Released March 29, 2023 | SUGAR LAND
en
Energy Market highlights gathered by Industrial Info and IIR Energy
EUROPE
EU Countries Seek Legal Option to Stop Russian LNG Imports - European Union (EU) countries agreed on Tuesday to seek a legal option to stop Russian companies sending liquefied natural gas (LNG) to EU nations by preventing Russian firms from booking infrastructure capacity. EU countries' energy ministers proposed that new EU gas market rules should include the option for governments to temporarily stop Russian and Belarusian gas exporters from bidding up-front for capacity on the infrastructure needed to deliver LNG into Europe. Russian LNG deliveries to Europe increased last year - to 22 billion cubic meters (Bcm), up from around 16 Bcm in 2021, according to EU analysis. (Reuters)
NATURAL GAS
U.S. Natural Gas Falls to 30-Month Low - U.S. natural gas futures fell about 3% on Tuesday to a 30-month low on rising output and mild weather forecasts that should allow utilities to start injecting gas into storage at the beginning of April. The price decline came even though the amount of gas flowing to LNG export plants was on track to hit a monthly record high in March after Freeport LNG's export plant in Texas exited an eight-month outage in February. Gas futures for April delivery on the New York Mercantile Exchange fell 5.8 cents, or 2.8%, to settle at $2.030 per million British thermal units, their lowest since September 2020. (Reuters)
CORPORATE
BP, ADNOC Offer to Buy 50% of Israel's NewMed Energy - BP (NYSE:BP) (London, England) and Abu Dhabi National Oil Company (ADNOC) on Tuesday offered to jointly acquire 50% of Israeli offshore natural gas producer NewMed Energy (Herzliya) for around US$2 billion, making their entry into Israel's growing energy sector. ADNOC and BP said they intend to form a new joint venture as part of the deal that will be "focused on gas development in international areas of mutual interest including the East Mediterranean." NewMed is the largest stakeholder in the giant Leviathan offshore gas field. (Reuters)
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About IIR Energy
Energy asset information on power plants, oil refineries and natural gas infrastructure is now more important than ever. A unit of Industrial Info Resources, IIR Energy provides infrastructure information on these assets, as well as real-time tracking of planned and unplanned interruptions affecting the commodity-trading community. We are the number one source for information about power plant outages, refinery turnarounds and midstream natural gas disruptions.
About Industrial Info
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 trillion (USD).
EUROPE
EU Countries Seek Legal Option to Stop Russian LNG Imports - European Union (EU) countries agreed on Tuesday to seek a legal option to stop Russian companies sending liquefied natural gas (LNG) to EU nations by preventing Russian firms from booking infrastructure capacity. EU countries' energy ministers proposed that new EU gas market rules should include the option for governments to temporarily stop Russian and Belarusian gas exporters from bidding up-front for capacity on the infrastructure needed to deliver LNG into Europe. Russian LNG deliveries to Europe increased last year - to 22 billion cubic meters (Bcm), up from around 16 Bcm in 2021, according to EU analysis. (Reuters)
NATURAL GAS
U.S. Natural Gas Falls to 30-Month Low - U.S. natural gas futures fell about 3% on Tuesday to a 30-month low on rising output and mild weather forecasts that should allow utilities to start injecting gas into storage at the beginning of April. The price decline came even though the amount of gas flowing to LNG export plants was on track to hit a monthly record high in March after Freeport LNG's export plant in Texas exited an eight-month outage in February. Gas futures for April delivery on the New York Mercantile Exchange fell 5.8 cents, or 2.8%, to settle at $2.030 per million British thermal units, their lowest since September 2020. (Reuters)
CORPORATE
BP, ADNOC Offer to Buy 50% of Israel's NewMed Energy - BP (NYSE:BP) (London, England) and Abu Dhabi National Oil Company (ADNOC) on Tuesday offered to jointly acquire 50% of Israeli offshore natural gas producer NewMed Energy (Herzliya) for around US$2 billion, making their entry into Israel's growing energy sector. ADNOC and BP said they intend to form a new joint venture as part of the deal that will be "focused on gas development in international areas of mutual interest including the East Mediterranean." NewMed is the largest stakeholder in the giant Leviathan offshore gas field. (Reuters)
About IIR Energy
Energy asset information on power plants, oil refineries and natural gas infrastructure is now more important than ever. A unit of Industrial Info Resources, IIR Energy provides infrastructure information on these assets, as well as real-time tracking of planned and unplanned interruptions affecting the commodity-trading community. We are the number one source for information about power plant outages, refinery turnarounds and midstream natural gas disruptions.
About Industrial Info
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 trillion (USD).
