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Exports of Russian gas via pipelines running through Ukraine finally came to an end on New Year's Day, marking the end of an era of Moscow's dominance over Europe's energy markets. Russia's gas firm Gazprom said it had supplying gas at 0500 GMT on Wednesday after Ukraine refused to renew a transit agreement. Ukraine will lose up to $1 billion a year in transit fees from Russia-- which it hopes to offset by quadrupling its domestic gas transmission tariffs for consumers--while Gazprom will lose close to $5 billion in gas sales. Ukraine gas amounted…
Permian gas prices face a turbulent road ahead, with stability likely only arriving once significant new pipeline capacity becomes operational in late 2026 and early 2027. But didn’t the region just gain a 2.5 Bcf/d takeaway pipeline with Matterhorn? Yes, but much of this relief is likely already priced into the forward curve. As the basin grows into this new capacity, Permian gas could face challenges until the anticipated late 2026 expansions. The forward curve shown above illustrates how Waha is priced for future delivery. Between spring…
Colombia is a major producer of oil and gas and is steadily developing its renewable energy industry. In 2016, the South American state launched its Energy Plan 2050, aimed at diversifying the country’s energy mix to include wind power plants, solar PV, and geothermal energy generation, and ensure a reliable energy supply in the coming decades. In 2023, Colombia’s energy mix consisted of 41.2 percent oil, 22.8 percent natural gas, 11.2 percent coal, 12.5 percent biofuels and waste, and 12 percent hydropower, according to the International…
Suez Canal revenue has plunged 60% this year, a loss of $7 billion for Egypt, amid attacks on shipping in the Red Sea and ongoing regional tensions. President Abdel Fattah al-Sisi in a statement blamed rising geopolitical challenges for the decline but offered no other details, according to published reports. Egypt collects tolls on vessels that transit the canal, a key route for maritime commerce. Since late 2023, Houthi fighters based in Yemen have disrupted global trade by attacking merchant and naval vessels in the Red Sea, just south…
As it's Christmas, and here at Oilprice.com we like to give back to our dear readers, we've decided to give you a little holiday treat. Here is this month's Intelligent Investor - our deep dive comparison service for Global Energy Alert subscribers. If you like what you see, feel free to gift yourself and your loved ones a subscription next year. In this month’s edition of our comparison series, we take a look at two upstream powerhouse producers. The first, Occidental Petroleum (NYSE:OXY), is in the process of digesting a large acquisition…
Last year, we challenged 10 of our journalists from across our broadcast region to peer into the future and predict what the year ahead might bring. Gluttons for punishment, they're back again -- reflecting on 2024 and sharing their insights on what 2025 might have in store. A few recurring themes emerge from their predictions: The war in Ukraine has become a global conflict, broadly pitting the West against an emerging bloc of states that are challenging the current world order. Populist movements and authoritarian leaders are gaining traction…
Asian stock markets continued to surge in popularity in 2024, outperforming the languishing UK market in IPOs. Throughout this year, Asia has dominated on stock exchange floats, with over 600 IPOs throughout the year, more than two thirds of the 867 floats globally in 2024, according to data from Globaldata. In comparison, the UK market has had just a dozen IPOs throughout the year, with only six worth more than £30m. “It is worth noting that the performance of some of these deals has been mixed, with a number trading below issue post…
Samantha Dart, co-head of global commodities research at Goldman, published a note to clients outlining five key questions and answers about the US-EU liquefied natural gas trade. This comes just days after President-elect Donald Trump threatened the EU with a barrage of tariffs unless Brussels ramped up purchases of American LNG. For context, last Friday, Trump wrote on Truth Social: "I told the European Union that they must make up their tremendous deficit with the United States by the large-scale purchase of our oil and gas. Otherwise,…
The renewable revolution’s biggest superheroes are at risk of turning into its biggest villains. For years, Silicon Valley’s biggest players have been among the most vocal and most deep pocketed proponents of clean energy investment. But now, thanks to the runaway energy demand driven by artificial intelligence, Big Tech’s emissions are sharply on the rise and its lofty decarbonization goals are becoming ever more far-fetched. The bigwigs behind tech companies including Google, Meta, Microsoft, and OpenAI are now pushing harder…
Liquefied natural gas (LNG) immediately became the world’s key emergency energy supply when Russia invaded Ukraine on 24 February 2022. Unlike oil or gas transported through pipelines, LNG does not require vast expense and years of building a complex infrastructure before it is ready to transport. On the contrary, it can be bought quickly and reliably either through short- or long-term contracts or in the spot market and then shipped anywhere within a matter of days. In the event of further major conflicts breaking out in the coming years…
While the battery electric vehicle (BEV) market has been growing rapidly over the last decade, several automakers are also investing in research and development into an alternative green technology - hydrogen fuel cell electric vehicles (FCEVs). Many believe that hydrogen could be the key to decarbonising heavy industry, providing clean heating, and running greener vehicles. Countries worldwide have invested heavily in renewable energy sources to generate electricity; however, this does not provide the fuel needed to power certain operations. By…
India is the world’s hottest oil market right now, as China’s demand growth subsides from post-pandemic highs and India’s economy races ahead. Still overwhelmingly dependent on hydrocarbons like the rest of the world, India is set to reap some significant benefits in the energy area from a Trump presidency. The basis for such forecasts, the latest coming from Gateway House, is, of course, Trump’s stated energy policy of “Drill, baby, drill”. According to Amit Bhandari and Aditya Shinde, this approach to the energy…
