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☆ Turkey starts paying for some Russian gas in roubles
▼ + stars: | 2022-11-08 | by ( ) www.reuters.com time to read: +1 min

ISTANBUL, Nov 8 (Reuters) - Turkey has started paying for some its natural gas from Russia in roubles, Turkish Energy Minister Fatih Donmez said on Tuesday. In an interview with broadcaster TRT Haber, Donmez said that in the coming months the share of local currency payments in energy trade with Russia would increase. Ankara and Moscow agreed in September to start rouble payments for natural gas supplies. When asked about Russian President Vladimir Putin's proposal for a natural gas hub in Turkey, Donmez said Ankara would layout a roadmap by the end of this year and may hold a conference for suppliers and buyers. "We could organise an international gas conference, perhaps in January or February, to bring together gas suppliers and importer countries to take their opinion, we will proceed according to that," Donmez said.

If approved, its gas could restart an idled liquefaction train with a 500 million cubic feet per day (cf/d) capacity at Trinidad's flagship Atlantic LNG project. The facility is a venture mainly including Shell (SHEL.L), BP and state-owned National Gas Company of Trinidad and Tobago (NGC). YEARS OF WORK AHEADTrinidad is Latin America's largest liquefied natural gas (LNG) exporter, with installed capacity to process 4.2 billion cf/d into LNG, petrochemicals and power. Even if Washington granted Trinidad's request, it could take years of investment and development to bring Venezuelan gas to Trinidad and boost LNG to Europe. That project follows an amended production sharing contract for the Manatee gas field in Trinidad, which extends to Venezuela's Loran field.

☆ Trinidad gets to work on design of small LNG hub to feed the Caribbean
▼ + stars: | 2022-10-27 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Dado Ruvic/IllustrationPORT OF SPAIN, Oct 27 (Reuters) - Trinidad and Tobago's state-owned gas company has started work on designing a small-scale liquefied natural gas (LNG) hub that could help the Caribbean move away from oil-based power generation, the firm told Reuters. LNG producers in Trinidad have ramped up supplies to Europe this year amid buoyant demand and high prices. LNG to be handled by the plant will be sourced from the Atlantic LNG project. NGC said it will continue selling the fuel to customers in other regions and will evaluate the feasibility of LNG shipments via ISO containers that can be loaded onto feeder ships, or via small LNG carriers if economical. For shipments via LNG carriers, regasification terminals will be required at destinations.

☆ UK's Sunak reconsiders tax rises -The Telegraph
▼ + stars: | 2022-10-26 | by ( ) www.reuters.com time to read: +1 min

Oct 26 (Reuters) - British Prime Minister Rishi Sunak is considering tax rises and major public spending cuts, according to The Telegraph. Sunak on Wednesday delayed the announcement of a keenly awaited plan for repairing the country's public finances until Nov. 17, two-and-a-half weeks later than previously planned. The report noted a rapid fall in the interest rate paid on government gilts and a reduction in the international gas price. Soon after Sunak became Britain's Prime Minister on Tuesday, he said difficult decisions lay ahead as he looks to cut public spending. Last week, The Telegraph reported that Hunt was considering up to 20 billion pounds of tax rises in a budget that was previously scheduled for Oct. 31.

☆ Gas prices are heading down, with or without Biden’s help
▼ + stars: | 2022-10-19 | by ( Chris Isidore | ) edition.cnn.com time to read: +4 min

New York CNN Business —It’s not at all clear if President Joe Biden’s latest announcement that he’s releasing oil from the nation’s emergency stockpile will help bring gas prices down. The national average stood at $3.85 a gallon Wednesday, down 2 cents from Tuesday and 7 cents in the last week. But a number of West Coast refineries that had been offline have returned to operations, and that has sparked a plunge in gas prices west of the Rocky Mountains, driving down the national average. “As it started selling off [Tuesday], it triggered some liquidation [of oil futures].” Oil and gas prices both rebounded modestly in Wednesday trading. Correction: A previous version of this article misidentified the day of the week the national gas price average stood at $3.85 a gallon and the prior day.

☆ Factbox: Energy crisis revives coal demand and production
▼ + stars: | 2022-10-19 | by ( ) www.reuters.com time to read: +6 min

France - The Emile Huchet coal power plant restarted in early October, only six months after it closed, according to local media. Netherlands - Dutch energy minister Rob Jetten said in June the Netherlands will remove a production cap at coal-fired energy plants to preserve gas. In June, it said it plans to "increase thermal coal production from existing mines this year maximum by 1.5 million tonnes". Spain - The ministry for the ecological transition requested in May the delay of Endesa's As Pontes coal power station closure. (** Note that Ukraine's government has stopped releasing coal production data since the start of the war).

