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☆ Oil plunge is bad for energy stocks but actually good for other areas of our portfolio
▼ + stars: | 2023-03-15 | by ( Zev Fima | ) www.cnbc.com time to read: +6 min

The extent of the decline in West Texas Intermediate crude — down 5.5% to under $67 per barrel — seems overdone in an energy market that remains structurally undersupplied. Bad for energy stocks For now, we're holding onto our three oil exploration and production (E & P) stocks — Coterra Energy (CTRA), Devon Energy (DVN) and Pioneer Natural Resources (PXD) — because their breakeven levels are around $40 per barrel. The big question is whether the federal government will make good on its signals to replenish the nation's Strategic Petroleum Reserve (SPR) at WTI prices below $70 per barrel. In turn, higher energy costs eat into discretionary spending budgets. Now, with energy costs coming down, we would expect these input costs to subside a bit.

☆ German liquefied natural gas capacity may not be fully utilised-RWE CEO
▼ + stars: | 2023-03-08 | by ( ) www.reuters.com time to read: +2 min

Companies Rwe Ag FollowFRANKFURT, March 8 (Reuters) - Germany's liquefied natural gas infrastructure may end up not being fully utilised, the chief executive of the country's top utility said in an interview, but added that simply having the import capacity was key to avoid a possible fuel supply squeeze. The comments by RWE (RWEG.DE) CEO Markus Krebber, made in a joint interview with German magazines Der Stern and Capital, came in response to the notion that Berlin may have overshot the mark with existing LNG capacity plans. "It may be that the LNG terminals are not fully utilised. Krebber said that Russia, which fully stopped gas supplies via the Nord Stream 1 pipeline at the end of August, was still fulfilling supply obligations via the alternative Ukraine pipeline. Germany said on Friday that the rollout of its LNG infrastructure would exceed the 9.8 billion euros ($10.40 billion) for the 2022-2038 period approved by the Bundestag lower house of parliament.

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.

☆ Watch CNBC's full interview with Contrast Capital's Ron Insana and Clearbridge's Michael Clarfeld
▼ + stars: | 2023-02-24 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with Contrast Capital's Ron Insana and Clearbridge's Michael ClarfeldRon Insana, co-CEO of Contrast Capital Partners, and Michael Clarfeld, portfolio manager with Clearbridge Investments, join 'Power Lunch' to discuss consumer spending, strains on natural gas infrastructure and energy market investment considerations.

☆ This market cycle has defied most forecasts, says Clearbridge Investments' Michael Clarfeld
▼ + stars: | 2023-02-24 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThis market cycle has defied most forecasts, says Clearbridge Investments' Michael ClarfeldRon Insana, co-CEO of Contrast Capital Partners, and Michael Clarfeld, portfolio manager with Clearbridge Investments, join 'Power Lunch' to discuss consumer spending, strains on natural gas infrastructure and energy market investment considerations.

European gas prices rallied in the run-up to Moscow's invasion of Ukraine begun almost exactly a year ago and they leapt to record highs when Russia subsequently cut supplies of relatively cheap pipeline gas. Although European prices have eased to around 50 euros ($53) per megawatt hour (MWh) from last August's peak of more than 340 euros, they remain above historic averages. That was even when they had received significant levels of Russian gas on long-term contracts prior to the shut down of the Nord Stream pipeline to Germany in August. Nord Stream's closure drove up European gas prices, as well as liquefied natural gas (LNG) prices, which also hit record levels of around 70 million British thermal units (mmBtu), compared with around $16 now . That could be tricky as the fall in gas prices this year has reduced the incentive to avoid the fuel.

☆ Europe's natural gas prices fall below €50
▼ + stars: | 2023-02-17 | by ( Anna Cooban | ) edition.cnn.com time to read: +3 min

London CNN —Europe’s natural gas prices have tumbled to their lowest level in nearly 18 months in the latest sign the region has avoided a much-feared energy crisis. Benchmark wholesale gas prices fell almost 5% Friday to hit €49 ($52) per megawatt hour, their lowest level since September 2021 and a fraction of the all-time high of €320 hit in August last year, according to data from Independent Commodity Intelligence Service. The plunge in prices will further reduce the risk of a recession in Europe. Gas stores across the European Union were 65% full on Thursday, according to Gas Infrastructure Europe, an industry body. The bloc has also boosted imports of pipeline natural gas from Norway, and of liquefied natural gas (LNG) — a chilled, liquid form of gas that can be transported via sea tankers — mostly from the United States and Qatar.