In 2022, California Governor Gavin Newsom signed SB-1322, the Oil Refiner Price Disclosure Act, into law. The legislation was hailed as a major step toward transparency, requiring refiners in California to report detailed monthly data on their gasoline profit margins. Specifically, refiners must disclose: The cost of crude oil purchased The wholesale price of gasoline sold The gross and net profits earned per gallon of refined gasoline Supporters, including consumer advocacy groups like Consumer Watchdog, argued that SB-1322 would expose “excessive…
Vladimir Putin’s end-of-year Q&A session with reporters and the public is billed as a chance for Russian citizens to ask the president about the issues that matter to them most. But while much of the televised marathon focuses on domestic affairs, Putin always uses it to send signals to the West and the rest of the world, too. This year, Putin’s messaging was colored by expectations that U.S. President-elect Donald Trump will push or an end to Russia’s war against Ukraine, or at least for a cease-fire, when he takes office…
Via Metal Miner The Global Precious Metals MMI (Monthly Metals Index) dropped month-over-month by 7.66%. Precious metals prices showed mixed trends over the past month, shaped by central bank decisions, geopolitical uncertainties and shifts in market demand. While gold and silver continued to rise, platinum and palladium encountered declining momentum. Precious Metals Prices: Palladium Palladium prices have faced downward pressure as the growing popularity of electric vehicles diminishes the need for palladium-based catalytic converters and mining…
Via Metal Miner Overall, the Copper Monthly Metals Index (MMI) remained bearish, with a 4.65% decline from November to December. Copper Prices to Close 2024 Up, But the Outlook is Down Often a bellwether for the global economy, the price of copper became a bellwether for market emotionality throughout 2024. Despite lackluster demand conditions, copper prices embarked on a volatile year, which had knock-on effects for the entire base metal category. Comex Copper Prices, Source: MetalMiner Insights Q1 2024 saw a rather auspicious start. Many believed…
China has transformed itself from a minor player in the auto industry two decades ago to the world leader in car production and exports, particularly in electric vehicles (EVs), the New York Times reported late last month. But the trend of China's impact on the global auto market has been best characterized by this chart, published over the weekend, showing how Chinese car production has gone from 1% to 39% of global production in 20 years. The rapid ascent was fueled by significant government investment, advancements in automation, and the growth…
Behind closed doors in Moscow, Kyiv, Brussels, Washington, and other capitals, diplomats, elected leaders, and military officers are gearing up for what will likely be a full-court press to find a resolution to Europe's largest land war since World War II. On the battlefield, momentum has shifted decisively toward Russia, its forces grinding down Ukrainian troops across the 1,100-kilometer front line. It's pummeling Ukraine's energy infrastructure, trying to black out and freeze an exhausted population. In Western negotiating rooms, sentiment has…
The world’s top LNG importer, China, has hit the brakes on spot LNG purchases in recent weeks as Asian prices have hit the highest level for the year. After several months of stocking up on cheaper LNG supply, Chinese natural gas inventories are now estimated to be high enough to allow importers to retreat from spot LNG cargo purchases at the higher prices. The slowdown in China’s LNG imports in recent weeks could free up more spot supply for Europe, which is depleting its gas inventories at the fastest pace…
Coal ash is currently a hot topic in United States politics. Just yesterday, the Supreme Court ruled to allow the Biden administration to move forward with a plan to address toxic coal ash, in the latest update in a drawn-out legal battle over monitoring and remediation of the toxic substance. But while coal ash is a noted hazard to public health and the environment, it could also be a key new resource for the clean energy transition. Millions of tons of coal ash, a byproduct of burning the world’s dirtiest fossil fuel, are currently sitting…
Via Metal Miner The Construction MMI (Monthly Metals Index) held its sideways trend, dropping by a slight 1.09%. Despite a torrent of construction news, the index didn’t budge much month-over-month and had a minimal reaction to recent interest rate drops. The Fed will likely need to drop interest rates more aggressively for the construction index to display any type of significant reaction to this macroeconomic price driver. Despite the lackluster reaction to The Fed’s more recent, dovish stance, the construction market witnessed…
It’s déjà vu for China’s copper smelters. But how will it affect the global price of copper? The shortfall China faced in mid-2024 following the limited availability of copper ore in June led the country to significantly increase its imports of copper scrap as an alternative raw material. In fact, in the first five months of 2024, the world’s largest refined copper producer brought in nearly 1 million tons of scrap, putting imports on track for the highest level since 2018. By using more scrap, smelters can maintain…
The world continues to "warm" back up to nuclear, with the latest example coming out of Japan, where its Shimane nuclear power station in western Japan has been restarted for the first time since the 2011 Fukushima meltdown. Japan's long-delayed restart of the 820 MW No. 2 reactor at the Shimane plant, shut down since January 2012, raises the number of operational reactors to 14, with a total capacity of 13,253 MW, according to Reuters. Tohoku Electric Power also recently resumed operations of its 825 MW No. 2 reactor at the Onagawa plant, reducing…
Iran spent decades building the so-called axis of resistance, its network of regional armed proxies, Tehran-backed militant groups, and allied state actors. The network was the lynchpin of Tehran's efforts to deter Israel and the United States and exert its influence across the Middle East. But the fall of the government of Syrian President Bashar al-Assad, an ally of Tehran, has done irreparable damage to the network, analysts say.For Iran, Syria provided a crucial land corridor to the Levant that was considered the logistical backbone of the…
