Canada Unlikely To Return Blocked Gazprom Turbine

Canada Unlikely To Return Blocked Gazprom Turbine

The Gazprom turbine that Siemens Energy took to a Canadian factory to repair and that Gazprom blamed for the reduced Nord Stream 1 flows is not coming back to Russia anytime soon, Canada’s Natural Resources Minister has reported. Speaking to Reuters, Jonathan Wilkinson said the turbine affair was likely to come up during the G7 … Read more

Russia’s Gas Deliveries To Europe Plunge Further

Russia’s Gas Deliveries To Europe Plunge Further

Natural gas flows from Russia to Europe continued to dive on Friday, with buyers in Italy, Germany, Austria, and Slovakia receiving much lower volumes than usual. Gas flows to France from Germany have ceased completely. The cut in Russian gas deliveries to European customers, which have agreed to the ruble-to-gas scheme Putin has demanded, is … Read more

Italy May Declare State Of Alert If Russian Gas Cuts Persist

Italy May Declare State Of Alert If Russian Gas Cuts Persist

Italy may declare next week a state of alert if natural gas supplies from Russia continue to be limited, government sources told Reuters on Friday. Before the Russian invasion of Ukraine, Italy sourced around 40% of the gas it uses from Russia. Italy has sought to diversify its gas imports with more supply from North … Read more

With No Nuclear Deal In Sight, US Slaps Extra Sanctions On Iran

With No Nuclear Deal In Sight, US Slaps Extra Sanctions On Iran

With no nuclear deal with Iran in sight, the United States Treasury has slapped additional sanctions on companies based in Iran, China and the UAE for enabling the export of Iran’s petrochemicals. On Thursday, the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) implemented new sanctions on what it called “a network … Read more

IEA Sees Oil Demand At Record High In 2023

IEA Sees Oil Demand At Record High In 2023

Oil demand growth is set to accelerate next year, with global demand averaging a record 101.6 million barrels per day (bpd) and exceeding pre-COVID levels, the International Energy Agency (IEA) said on Wednesday in its first outlook for 2023. “While higher prices and a weaker economic outlook are moderating consumption increases, a resurgent China will … Read more

Would A Price Cap On Russian Oil Help Curb Its Revenue?

Would A Price Cap On Russian Oil Help Curb Its Revenue?

The US is discussing with its European allies a price cap on Russian oil. The goal is to keep Russian oil flowing into international markets but curb budget revenues from it to discourage Russia from continuing the war in Ukraine. theoretically. The situation is not dissimilar to wanting to eat your cake and have it, … Read more

Russia Adds $9.4 Billion Of Oil Revenue To Its Rainy-Day Fund

Russia Adds .4 Billion Of Oil Revenue To Its Rainy-Day Fund

Russia said on Thursday it had added the equivalent of $9.4 billion to its government emergency reserve fund, with the money coming from extra oil and gas revenues the country has received so far in 2022. The Russian government can easily tap the rainy-day fund and has been actively doing so since the invasion of … Read more

LNG Tanker Rates Soar To Highest Level In 10 Years

LNG Tanker Rates Soar To Highest Level In 10 Years

Last week we showed that while US nat gas prices have had several catalysts that have propelled them higher in recent weeks, one of the biggest drivers why nat gas is trading at the highest level in over a decade, was the recent surge in LNG exports to Europe as Reuters’ energy expert John Kemp … Read more

Oil Tanker Stocks To Watch As Shipping Rates Soar

Oil Tanker Stocks To Watch As Shipping Rates Soar

Market experts consider rising inflation and the Ukraine crisis as the two biggest market risks this year. Runaway inflation has been corroding asset values, limiting buying power and eating away at corporate margins, while Russia’s invasion of Ukraine has disrupted key energy and commodity supply chains causing massive price spikes. consequently, the Dow Jones Transportation … Read more

Citi And Barclays Raise Oil Price Forecasts

Citi And Barclays Raise Oil Price Forecasts

By Julianne Geiger – Jun 06, 2022, 11:00 AM CDT Citi and Barclays raise oil price forecasts. Sanctions on Russia and Iran nuclear deal delays are primary reason for more bullish forecast. Citi’s second-quarter 2022 Brent forecast is now seen at $113 per barrel. Barclays now sees Brent prices averaging $111 this year and next. … Read more