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.

☆ Europe’s now dealing with an oversupply of natural gas after hoarding it for months before winter
▼ + stars: | 2023-02-16 | by ( Phil Rosen | ) www.businessinsider.com time to read: +5 min

The benchmark price for natural gas futures has cratered about 28% this year, and it's trading roughly 85% cheaper than record highs reached in August. At that time, natural gas was costing buyers about 10 times more than usual ahead of the winter months. As a key energy supplier to Europe, many feared that Russia would cut off natural gas flows in retaliation to Western sanctions. Europe enjoyed its third hottest January ever last month, meaning people used less heating and thus less natural gas. A former Gazprom official told Reuters this week that all the years of work to build up Russia's natural gas exports have become moot.

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 17 (Reuters) - Northwest Europe is half-way through the winter heating season and gas inventories are at a record high following an extended period of exceptionally mild temperatures since the middle of December. Market-driven high prices have significantly reduced gas and electricity consumption by major industrial customers and more modestly by residential and commercial users. By Dec. 19, Frankfurt had experienced a total of 675 heating degree days, very close to the long-term average of 682. Between Dec. 19 and Jan. 15, however, the region experienced an exceptional and extended period of much warmer temperatures that reduced heating demand significantly. Cumulative heating demand so far this winter was 20% below the long-term seasonal average by Jan. 15 compared with a 5% deficit by Dec. 19.

☆ Natural gas prices haven’t been this low since Russia went to war
▼ + stars: | 2023-01-06 | by ( Anna Cooban | ) edition.cnn.com time to read: +7 min

London CNN —Natural gas prices in Europe and the United States have tumbled to levels last seen before Russia sparked a global energy crisis by invading Ukraine. Even so, European gas prices are still historically high, and could rise again this year if demand from China picks up or supplies are disrupted. Wholesale prices were already shooting up in the months before the war as economies reopened from pandemic lockdowns. “It will take a bit [of time] for the fall in the wholesale prices of natural gas to [feed into] into the retail prices,” he said. That will keep Europe at a competitive disadvantage to the United States, where gas prices are about five times lower.

☆ U.S. regulators to probe power outages during historic winter storm
▼ + stars: | 2022-12-29 | by ( ) www.reuters.com time to read: +2 min

Dec 28 (Reuters) - An inquiry will be opened into the power outages caused by extreme weather during historic winter storm Elliott, the U.S. Federal Energy Regulatory Commission (FERC) and other North American regulatory authorities said on Wednesday. FERC will probe operations of the bulk power system to identify performance issues and recommend solutions alongside the North American Electric Reliability Corporation (NERC) and its six regional entities which encompass nearly 400 million customers, mainly in the U.S. and Canada. "This storm underscores the increasing frequency of significant extreme weather events and underscores the need for the electric sector to change its planning scenarios and preparations for extreme events,” said NERC CEO and President Jim Robb. And this was in the early weeks of a projected 'mild' winter," Robb said. Reporting by Deep Vakil in Bengaluru; Editing by David GregorioOur Standards: The Thomson Reuters Trust Principles.

☆ Eni's Vaar Energi makes Arctic gas discovery
▼ + stars: | 2022-12-23 | by ( ) www.reuters.com time to read: +1 min

OSLO, Dec 23 (Reuters) - Norway's Vaar Energi (VAR.OL), majority owned by Italy's Eni (ENI.MI), said on Friday it had made a gas discovery near the Goliat field in the Arctic Barents Sea, supporting the group's long-term plans to expand in the area. "This is the largest discovery on the (Norwegian continental) shelf this year and comes as a Christmas gift," Vaar exploration manager Alessandro Barberis said in a statement. Preliminary estimates place the size of the gas discovery between 57 million and 132 million barrels of recoverable oil equivalents, or 9 million to 21 million standard cubic metres. "The discovery could serve as another step towards realising additional gas infrastructure in the Barents Sea in the future," said Rune Oldervoll, Vaar's head of production and exploration. "We have a long-term growth strategy for the Barents Sea and will continue to chase new opportunities for value creation."

