europe via the country. "(Sanctions) would make into reality the worst-case scenario that European governments have been preparing for all summer, a European gas market without Russian gas," said Natasha Fielding, head of EMEA gas pricing at Argus Media. "Transit through Ukraine is the only Russian gas delivery route to Europe still in use besides the Turkish Stream pipeline, which serves southeast European countries," she added. Gas flows via the only operational Ukraine transit route through Sudzha are currently around 42 million cubic metres a day. As a result, European gas storage was 88% full as of Sept. 26, although there are variations between countries.

Search resuls for: "Argus Media"

4 mentions found