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☆ European gas prices plummet 60% from summer peak as warm weather buffers storage ahead of the winter energy crisis
▼ + stars: | 2022-11-10 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +2 min

European gas prices have plummeted 60% from their summertime peak, according to data from Bloomberg. Warmer weather ahead of winter as well as demand destruction from soaring energy costs has helped lower demand. While the benchmark price for gas is still about three times higher than five-year average, Bloomberg reported that gas prices have fallen 60% from their highs in August. Natural gas usage in Western Europe fell 22% in October compared to the previous year, according to data from Energy Scan. That brings some relief to potential supply shortages, and has allowed the European Union to build up a hefty storage of natural gas ahead of winter.

☆ U.S. natgas futures jump 7% in volatile week on cold forecasts
▼ + stars: | 2022-11-04 | by ( ) www.reuters.com time to read: +4 min

Freeport LNG submitted a draft Root Cause Failure Analysis to the Department of Transportation's Pipeline and Hazardous Materials Safety Administration (PHMSA) on Nov. 1, according to sources familiar with the filing. Freeport LNG, however, has not yet submitted a request to resume service. Prism Brilliance, Prism Diversity and Prism Courage were waiting off the coast from the plant, and Prism Agility was expected to arrive around Nov. 29. In what has already been an extremely volatile week, front-month gas futures rose 42.5 cents, or 7.1%, to settle at $6.400 per million British thermal units (mmBtu), the highest close since Oct. 14. With the coming of seasonally colder weather, Refinitiv projected average U.S. gas demand, including exports, would rise from 97.6 bcfd this week to 100.1 bcfd next week and 119.0 bcfd in two weeks.

The pre-tax loss of around $900 million in its LNG trading offers rare insight into its trading operations that can also sharply boost the group's earnings. Shell's LNG trading performance contrasts with rivals BP and TotalEnergies (TTEF.PA) which both reported strong earnings from their trading divisions in the quarter, without providing details. The rally in European prices far outpaced Asian prices , leading to a collapse in the spread between the two benchmarks. Gorman added that for the first three quarters of 2022, LNG trading results were higher than the same period a year earlier. Asian prices have been weakened by muted Chinese demand since the start of the year due to covid and slow economic growth.

☆ Goldman Sachs expects European natural gas prices to tumble 30% in the coming months
▼ + stars: | 2022-11-02 | by ( Silvia Amaro | ) www.cnbc.com time to read: +1 min

European gas prices are expected to drop to 85 euros megawatt hour in the coming months, said Goldman SachsGoldman Sachs predicts that European natural gas prices would drop by about 30% in the coming months as nations gain a temporary upper hand on supply issues. The Dutch Title Transfer Facility (TTF) is Europe's main benchmark for natural gas prices. It traded at around 120 euros per megawatt hour on Tuesday. But Goldman Sachs expects this benchmark to fall to 85 euros per megawatt hour in the first quarter of 2023, according to a research note published last week. Indeed, the latest data compiled by industry group Gas Infrastructure Europe shows storage levels in Europe are sitting at 94%.

☆ German industry curbed gas demand by a fifth in crisis - study
▼ + stars: | 2022-11-01 | by ( ) www.reuters.com time to read: +2 min

Companies Hertie School of Governance gemeinnützige GmbH FollowFRANKFURT, Nov 1 (Reuters) - German industry cut its gas consumption by nearly a fifth last month, sustainability experts said on Tuesday, after a plunge in Russian gas exports sparked a continent-wide energy crisis that led to soaring energy prices. "A further reduction in gas consumption in industry is likely in view of persistently high gas prices," they said. German households, half of whom heat with gas, increased savings to 36% year-on-year in September, having saved 10% in March, the study said. The researchers explained these findings with delayed billing effects, delayed saving appeal campaigns and a lower price exposure of household prices to the wholesale market. Germany's expert gas commission on Monday presented proposals to the government for a gas price cap to help citizens and encourage companies to keep up operations and protect jobs.

☆ U.S. natgas futures drop 10% on profit-taking, mild forecasts
▼ + stars: | 2022-11-01 | by ( ) www.reuters.com time to read: +4 min

Nov 1 (Reuters) - U.S. natural gas futures dropped about 10% on Tuesday, following a 12% rise on Monday as traders took profits during a period of extreme volatility after the latest forecasts called for the weather to remain mild for the next two weeks. Analysts at energy consulting firm Gelber & Associates said the "early week surge in ... gas futures (saw) signs of exhaustion today as profit-takers pile on." Front-month gas futures fell 64.1 cents, or 10.1%, to settle at $5.714 per million British thermal units (mmBtu). Daily output was on track to drop about 4.5 bcfd to a preliminary five-month low of 95.7 bcfd on Tuesday. Last year, just 29%, or about 2.8 bcfd, of U.S. LNG exports went to Europe.

