The Dutch and British wholesale prices of gas were not much different on Tuesday morning, as the warmer weather helped to reduce demand and offset a weaker Norwegian supply due to maintenance at Troll gas fields. LSEG data shows that the benchmark Dutch front-month contract was 36.84 euros per Megawatt Hour (MWh) or $12.25/mmBtu at 0818 GMT. This is a decrease of 0.31 euros. The Dutch July contract increased by 0.06 Euros to 36.88 euros/MWh. The British day-ahead contracts rose 0.35 pence, to 87.60p/therm. In a daily research report, LSEG analyst Saku Jusli stated that "demand is slowly decreasing with...

InCommodites - a Danish energy trading company backed by Goldman Sachs - reported on Monday a 47% decline in its pretax profits for 2024, citing lower volatility and fewer trading opportunities. The company's profit before taxes was 72.5 million euro ($82.28) down from 136.4 millions the previous year. This is its lowest level since 2020, but it still falls within a range of target of 50 to 140 million euro. It has predicted a profit before tax of 85 to 195 millions euros for 2025. The company's report stated that "the 2024 performance was shaped primarily by a smaller number...

A study released Friday, days before a decision is made on the extension of Woodside's large gas project in Western Australia, found that emissions from industrial sites are not damaging ancient rock art. Why it's important The findings of the ongoing Murujuga rock art monitoring program by the Western Australian Government could pave the way for Woodside to extend its North West Shelf liquefied gas (LNG), as well as adding the Murujuga Cultural Landscape on the UNESCO World Heritage list. CONTEXT Murujuga is a rock art that is believed to be as old as 50,000 years. It is culturally and...

The Dutch and British wholesale prices of gas rose on Wednesday to their highest level in over six weeks, boosted by a lower Norwegian supply, the competition for liquefied gas, and concerns about peace talks in Ukraine and unrest in Middle East. The benchmark Dutch front month contract rose 0.48 euros to 37.63 euros per Megawatt Hour at 0813 GMT. This was its highest level since 7 April. The British contract for the month of June increased by 1.29 pence, to 90.31 p/therm. This is the highest price since April 4. Day-ahead gas rose 0.70 pence to 90.50 p/therm. A...

A senior executive at Mubadala Energy said that the company would be happy to provide all of the natural gas produced in its South Andaman Block for Indonesian domestic consumption, and do so at the best possible price. Indonesia wants producers of gas to increase their supplies to domestic consumers as the demand is increasing. The producers have been focusing on exports of LNG and asked the government to revise price caps for domestic gas. They argue that it is not a good business decision when spot LNG prices are so high. Abdulla Bu Ali (President Director of Mubadala Energy...

A spokesperson for Mubadala Energy in the United Arab Emirates said that Mubadala Energy had signed an initial contract to supply gas to Indonesia's state fertiliser manufacturer Pupuk Indonesia. Paul Slinger, speaking at an industry conference organized by the Indonesia Petroleum Association, said that Mubadala Energy would supply 115 millions standard cubic feet of methanol per day to Pupuk and 85 mmscfd for its ammonia facility. Slinger stated that the gas will be delivered as soon as production starts at Mubadala Energy South Andaman Block. The Tangkulo-1 well is expected to begin producing by late 2028. Mubadala Energy reported last...

As they struggle with thin margins and a global oversupply of petrochemicals, executives from several Asian companies said that they plan to reconfigure crackers in order to process more Ethane. This will reduce costs and allow them to take advantage of the rising U.S. supply. SP Chemicals, a Chinese company, and YNCC in South Korea are two of the largest cracker operators. Mitsui Chemicals in Japan is researching the use of ethanol to fuel existing crackers. This change will enable operators to maintain flexibility in their feedstocks, with U.S. exports of ethane expected to increase by about 7% by 2025....

Gas distributor GAIL India posted a larger-than-expected drop in quarterly profits on Tuesday. This was mainly due to lower gas marketing margins, and higher costs. GAIL, India’s largest natural gas distributor based on market share, reported a net profit after taxes of 20.49 billion Rupees ($240.1 millions) for the three-month period ended March 31, a decline of 5.9%. According to data compiled and analyzed by LSEG, analysts had predicted that profit would fall on average 3.1%, to 21.13 billion Rupees. Gas marketing, which accounts for the majority of revenue generated by the company through wholesale trading and distribution of natural...