The rapid drawdown in gas inventories for space heating, industrial processes and power generation shows the system functioning as intended. Gas stocks were +56 TWh (+21% or 1.39 standard deviations) above the ten-year seasonal average for 2012-2021. The largest seasonal depletion was -148 TWh (winter 2018/19) while the smallest was just -34 TWh (winter 2014/15). Related columns:- Europe’s gas stocks comfortable despite cold snap (Reuters, December 14)- Europe on course to end winter with plenty of gas (Reuters, November 28)- Europe’s gas storage peaks after record refill season (Reuters, November 18)- Mission accomplished? Europe fills gas storage ahead of schedule (Reuters, October 4)John Kemp is a Reuters market analyst.

LONDON, Dec 14 (Reuters) - Europe’s gas inventories remain comfortable despite much colder-than-normal temperatures across the northern part of the region which have boosted heating demand significantly since the start of December. Inventories in the European Union and United Kingdom (EU28) totalled 987 terawatt-hours (TWh) on December 12, according to Gas Infrastructure Europe (“Aggregated gas storage inventory”, GIE, December 14). Chartbook: Europe gas inventoriesExceptionally high prices coupled with conservation measures enacted following Russia’s invasion of Ukraine have significantly changed consumption patterns. Related columns:- Europe on course to end winter with plenty of gas (Reuters, Nov. 28)- Europe’s gas storage peaks after record refill season (Reuters, Nov. 18)- Europe’s gas prices retreat as storage almost full (Reuters, Oct. 13)- Mission accomplished? Europe fills gas storage ahead of schedule (Reuters, Oct. 4)John Kemp is a Reuters market analyst.

The operator of the Keystone Pipeline System, which carries a form of crude oil from Canada to multiple states for refining, said over the weekend that its largest-yet breach has been contained for now. TC Energy, the Canadian parent of day-to-day pipeline operator TC Oil, said in a statement Saturday that the spill was no longer moving downstream. It mobilized 250 crews to handle cleanup and has deployed booms and vacuum trucks to stop the oil, the company said. The failure along a 96-mile segment in parts of Washington County, Kansas, Clay County, Kansas and Jefferson County, Nebraska, brings renewed concern over pipeline safety following the demise of the contentious Keystone XL pipeline project. Mayberry wants TC Oil to determine the root cause of the breach and name decision-makers who might have contributed to the spill, according to the letter dated Thursday.

☆ Europe’s energy grids face first major winter stress test as Arctic blast takes hold
▼ + stars: | 2022-12-08 | by ( Sam Meredith | ) www.cnbc.com time to read: +1 min

LONDON — Temperatures in Northern Europe are expected to fall sharply over the coming days as cold air blows in from the Arctic, posing the first major winter test of the region's energy grids. The projected cold snap is thought to represent a significant stress test for Europe's fragile energy market systems. The latest data from industry group Gas Infrastructure Europe shows the EU's gas storage is estimated to be roughly 90% full. Energy analysts told CNBC that while Europe's gas storage levels were in a relatively strong position for winter, southern Germany may be "particularly vulnerable" to freezing temperatures partly due to nuclear outages in France. The U.K. could face problems early next year too if energy exports from the EU fall.

☆ NATO's Stoltenberg: Putin trying to use winter as war weapon against Ukraine
▼ + stars: | 2022-11-28 | by ( ) www.reuters.com time to read: 1 min

BUCHAREST, Nov 28 (Reuters) - Russia will likely continue attacking Ukraine's power grid, its gas infrastructure and basic services for the people, NATO Secretary-General Jens Stoltenberg said on Monday. "Doing that when we enter winter demonstrates that President (Vladimir) Putin is now trying to use ... the winter as a weapon of war against Ukraine," he told reporters at a news conference in Bucharest ahead of a two-day NATO foreign ministers' meeting. Reporting by Sabine Siebold and Benoit Van OverstraetenOur Standards: The Thomson Reuters Trust Principles.

LONDON, Nov 28 (Reuters) - Europe's gas inventories are on course to end the winter of 2022/23 at one of the highest levels on record - if prices stay high and provided pipeline deliveries from Russia continue. Exceptionally high prices, energy conservation, and warmer-than-normal temperatures since the middle of October have combined to cut consumption and attract large volumes of imported LNG. Depletions have ranged from as much as -712 TWh in the winter of 2018/19 to as little as -311 TWh in the winter of 2014/15. Related columns:- Europe's gas storage peaks after record refill season (Reuters, Nov. 18)- Europe's gas prices retreat as storage almost full (Reuters, Oct. 13)- Mission accomplished? Europe fills gas storage ahead of schedule (Reuters, Oct. 4)- Europe tops up gas stocks, but winter demand cuts essential (Reuters, Sept. 7)John Kemp is a Reuters market analyst.