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.

Equinor's previous earnings record amounted to a profit before tax of $18 billion and was set in the first quarter. Equinor has said it sells most of its gas output on a day-ahead or month-ahead price basis. "Of course, the (gas) prices in Europe are very high. The European Union has said it plans to coordinate some of its gas purchases in the hope of bringing down prices. "We will cooperate with those buying institutions planned in the EU and negotiate gas prices in the future," Opedal said.

☆ U.S. natgas futures falls 3% on mild weather forecasts
▼ + stars: | 2022-10-28 | by ( ) www.reuters.com time to read: +3 min

Oct 28 (Reuters) - U.S. natural gas futures fell about 3% on Friday on record output and forecasts for mild weather and low heating demand through mid November, which should allow utilities to inject more gas into storage than usual for at least a few more weeks. The market was still waiting for the return of Freeport LNG's export plant in Texas. On its first day as the front-month, gas futures for December delivery fell 19.1 cents, or 3.3%, to settle at $5.684 per million British thermal units (mmBtu). During the first nine months of 2022, roughly 60%, or 6.3 bcfd, of U.S. LNG exports went to Europe, as shippers diverted cargoes from Asia to fetch higher prices. Last year, just 29%, or about 2.8 bcfd, of U.S. LNG exports went to Europe.

☆ EU countries try to map out path to gas price cap
▼ + stars: | 2022-10-25 | by ( Kate Abnett | ) www.reuters.com time to read: +2 min

REUTERS/Stephane Mahe/IllustrationBRUSSELS, Oct 25 (Reuters) - European Union energy ministers will discuss a bloc-wide gas price cap on Tuesday, attempting to navigate their next steps although it is likely to be weeks before any final decisions. With no legal proposal for a price cap on the table yet, ministers meeting in Luxembourg are expected to debate the principles of how an EU gas price limit could work, as well as possible drawbacks. Europe has been scrambling to tame high energy prices after Russia slashed gas supplies following its invasion of Ukraine - sending gas prices skywards and pushing European power prices to record levels in August. Any proposal would need to be negotiated by EU countries, possibly with the aim of approving it at an emergency meeting of energy ministers in November. Ahead of Tuesday's talks, the EU Commission shared a document with countries that cautioned against another type of price cap, for gas used to generate power, which it said could cause an increase in gas use.

☆ EU countries look to map out path to gas price cap
▼ + stars: | 2022-10-25 | by ( Kate Abnett | ) www.reuters.com time to read: +3 min

REUTERS/Stephane Mahe/IllustrationBRUSSELS, Oct 25 (Reuters) - European Union energy ministers will discuss a bloc-wide gas price cap on Tuesday, attempting to navigate their next steps although it is likely to be weeks before any final decisions. Europe has been scrambling to tame high energy prices after Russia slashed gas supplies following its invasion of Ukraine - sending gas prices skywards and pushing European power prices to record levels in August. With no legal proposal for a price cap on the table yet, ministers meeting in Luxembourg are expected to debate the principles of how an EU gas price limit could work, as well as possible drawbacks. Ahead of Tuesday's talks, the EU Commission shared a document with countries that cautioned against another type of price cap, for gas used to generate power, which it said could cause an increase in gas use. One senior EU official said it was not yet clear when Brussels would make a firm proposal on a price cap.

☆ Factbox: How is Germany replacing Russian gas?
▼ + stars: | 2022-10-24 | by ( ) www.reuters.com time to read: +2 min

FRANKFURT, Oct 24 (Reuters) - Germany, Europe's biggest economy and historically a major importer of Russian gas, is scrambling to secure alternative supplies following a plunge in flows from Russia since its invasion of Ukraine. Germany is sourcing more gas from Benelux countries, Norway, and France. IMPORTERS' STRATEGIESStricken importer Uniper (UN01.DE) has said it is sourcing Norwegian, Dutch and Azeri gas via pipelines and using its global role as a trader of liquefied natural gas (LNG) to procure more of the super-cooled gas into north western Europe. LNG TERMINALSIn the absence of LNG reception terminals, Germany is building floating LNG terminals (FSRUs), of which two will be ready at the turn of the year, in Brunsbuettel and Wilhelmshaven. In the long term, fixed onshore terminals will be built with a view to receiving gas, carbon-free hydrogen, and ammonia.