Exxon Mobil announced on Wednesday that it had signed a long term agreement with Marubeni, a Japanese trading company, to supply the Japanese trading house 250,000 metric tonnes of low-carbon hydrogen annually. This is Exxon Mobil's first customer agreement signed for its planned facility in Baytown. Exxon has been working to build the largest low-carbon hydrogen facility in the world at its Baytown refinery and chemical complex. The project, which is experiencing delays, will now move forward. The clean fuel hydrogen can be made from natural gas. It produces water upon combustion. Ammonia is used to transport the liquid hydrogen....

APA Corp announced on Wednesday it would sell New Mexico Permian assets to focus on its core business. This was in an effort for the company to streamline its operations and concentrate on areas of strength. It also beat Wall Street's expectations for first-quarter profits. These assets, which generate about 12,400 barrels equivalent of oil per day (boepd), are less than 5% APA's overall Permian production. The company stated that the deal with Permian Resource is expected to close by the end of the second quarter and proceeds will be used to reduce the debt. This move comes after APA...

The U.S. Energy Information Administration announced on Wednesday that they estimate that the average number oil wells completed within 50 feet from each other simultaneously in the Lower 48 States has more than doubled since the last decade. The agency stated that the number of wells completed simultaneously per location has increased from 1 1/2 wells per location in December 2014 to over three wells per location in June 2024. This will allow operators to "accelerate production timelines and reduce costs per well." The EIA defines wells that are drilled within a 50-foot radius of each other as being at...

Singapore's energy regulator announced on Wednesday that the country had established a wholly government-owned company called Singapore GasCo, to centralise gas procurement and supply to the power sector of the city-state. Energy Market Authority (EMA), in a press release, said that the entity would also benefit from economies of scale, negotiate better gas contracting terms and procure gas from different sources. It would sign contracts for longer periods to ensure a more stable gas supply and price. Alan Heng was also named as Singapore GasCo CEO by the EMA. He was previously the Group Chief Executive of Singaporean LNG company...

On Wednesday, a German court will decide whether the lawsuit filed by a Peruvian against German energy giant RWE may continue. This is a landmark case which sets a precedent for future climate litigation. Saul Luciano Lliuya, a farmer who began the case a decade earlier, argues that RWE emissions have contributed towards the melting of Andean ice, which has increased the risk of flooding in his home. Lliuya cites data from the Carbon Majors Database, which tracks historical emissions from major fossil-fuel producers. He says RWE has been responsible for almost 0.5% of all global emissions caused by humans...

Amazon.com shareholders at their annual meeting rejected all shareholder resolutions again, including three that addressed the impact of Amazon.com on climate change. The re-election of twelve directors as well as the proposed executive compensation was approved by voters. Amazon urged investors to vote against all eight of the proposals. There were 14 resolutions last year and none of them received enough votes to become law. One of the eight proposals this year was a proposal to require additional reporting about Amazon's total carbon emissions. Another focused on the climate impact data centers have, and a third called for more disclosure...

Thames Water, the company at the center of the public outcry against Britain's privatised industry for water, has stopped a bonus program for its executives, after ministers raised objections to the payments. Debts in the billions have plagued the company, Britain's largest water provider with 16 million customers. The company secured a loan of 3 billion pounds in February to prevent a financial collapse. Some of the money went to senior managers for bonuses up to 1 million pounds ($1.34million) or 50% of their salary, as part of a retention program. Steve Reed, the Environment Minister told LBC Radio in...

An EU-backed study published on Tuesday found that the agricultural sector of the European Union loses 28.3 billion euro ($31.9 billion) per year due to extreme weather conditions made worse by climate changes. These losses, which equal 6% of EU annual crop and livestock production, are largely uninsured. Only 20-30% farmers' losses due to climate change are covered by public, mutual or private insurance, according to a report by Howden, an insurance broker. The report was backed by both the European Commission and European Investment Bank. Christophe Hansen, EU Agriculture Commissioner, said: "We must do something to cover any remaining...