LONDON/MADRID, Oct 17 (Reuters) - Dozens of ships carrying liquefied natural gas (LNG) are circling off the coasts of Spain and other European countries unable to secure slots to unload because plants that convert the seaborne fuel back to gas are full. There are also LNG vessels at anchor near other European countries which could mean dozens more are waiting, one source with knowledge of the situation said. "If more cargoes were being produced companies might not be able to leave their ships waiting around so long," he said. If the backlog is not cleared soon those ships may start looking for alternative ports outside Europe to offload their cargo. The lack of pipeline infrastructure means that this gas cannot be transported to other European countries.

☆ New UK finance minister rips up Truss’ economic plan in stunning policy reversal
▼ + stars: | 2022-10-17 | by ( Julia Horowitz | ) edition.cnn.com time to read: +5 min

The stunning reversal would raise £32 billion ($36 billion), he said. “No government can control markets, but every government can give certainty about the sustainability of public finances,” Hunt said. “The United Kingdom will always pay its way.”The moves represent a gutting of Prime Minister Liz Truss’ flagship policies and leave her in a perilous political position. On Friday, Truss fired Kwasi Kwarteng, her previous finance minister, and reinstated a big tax hike on corporations. “A central responsibility for any government is to do what’s necessary for economic stability,” Hunt said.

☆ Sterling drops as UK turmoil escalates; dollar hits new 32-year high vs yen
▼ + stars: | 2022-10-14 | by ( Gertrude Chavez-Dreyfuss | ) www.reuters.com time to read: +4 min

The dollar, on the other hand, continued its march higher against a beleaguered yen, hitting a fresh 32-year peak of 148.86. Japanese Finance Minister Shunichi Suzuki on Thursday reiterated the government's readiness to take steps against excessive currency volatility. Register now for FREE unlimited access to Reuters.com RegisterJapan last month intervened to buy yen for the first time since 1998. The pound, meanwhile, fell for a second straight day against the dollar, last traded at $1.1167, down 1.4% . U.S. retail sales were unexpectedly unchanged in September as stubbornly high inflation and rapidly rising interest rates crimp demand for goods.

☆ U.S. retail sales unchanged; consumers showing resilience
▼ + stars: | 2022-10-14 | by ( Lucia Mutikani | ) www.reuters.com time to read: +7 min

But consumers are not rolling over yet, with the report from the Commerce Department on Friday also showing a measure of underlying retail sales rising last month, thanks to strong wage gains and savings. These so-called core retail sales were also stronger than initially thought in August. Register now for FREE unlimited access to Reuters.com RegisterThe unchanged reading in retail sales last month followed an upwardly revised 0.4% rise in August. Retail sales increased 8.2% on a year-on-year basis in September. Data for August was revised higher to show these core retail sales rising 0.2% instead of being unchanged as previously reported.

U.S. corn and soybean yields will be of top priority in Wednesday's reports, due at noon EDT (1600 GMT). Corn yield was lower in just five of the last 20 Octobers, most recently 2016 and 2012, the latter decent company for 2022. The Midwest this year recorded its driest September since 1979, though drier Septembers have not necessarily promoted lower soy or corn yields in October. Nine of the 11 Crop Watch soybean fields yielded at or just below pre-harvest expectations. Crop Watch corn harvest is only starting, but nationally the pace is 1 point ahead of average.

☆ Gazprom: NATO mine destroyer was found at Nord Stream 1 in 2015
▼ + stars: | 2022-10-10 | by ( ) www.reuters.com time to read: +1 min

The logo of Gazprom is displayed on a screen during the Saint Petersburg international gas forum in Saint Petersburg, Russia September 15, 2022. REUTERS/Anton Vaganov/File PhotoMOSCOW, Oct 10 (Reuters) - A spokesperson for Russian energy giant Gazprom (GAZP.MM) said on Monday that a mine destroyer discovered at the Nord Stream 1 offshore gas pipeline in 2015 belonged to NATO. Nord Stream reported on that date in 2015 that a "munitions object" had been cleared by the Swedish armed forces, without giving more detail on the object. Gazprom owns 51% in Swiss-based Nord Stream AG, operator of Nord Stream 1. An international investigation is underway into a rupture, discovered late last month, in the Russian-built Nord Stream 1 and Nord Stream 2 pipelines on the bed of the Baltic Sea.

