Oil & Gas

Natural Gas

Power Markets

Texas nuclear project talks with "hyperscalers"

In documents released on Tuesday, Fermi, an Texas-based company that wants to build four nuclear reactors next to the U.S. Nuclear Weapons Complex, stated it was in talks with large data managers about leasing agreements for this project. Fermi is a company co-founded Rick Perry, a U.S. former energy secretary. It wants to build 4 AP1000 reactors in a facility that it calls a "hypergrid." The 11 gigawatt facility, powered by nuclear energy, natural gas and renewables, will be built in Amarillo, near the Department of Energy Pantex nuclear weapons factory and in partnership with Texas Tech University. Fermi stated...

Crude Oil

EIA: US natgas production and demand will reach record highs by 2025 before declining in 2026

The U.S. Energy Information Administration's (EIA) Short-Term Energy Outlook, released on Tuesday, predicted that the U.S. Natural Gas output and demand would both reach record highs by 2025. However, they will then decline in 2026. EIA projects that dry gas production will increase from 103.2 billion cubic feet per day in 2024, to 105.9 in 2025, before slipping to 105.4 in 2026. This compares to a record of 103.6 bcfd for 2023. The agency also predicted that domestic gas consumption will rise from 90.5 bcfd, a record in 2024, to 91.4bcfd by 2025 and then ease back to 91.1bcfd by...

Natural Gas

Prices of gas in Europe trade within a narrow range due to strong supply

The Dutch and British wholesale prices of gas were in a tight range on Monday due to the strong supply from Norway, and LNG. According to LSEG, the benchmark Dutch contract for August deliveries at TTF hub increased by 0.06 euros to 33.46 Euro per megawatt-hour (MWh) as of 0843 GMT. The contract for the day ahead was up by 0.15 euros at 32.65 Euro/MWh. The British contract for tomorrow's day has dropped by 0.25 pence, to 78.25 cents per therm. Fundamentals remain the same. The fact that Norwegian production is back at normal levels, and the low wind generation...

Energy Markets

Putin claims that globalisation has become obsolete and that the future belongs to emerging market

On Sunday, Russian President Vladimir Putin said to BRICS leaders that the era liberal globalisation is obsolete. The future belongs to rapidly growing emerging markets that should increase the use of national currencies in trade. A warrant of arrest issued by the International Criminal Court alleging that Putin is responsible for war crime in Ukraine caused him to speak via video link at the Rio de Janeiro summit. Moscow claims the warrant is unfounded, and has no purpose. BRICS – an idea that was conceived in Goldman Sachs 20 years ago to describe China's growing economic clout and that of...

Fossil Fuels

Kazakhstan cancels plans for Karachaganak Gas Processing Plant with Foreign Shareholders

The Kazakhstani energy ministry announced on Wednesday that it had canceled plans to build a processing plant for gas at the Karachaganak Field with the project's major foreign investors. It stated, without going into detail, that they were looking to work with domestic companies. Central Asia has been in a dispute with oil companies for many years over cost. In 2023, the country will bring multi-billion dollar claims against these companies. Companies claim that the government simply wants to increase its share in major oil and gas projects, which amounts to "resource nationalism". Kazakhstan's authorities rejected this criticism and said...

Energy Markets

EU envoys are expecting to resolve the blockage of new Russia sanctions by this week

The European Union said that they expected to reach an agreement during a summit of the EU this week regarding an 18th package against Russia. Slovakia and Hungary use it as a bargaining tool for concessions about Russian energy. The European Commission proposed the package to encourage Russia to negotiate with Ukraine a ceasefire after EU leaders demanded "massive sanction" in May. The package aims to target more of Russia's revenues from energy by listing its banks and destroying its shadow tanker fleet. Hungary and Slovakia announced on Monday that they will not support new sanctions unless the proposal to...

Natural Gas Utilities

Prices of EUROPE GAS have fallen by over 10% following the news that Iran and Israel had reached a ceasefire

The wholesale gas price in the Netherlands and Britain fell by more than 10% Tuesday morning, following the news that Iran had agreed to a ceasefire with Israel. This removed the premium for risk the market had built into the market due to potential disruptions of oil and gas supplies. The benchmark Dutch front month contract at the TTF Hub fell by 4.86 euro to 36.38 Euros per Megawatt Hour (MWh), which is $12.38/mmBtu by 0939 GMT. It had traded as low 35.45 Euros/MWh earlier, LSEG's data showed. The British front-month contracts was down 13.72 pennies at 84.85 cents per...