Ukrainian state energy firm Naftogaz said in a Tuesday tweet that “Gazprom accused Ukraine of stealing gas. Russia is also sending gas to Europe via the TurkStream pipeline that runs through Turkey to Bulgaria. If Russia halted exports through Ukraine, Europe would lose about 4 billion cubic meters of gas — or just 1% of its estimated gas demand for 2022 — between December and March, Filippenko said. The continent’s gas storage facilities are nearly 95% full, according to data from Gas Infrastructure Europe. In this context, a total shut off of Moscow’s pipeline gas through Ukraine would cause “minimal” damage, Filippenko said.

☆ Fossil-fuel companies have more people at the UN's climate summit than the 10 countries most affected by climate change do combined
▼ + stars: | 2022-11-19 | by ( Morgan Mcfall-Johnsen | Catherine Boudreau | ) www.businessinsider.com time to read: +8 min

Fossil-fuel interests are fighting for natural gas at the United Nations' COP27 climate summit. But natural gas is mostly methane — a greenhouse gas 80 times more potent than carbon dioxide — and it leaks. One-third of the fossil fuel lobbyists Global Witness identified are registered as part of national delegations, according to Dominic Kavakeb, a spokesperson for Global Witness. Fossil fuel influence threatens to undermine progress on one of the most powerful, immediate climate solutions: ending human methane emissions. While methane's consequences are severe, the good news is that countries and industries can quickly slow climate change by cutting methane emissions.

LONDON, Nov 18 (Reuters) - Europe’s gas storage probably peaked this week ahead of the winter after a refill season that shattered records for its length and the volume of gas injected into storage sites across the region. Inventories in the European Union and the United Kingdom reached 1,079 terawatt-hours (TWh) on Nov. 13, according to Gas Infrastructure Europe (“Aggregated gas storage inventory”, GIE, Nov. 18). Chartbook: European gas inventoriesEuropean inventories have been boosted by record high prices, government storage mandates, reduced consumption by households and industries, and unusually mild temperatures through October and early November. As a result, Europe’s record refill and plentiful inventories have left consumers in countries such as Pakistan and Bangladesh at risk of gas shortages, rationing and power cuts this winter. Related columns:- Europe’s gas prices retreat as storage almost full (Reuters, Oct. 13)- Mission accomplished?

☆ Europe Needs Luck to Escape the Worst of Gas Crisis
▼ + stars: | 2022-11-17 | by ( Carol Ryan | ) www.wsj.com time to read: 1 min

Europe has just begun drawing on the gas it hurriedly put into storage after Russia cut pipeline flows. To be in as good shape next year, the region can’t afford to deplete it too much this winter. This week, the European Union flipped from making net injections of gas into storage to withdrawals for the first time this season. In 2021 and 2020, the switch happened much earlier, in mid-October and late September respectively, according to Gas Infrastructure Europe data. Mild weather has delayed the need to turn on the heating in Europe’s homes and commercial buildings, which normally accounts for around half of the region’s annual gas needs.

☆ U.S. watchdog seeks cybersecurity strategy for offshore energy infrastructure
▼ + stars: | 2022-11-17 | by ( ) www.reuters.com time to read: +1 min

Companies U.S. Government Accountability Office FollowNov 17 (Reuters) - A U.S. watchdog in a report made public on Thursday asked the federal regulator of offshore oil and gas infrastructure to come up with a cybersecurity strategy for the more than 1,600 facilities under its oversight. The Government Accountability Office (GAO) report highlighted that offshore facilities increasingly use technology to remotely monitor and control equipment, making them vulnerable to cyberattacks and risking environmental harm and supply disruptions. A successful cyberattack could wreak damage resembling the effects of 2010 Deepwater Horizon disaster, the report said. That disaster was not a cyberattack but it killed 11 workers and cost billions of dollars for Gulf Coast restoration. Reporting by Seher Dareen and Deep Vakil in Bengaluru Editing by Matthew LewisOur Standards: The Thomson Reuters Trust Principles.

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