Oct 24 (Reuters) - U.S. natural gas futures jumped about 5% after sliding to a fresh seven-month low earlier in the session on a technical rebound and expectations demand would rise as liquefied natural gas (LNG) exports increase once export plants exit maintenance outages in coming weeks. Some traders expect Freeport will return to service in November while others believe the return will be delayed. Front-month gas futures rose 24.0 cents, or 4.8%, to settle at $5.199 per million British thermal units (mmBtu). During the first nine months of 2022, roughly 60%, or 6.3 bcfd, of U.S. LNG exports went to Europe, as shippers diverted cargoes from Asia to fetch higher prices. Last year, just 29%, or about 2.8 bcfd, of U.S. LNG exports went to Europe.

☆ A Europe with zero Russian gas flows is unimaginable as Asian competition for supplies heats up, Qatar's energy minister says
▼ + stars: | 2022-10-19 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +4 min

Qatar's energy minister told the FT he can't envisage a future with zero Russian gas flows to Europe. State energy giant recently Gazprom threatened to cut more supplies to Europe if Western price caps on Russian gas and oil are imposed. The Qatari energy minister said he couldn't envisage a future with zero flows of Russian gas to Europe. According to Kaabi, Europe's rush to secure long-term supplies of natural gas has put the region in "huge competition" with Asian importers. At last check Wednesday, European natural gas prices were up 3.33% at 117 euros ($114) per megawatt hour.

☆ Time for Europe to tame its energy cravings
▼ + stars: | 2022-10-19 | by ( Lisa Jucca | ) www.reuters.com time to read: +4 min

For a year, Europe has been battling with unusually high prices. One-month TTF contracts started to decline once European nations slowed down buying to replenish their emergency storage facilities, now 92% full. With non-Russian gas producers already pumping at full capacity, Europe can’t do much to boost supply. Learning to save energy at home, and making companies more efficient, could be the only way to keep gas prices down. Reuters GraphicsFollow @LJucca on TwitterCONTEXT NEWSEuropean Union leaders will meet on Oct. 20-21 to discuss a package of measures designed to lower energy prices.

☆ EU leaders still eyeing multiple gas price caps - document
▼ + stars: | 2022-10-19 | by ( Kate Abnett | ) www.reuters.com time to read: +2 min

A revised draft of their summit conclusions said EU leaders would broadly endorse the proposals - including plans to launch an alternative price benchmark for liquefied natural gas and start joint gas buying among EU countries. Register now for FREE unlimited access to Reuters.com RegisterThe proposals each need support from a reinforced majority of EU countries - at least 15 members representing at least 65% of the bloc's population. EU leaders look set to back that idea, asking Brussels to examine a "temporary dynamic price corridor" on gas transactions, according to their draft conclusions. The conclusions may struggle to win support from all leaders, since countries are split over the Iberian mechanism. The draft conclusions said a price cap on gas used for power generation must avoid increasing gas consumption.

Gas leak at Nord Stream 2 as seen from the Danish F-16 interceptor on Bornholm, Denmark September 27, 2022. Sweden's daily Expressen reported that a section measuring at least 50 metres (164 feet) was missing from the ruptured Nord Stream 1 gas pipeline. Reuters could not independently verify that the images published by the paper were of Nord Stream 1. The measure would not launch immediately but would require a separate EU proposal and approval from EU countries to go ahead. Nord Stream 2 had not started commercial deliveries.

☆ EU to propose extra energy measures, swerve immediate gas price cap
▼ + stars: | 2022-10-18 | by ( Kate Abnett | ) www.reuters.com time to read: +2 min

The measure must not affect EU security of gas supply, cause an increase in gas use, or disrupt the functioning of gas markets, it said. The move to curb TTF gas prices would require a separate proposal from Brussels and require approval from EU countries. The EU package is unlikely to placate all 27 EU countries - whose leaders will discuss the proposals at a summit on Oct. 20-21. Most EU countries have urged the Commission to urgently propose a gas price cap, but disagree on its design. EU energy regulators would also be changed with developing a new liquefied natural gas price benchmark by the end of March, and Brussels will launch a "tool" for EU countries to start jointly buying gas, according to the draft.

The measure must not affect EU security of gas supply, cause an increase in gas use, or disrupt the functioning of gas markets, it said. The move to curb TTF gas prices would require a separate proposal from Brussels and require approval from EU countries. The EU package includes other measures aimed at lessening the impact of high prices on consumers and businesses. The EU package is unlikely to placate all 27 EU countries - whose leaders will discuss the proposals at a summit on Oct. 20-21. Most EU countries have urged the Commission to urgently propose a gas price cap, but disagree on its design.