Renewable Energy

Prices of EUROPE GAS have fallen by over 10% following the news that Iran and Israel had reached a ceasefire

The wholesale gas prices for the Dutch and British front months fell by more than 10% Tuesday morning, following the news that Iran had agreed to a ceasefire with Israel. This removed the risk premium that the market had built in due to potential disruptions of oil and gas supplies. LSEG data shows that the benchmark Dutch front-month contract for the TTF hub dropped by 4.61 Euros to 36.63 Euros per megawatt hour (12.41/mmBtu) or 12.41 euros/MWh by 0818 GMT. The contract has fallen to its lowest price since June 12, the morning of the first Israeli strike on Iran....

Fossil Fuels

Rosatom will explore the construction of a high-capacity reactor in Uzbekistan

Rosatom, the state-owned nuclear corporation of Russia, signed a deal with Uzbekistan’s Atomic Energy Agency on Friday to examine the feasibility and cost of building a nuclear power plant capable enough to generate large amounts in this Central Asian nation. Rosatom has already planned to build smaller nuclear units in Uzbekistan. The agreement was signed with the Uzbek Government at the St. Petersburg International Economic Forum. Over the weekend, the Kazakh government also asked the Russian energy company to lead a group to build the country's first nuclear power station. The five former Soviet Central Asian republics do not have...

Energy Markets

Putin's energy point person says that more oil is needed globally

The Russian energy point person for President Vladimir Putin said that the world needed more oil, and OPEC+ was ready to make adjustments if necessary amid the conflict between Israel & Iran and a trade dispute. Crude oil prices have increased in recent days due to fears of a major Middle East war after Israel attacked Iran and U.S. president Donald Trump encouraged people to leave Tehran. Alexander Novak, Russian Deputy Premier Minister, said that the risks of disruptions in supply through the Strait of Hormuz and the global economic recovery as well as the trade wars launched by Washington...

Energy Markets

World Bank will end nuclear energy ban, but still debate upstream gas

Ajay Banaga, president of the World Bank, said that its board had agreed to lift a ban on financing nuclear energy projects for developing countries. This is part of an effort to meet the growing demand for electricity. Banga sent an email outlining the bank's new energy strategy to its staff following what he described as a constructive meeting with the board. Banga said that the board had not reached a consensus on whether or not the bank should be involved in upstream natural-gas projects. He wrote, "This will need further discussion." In 2017, the global development bank, a lender...

Power Markets

EIA: Data centers will drive US electricity use to new highs by 2025 and '26.

The U.S. Energy Information Administration (EIA) said Tuesday that data centers, which are power-hungry and provide computing power to artificial intelligence and crypto currencies, will drive U.S. electric consumption to new records in 2025 and in 2026. EIA projects that power demand will increase to 4,193 billion Kilowatt Hours (kWh) by 2025, and 4,283 kWh by 2026. This is a significant rise from the record 4,097 kWh of 2024. The United States is expected to increase its electricity consumption for heating and transportation, in addition to data centres. EIA estimates that by 2025, residential customers will consume 1,517 billion kWh...

Environment

Climate Change

The list of missing from the Texas floods creates uncertainty in the search for survivors

Authorities say that more than 160 people are still missing six days after flash flooding swept parts of Texas Hill Country, killing at least 120. On Thursday, thousands of searchers searched through piles and piles of debris covered in mud to find survivors. Experts in disaster response say that this figure is not necessarily accurate. The number of missing people in the wake of a disaster is often much higher than the death toll. Unable to contact a friend or relative, worried members of the public report their name to the local authorities. This information is then added to an...

Climate Change

Thousands of first-responders are searching for Texas survivors despite the odds

On Thursday, thousands of first responders continued to comb through piles covered in mud and debris, searching for survivors, despite the odds, six days after flash flooding swept across the region, killing 120. Twelve states have sent search teams to Kerr County where most of the victims died when torrential rainfalls sent a wall raging water down the Guadalupe River at dawn on July 4. Officials said that at least 96 people including 36 children died in Kerr County. They made the announcement during a press conference on Thursday morning. A further 161 people are still missing. According to authorities,...

Environment

US again stops cattle imports from Mexico due to flesh-eating screwsworms

The U.S. Department of Agriculture reported that the New World Screwworm, a livestock pest that eats flesh, has moved closer to the U.S.-Mexico border. Washington blocked imports of Mexican calves just days after allowing them to resume at an Arizona port of entry. Screwworms are parasitic fly larvae that lay their eggs in the wounds of warm-blooded mammals, such as livestock and wild animals. The larvae of the screwworm burrow into living flesh with their sharp teeth once they hatch. If left untreated, these larvae can kill their hosts. The USDA announced late Wednesday that Mexico reported a case of...