☆ UBS: Buy these 23 high-quality stocks that are poised to outperform as a volatile market sends the Eurozone barreling towards a recession
▼ + stars: | 2022-09-28 | by ( Lisa Kailai Han | ) www.businessinsider.com time to read: +3 min

Raging inflation, rate hikes, and an energy crisis have tumbled European stocks recently. UBS shared 23 high-quality stocks to buy to help investors navigate increasing volatility and risk. "Inflation risks remain skewed to the upside, in our view," wrote a team of UBS strategists in a report published earlier this month. 23 high-quality stocks to weather the stormBut just because there's storms ahead for the European stock market doesn't mean that investors must stay away entirely. The full list of UBS's top 23 high-quality European stock picks is below, along with each firm's ticker, key themes and drivers, and catalysts.

A liquefied natural gas (LNG) tanker is tugged towards a thermal power station in Futtsu, east of Tokyo, Japan November 13, 2017. The global LNG market has more than doubled in size since 2011, ushering in dozens of new entrants and the expansion of smaller players in Asia. The capital needed to trade the market soared after benchmark LNG prices rose from record lows below $2 per million British thermal units (mmBtu) in 2020 to highs of $57 in August. LNG spot prices price stood at $40.50/mmBtu then. 'DIFFICULT TO COMPETE'High LNG cargo prices are also widening energy poverty globally as some cargoes, initially destined for poorer nations, end up being diverted to European buyers.

☆ Gazprom says group's first half core earnings more than doubled to $53 billion
▼ + stars: | 2022-09-27 | by ( ) www.reuters.com time to read: +1 min

The logo of Gazprom is displayed on a screen during the Saint Petersburg international gas forum in Saint Petersburg, Russia September 15, 2022. REUTERS/Anton VaganovMOSCOW, Sept 27 (Reuters) - Russian gas giant Gazprom Group's (GAZP.MM) earnings before interest, taxes, depreciation and amortisation more than doubled in the first six months of the year to 3.05 trillion roubles ($52.54 billion), the company said on Tuesday. It also said its average exporting gas price rose more than 3.5 times in the same period of this year. Gazprom reported last month that it made a record 2.5 trillion roubles in net profit in the first half of 2022 and its board recommended paying interim dividends after skipping the annual payout for the first time since 1998. read more($1 = 58.0500 roubles)Register now for FREE unlimited access to Reuters.com RegisterReporting by Reuters; Editing by Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.

☆ Russia's Gazprom to replace sterling-denominated bond
▼ + stars: | 2022-09-19 | by ( ) www.reuters.com time to read: +1 min

Register now for FREE unlimited access to Reuters.com RegisterThe logo of Gazprom is displayed on a screen during the Saint Petersburg international gas forum in Saint Petersburg, Russia September 15, 2022. REUTERS/Anton Vaganov/File PhotoMOSCOW, Sept 19 (Reuters) - Gazprom said on Monday its subsidiary Gazprom Capital will issue new rouble-denominated bonds to replace a sterling-denominated issuance worth 850 million pounds ($970.02 million) due in 2024. The bond last traded at 51 pence per pound with a yield above 55%, unchanged on the day, with markets closed in London on Monday. Dollar-denominated Gazprom bonds maturing between 2026 and 2031 were down between 1 cent and 4 cents on the day, trading at 51 cents or lower. ($1 = 0.8763 pound)Register now for FREE unlimited access to Reuters.com RegisterReporting by Reuters; Editing by Jan Harvey and Jonathan OatisOur Standards: The Thomson Reuters Trust Principles.

☆ Trump accused Biden of scheming to keep gas prices down but they've been in steady decline for months: 'Right after the election it's going to double'
▼ + stars: | 2022-09-18 | by ( Taiyler Simone Mitchell | ) www.businessinsider.com time to read: +3 min

Former President Donald Trump slammed President Joe Biden for lowering gas prices. Trump claimed the decrease was a politically motivated scheme. "Right after the election, it's going to double up and go higher than anybody ever believed," Trump claimed. While the crowd cheered during Trump's rant on the current status of gas prices, some supporters didn't seem too bothered. "Wasn't too bad," the supporter said of the gas prices.

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