☆ The EU wants to limit spiking gas prices after 'excessive' moves this summer
▼ + stars: | 2022-10-18 | by ( Silvia Amaro | ) www.cnbc.com time to read: +3 min

The EU is working on new measures to mitigate gas prices. The European Commission, the executive arm of the EU, proposed Tuesday setting a limit on daily gas trading levels. European natural gas prices were trading around 120 euros per megawatt hour Tuesday. A second EU official also told reporters that the commission wants to do "something meaningful, but not harmful" to the market. The EU used to import about 40% of its natural gas from Russia; that number is now at around 7%.

☆ EU Commission to propose potential 'dynamic' gas price cap
▼ + stars: | 2022-10-17 | by ( ) www.reuters.com time to read: +3 min

Register now for FREE unlimited access to Reuters.com RegisterThe Commission is recommending potential interventions in the Dutch Title Transfer Facility (TTF) price that is widely used in Europe for contracts and hedging. The EU executive would "as a last resort" propose establishing a market "dynamic" price at which natural gas transactions can take place in the TTF spot market under specific conditions. Other EU gas trading hubs would be linked to the corrected TTF spot price via a dynamic price corridor. "As a result of falling gas prices, this proposal shows that the appetite for ambitious reform, such as a price cap, is fading," said Georg Zachmann, an energy expert at think tank Bruegel. The proposals will need approval by EU governments, which have bickered for more than a month since the Commission first proposed a price cap only on Russian gas in early September.

☆ Turkey backs Putin gas plan as Nord Stream faces long outage
▼ + stars: | 2022-10-14 | by ( ) www.reuters.com time to read: +4 min

Pipes at the landfall facilities of the 'Nord Stream 1' gas pipeline are pictured in Lubmin, Germany, March 8, 2022. Russian President Vladimir Putin this week proposed Turkey as a base for gas supplies after the Nord Stream pipelines under the Baltic Sea were damaged last month by blasts. Both Nord Stream 1 and Nord Stream 2, connecting Russia and Germany, were damaged last month, spewing out a large amount of gas. With Nord Stream out of service, Miller said that Russia will start "concrete" talks with Turkey next week on proposals to route more gas their way. SECURITY FEARSThe Nord Stream blasts have heightened concerns over energy security in Europe as the conflict rages in Ukraine.

☆ European gas prices jump after Gazprom warns it could cut its last flows Europe, amid worries about apparent Nord Stream sabotage
▼ + stars: | 2022-09-28 | by ( George Glover | ) www.businessinsider.com time to read: +4 min

Denmark said the Nord Stream 1 pipeline gas leaks in the Baltic Sea were likely deliberate sabotage. European natural gas benchmarks jumped above 200 euros )$191.56) early Wednesday due to worries about the risks to gas supplies to Europe. The region is already facing an energy crisis after Russia choked off flows via the key Nord Stream 1 pipeline. Investors meanwhile were monitoring developments after recent damage to the Nord Stream 1 and Nord Stream 2 pipelines, which are leaking natural gas into the Baltic Sea. The US Central Intelligence Agency warned Germany weeks ago about potential attacks on Nord Stream, German magazine Der Spiegel reported Tuesday.

☆ Russia's ramped-up gas squeeze means an even deeper recession for Europe — and a sharp winter will pile on the pain, Deutsche Bank warns
▼ + stars: | 2022-09-24 | by ( George Glover | ) www.businessinsider.com time to read: +4 min

Russia's indefinite shut-off of a key natural gas pipeline has intensified Europe's energy crisis. In July, Russia's Gazprom slashed its natural gas deliveries to Europe via the Nord Stream 1 pipeline to 20% of capacity. Lower gas supply has sent European natural gas prices soaring, with benchmark Dutch TTF futures up 128% since the start of June. And there could be further pain ahead for Europe this winter if there's a severe cold snap, Deutsche Bank warned. While things might improve in the medium term, there will still be tight gas supply and high prices, they said.

☆ Russia plans to slash 40% of its natural gas flows - with Europe already facing an energy crisis from its cuts
▼ + stars: | 2022-09-23 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

Russia plans to cut its natural gas exports by 40% over the next three years, according to documents seen by Bloomberg. Moscow will cut gas exports to around 125.2 billion cubic meters in 2023-2025, potentially exacerbating Europe's energy crisis. That's down from an estimated 142 billion cubic meters this year. Senior European Union officials have accused Russian President Vladimir Putin of "weaponizing" energy flows in a bid to stoke the continent's energy crisis. Read more: This map shows where Europe gets its natural gas - and why economic disaster is looming if Russia cuts off its fuel supply

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