LNG

Pollution

Pollution

Union says EPA must reinstate workers placed on leave due to a dissenting letter.

Leah Douglas WASHINGTON (July 10) - A union official wrote to EPA Administrator Lee Zeldin Thursday that employees of the U.S. Environmental Protection Agency who were recently placed on leave for signing a critical letter of Trump's administration policies should be reinstated. The 139 employees and hundreds of other EPA personnel signed the letter of June 30, accusing the agency harmful deregulatory action and ignoring science. Under the direction of President Donald Trump's directives, the agency is going through a major restructuring, which includes staff reductions, elimination of grant programs and grants, and environmental justice. In a letter to Zeldin,...

Pollution

Rivers in southwest China exceed warning levels and thousands are evacuated

State media reported that 25 rivers in southwest China were above safe levels after the remnants from former typhoon Danas combined with East Asian Monsoon Rains. More than 10,000 people had been evacuated. Meteorologists attribute extreme rainfall and severe floods to climate change. They pose a major challenge as they threaten to overwhelm the ageing flood defences and displace millions. Beijing Daily, a state-run publication, reported that heavy rains hit the capital as well. One area of the Chaoyang district received 68.2mm (2.7") in just one hour, on Thursday morning. The water ministry warned that ten rivers in the southwest,...

Pollution

EU lawmakers reject attempts to limit the influence of far-right politicians in climate talks

The European Parliament rejected on Wednesday a proposal for fast-tracking talks on the EU’s new climate goal, undermining a bid by liberals, socialists and greens to limit the influence climate sceptic legislators have on this goal. The far-right Patriots of Europe, which rejects EU policy to curb climate changes, took over the role of leading negotiators on Tuesday for the 2040 target. They were seeking to steer discussions on this goal, to which they said they strongly opposed. On Wednesday, lawmakers rejected a proposal to speed up the negotiation process. This would have bypassed the stages in which the Patriots...

Climate Change

EU climate negotiations to be led by far-right politicians

Patriots for Europe, an extreme right-wing group, will be in charge of the European Parliament’s work on the new climate target for the bloc, European Union legislators said on Tuesday. This could complicate any agreement on the goal of reducing greenhouse gas emissions to 90% by 2040. The Patriots group is the third largest in the Parliament and includes both the far-right parties of France and Hungary, including Marine Le Pen, the leader of the French far-right, and Viktor Orban, the Prime Minister of Hungary. During separate press conferences, EU legislators, including Bas Eickhout (co-chair of Green EU Lawmaker Group)...

Pollution

FT reports that the EU is stockpiling critical minerals in response to geopolitical threats.

Financial Times, citing an EU draft document, reported that the European Union intends to stockpile essential minerals to protect against possible supply disruptions caused by geopolitical tension. The draft said that "the EU faces a complex and deteriorating landscape of risk marked by increasing geopolitical tensions including conflict, the mounting impact of climate change, environment degradation, hybrid and cyber threats." The FT reported that the document warned of a higher-risk environment driven by "increased activities from hacktivists and cybercriminals", as well as state-sponsored groups. The European Commission didn't immediately respond to an inquiry for comment. According to the newspaper, the...

Pollution

Sources say that China is investing in the Brazil-led Global Forest Fund

Two people familiar with the negotiations said that China had signaled the Brazilian government it would invest in the Tropical Forests Forever Facility. This is a multilateral fund to conserve endangered forests all over the world. China's investment in the fund that Brazil proposed first in 2023 would be a significant shift in climate financing, which relied on funding coming from wealthy nations responsible for global warming up to this point. China's commitment could allow emerging economies to contribute to climate change mitigation financially, going beyond the requirements of the 2015 Paris Agreement that were imposed on developed countries. This...

Climate Change

US Environmental Agency puts 139 employees on Leave after criticizing Trump's Policies

The U.S. Environmental Protection Agency has placed 139 employees in administrative leave following a letter they signed criticizing President Donald Trump's policy. The letter, titled "Declaration of Dissent," was made public this week. The letter accused the federal agency of "harmful deregulation," of "ignoring scientific consensus in order to benefit polluters," and of "promoting a climate of fear." The letter was sent as another round of expected staff reductions is looming and as the agency undergoes major reorganization. This includes the dissolution and cancellation of millions of dollars of grants and its office of Research. The letter was signed by...