On Tuesday, temperatures above 40 degrees Celsius (104 degree Fahrenheit), scorched northern and central China. Authorities issued heat warnings to farmers and offered assistance to protect their food production. The temperatures in China's Hebei Province, Henan Province, which is a major wheat-producing area known as China's Granary, and Shandong province (in the east) all reached 40 degrees Celsius on Tuesday. Authorities reported that in Zhengzhou and Shahe (both located in Henan Province), the mercury reached its highest level ever for May on Monday. National Meteorological Centre of the United States said that temperatures will continue to rise until Wednesday. Climate...

New research shows that 303 million tons of high-emitting capacity of blast furnaces are under development. This is especially true in India and China which are major steel producers. It suggests this will still be the majority of production by 2030. Global Energy Monitor, a U.S. think tank, said that steel production accounts for 11% of the total greenhouse gas emissions responsible for climate change. By 2030, global steel demand is expected to reach 2 billion tons. GEM stated that while cleaner electric arc technology is projected to increase by 24%, blast furnace production is predicted to grow 7%, and...

Seven U.S. States on Monday objected against the bankruptcy plan of fire protection company Kidde-Fenwal, claiming that it improperly tries to shield its owner Carrier Global's from lawsuits relating to toxic PFAS chemical in its firefighting products. Carrier, not bankrupt itself, is trying to use Kidde-Fenwal bankruptcy to avoid its separate responsibility for suits over the "forever chemicals", in a manner that violates the U.S. Supreme Court's precedent. Carrier had previously agreed to pay Kidde-Fenwal $540 million and its creditors in a Chapter 11 plan to settle lawsuits brought by local governments, businesses and individuals who claimed that Kidde-Fenwal’s firefighting...

A French official confirmed a previous report that the new German government had signaled France it would no longer object to the EU treating nuclear energy on an equal footing with renewable energies. EU's largest economies have been in disagreement for years over whether or not to promote nuclear power to meet CO2 emission targets. This has delayed policymaking to combat climate change. France, with its 70% atomic energy, is the main nuclear champion in Europe. Germany, which phased out all its nuclear power plants, has seen it as low carbon but not renewable. The new German Chancellor Friedrich Merz...

Democratic lawmakers harshly criticised the chief executives at BlackRock, JPMorgan, and other top financial companies for leaving global coalitions dedicated to combating climate changes. They urged them to maintain their previous commitments, and policy targets to reduce greenhouse gas emission. A letter sent to executives by members of Congress revealed that, in the face of increasingly severe weather and financial risks, their bosses "actively" decided to relinquish leadership over climate change. The letter sent on Thursday also requests records of any communications between the executives and the Trump administration about plans to reduce their environmental and social work. It said:...

A draft proposal seen by revealed that the European Commission had drafted plans for new subsidies to be offered to farmers who invest to waste less water when the huge farm subsidy program is renewed. Around 387 billion euro is the value of EU's Common Agricultural Policy's (CAP) farming subsidies. This represents about a third in the overall budget of 2021-2027. The EU is preparing to have tough negotiations on its next budget, for the period after 2027, in later this year. According to a draft EU policy proposal aimed at addressing the pressures on Europe's water supply from climate...

The U.S. Environmental Protection Agency sent a proposal rule to the White House, asking for its review. It outlines the amount of biofuels that oil refiners will have to blend into their fuel starting in 2026. Since President Donald Trump's inauguration in January, the politically powerful oil and fuel lobbies have been waiting for this proposed rule. This will be the first opportunity for the Republican President to demonstrate his support for the biofuels policies, which have historically pitted Big Oil against the Farm Belt. This dynamic changed in the run-up to the proposed rule. A coalition of oil and...

The EPA announced Wednesday that it will rescind a large part of the first national drinking water standard of the Biden Administration, which was designed to protect people from "forever chemicals", also known as PFAS, found in household products. However, two of these chemicals will remain within current limits. The "forever chemicals", as they are called, do not break down easily in the body or in the environment. They can be found in hundreds consumer and commercial products including non-stick pans (non-stick), cosmetics, firefighting sprays, and stain resistant clothing. The EPA's rule, finalized under the Biden administration last year, set...