Pollution

Top cases heard by the US Supreme Court in 2025-2026

The U.S. Supreme Court is preparing to decide a number of cases during its upcoming term that begins in October. These cases include issues like transgender rights; campaign finance laws; gay "conversion therapies"; crisis pregnancy centers; religious rights and the death penalty. The following are some of the cases that will be heard during the upcoming court term. Separately, the court has also acted in emergency cases involving challenges against President Donald Trump's policy. TRANSGENDER SPORTS PARTICIPATION On July 3, the court decided to hear Idaho and West Virginia's bid to enforce state laws that prohibit transgender athletes in female...

Pollution

Study finds Germany could achieve a third of its climate goals through cutting fossil fuel subsidies

A German research institute stated on Thursday that reducing fossil fuel subsidies could help Germany achieve around one-third of its climate goals without having to rely on other tools, such as carbon pricing. In a recent study, the Center for European Economic Research in Mannheim (ZEW), also noted that one third of countries could achieve their climate goals by simply cutting subsidies for fossil-fuels like coal, oil and gas. According to the EU’s Environment Agency, Germany will continue to be the biggest subsidiser of fossil energy in the European Union. In 2023, the German government will provide about 41 billion...

Climate Change

What if you prayed to stop climate change? Now there's a Catholic Mass to stop climate change

The Vatican published a new rite on Thursday that will allow priests celebrate a Mass exhorting Catholics to care for the Earth. This is the latest effort by the global Church of 1.4 billion members to combat global climate change. Since centuries, Catholic priests can celebrate special Masses in order to pray for their nation, to give thanks following a harvest, or to ask God to stop a natural catastrophe. Two Vatican offices have prepared a new "Mass for caring for Creation" that allows priests pray for Catholics to "lovely care" for the creation and to "learn how to live...

Carbon Emissions

EU adds international CO2 credits as part of next climate goal

The European Commission proposed a climate target for the EU for 2040 on Wednesday. For the first time, countries will be able to use credits for carbon from developing nations in order to reach a small portion of their emission goal. The European Union executive has proposed a legally binding target of cutting net greenhouse gas emission by 90% by 2040 from 1990 levels. This is to keep the EU on track to achieve its core climate goal to reach zero net emissions by 2050. The Commission, however, after facing opposition from France, Germany and other governments, including Italy, Poland,...

Pollution

EU adds international CO2 credits as part of next climate goal

A draft of the proposal revealed that the European Commission would propose on Wednesday an EU climate goal for 2040, which for the first will allow countries to utilize carbon credits from developing countries to meet a small share of their emission goals. The draft seen by said that the European Union executive will propose a legally binding target to reduce net greenhouse gas emission by 90% by 2040 from 1990 levels. This is to keep the EU on track to achieve its core climate goal of reaching net zero emissions in 2050. The draft EU proposal, however, includes flexibility...

Wind Farms

Wind Farms

Rem Offshore's Zero-Emission Subsea Construction Vessel Hits Water (Video)

Norwegian shipowner Rem Offshore has launched the hull for its dual-fuel methanol energy subsea construction vessel (ESCV) Rem Pioneer in Vietnam, months ahead of schedule.The launch ceremony was held on June 27 at Song Cam shipyard in Vietnam.According to the company, hull construction will continue for a while, and outfitting will begin in the autumn at Myklebust Verft.Rem Pioneer ESCV will be delivered in 2026 and will be the first of its kind that can perform heavy construction work in both offshore wind and subsea with net zero emissions.The newbuild uses a number of solutions where energy consumption is almost...

Wind Farms

Rotra Futura RoRo Vessel Enters Offshore Wind Operations

The Rotra Futura Roll-on/Roll-off (RoRo) vessel has entered operations, with the transportation of wind turbine blades from Denmark to the United States.The project supply vessel, specifically designed to handle larger and heavier offshore wind turbine components, collected the 108-meter-long blades at the Port of Aalborg, Denmark, under the supervision of deugro Denmark’s wind experts.The vessel, delivered in late March 2025, was developed as part of the the partnership between Danish logistics specialist deugro, Siemens Gamesa Renewable Energy and Amasus Offshore.“We are delighted to officially welcome Rotra Futura to our fleet of RoRo vessels dedicated to servicing the offshore wind industry.“After...

Wind Farms

OEG to Assist with Inch Cape Offshore Wind Farm Buildout

Energy solutions business OEG has signed a significant multi-million-dollar contract to support the construction phase of the Inch Cape offshore wind farm in Scotland, being developed by ESB and Red Rock Renewables.Over 100 OEG personnel will support the delivery of this contract, which includes the recent addition of six new appointments.The 1.1 GW project is located in the North Sea, 15 km from the Angus coast on a site covering 150 km2. It is set to become operational in 2027.Once completed, it will feature up to 72 wind turbines and an offshore substation and generate enough clean energy to power...