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All the latest in Oil, Gas, Commodity news and analysis

Disagreement Over Gas Price Cap Jeopardizes EU Energy Crisis Plan
by Irina Slav
28 Nov 2022 at 5:00pm
The European Union?s energy crisis response plan is being challenged by the bloc?s members? differing opinions on whether a price cap should be implemented on natural gas imports and, if yes, how exactly this implementation should look. While EU officials try to put on a brave face and send positive signals to the public only, the sheer number of EU members and their very different energy needs and priorities are factors significant enough to make the agreement on such an important issue difficult at best. Once you add to?

Middle East Oil Producers Under Pressure To Cut Prices Again
by Gerald Jansen
28 Nov 2022 at 4:00pm
The Middle East has been steadily reaping the benefits of its oil bounty throughout 2022, arguably one of the most successful years for the region at large in its recent history. Yet the prospects for next year are by no means as rosy. The global economy is in disarray, with the double whammy of a strong US dollar and high inflation starting to impact oil demand, and perhaps most importantly, China is still not out of the woods. Most Middle Eastern exporters have recorded their highest-ever differentials in 2022, however the downward-facing trend?

$60 Billion LNG Mega Deal Marks Chinese Influence In Middle East
by Simon Watkins
28 Nov 2022 at 3:00pm
In a world now where several major economies may need huge quantities of gas delivered very quickly and with very little notice, Qatar, as the top liquefied natural gas (LNG) exporter occupies the same sort of ?swing producer? position in the global gas market that Saudi Arabia used to hold in the oil market. Given what is at stake for major industrialised nations in the West and in the East, there is little wonder that Qatar has been generally careful to tread a diplomatic path between the effective leaders of these two spheres of?

Eni CEO: Italy Needs More LNG Terminals To Ensure Energy Security
by Michael Kern
28 Nov 2022 at 2:30pm
Italy would need another four LNG import facilities if it wants to have energy security and enough supply of natural gas, Claudio Descalzi, chief executive of Italian energy giant Eni, said at a business event in Milan on Monday. ?Algeria has more than doubled gas exports to Italy, Libya has increased gas supply, and Italy also receives gas from Egypt, Angola, Nigeria, and the first cargo of gas from Mozambique, which has enormous gas reserves,? Descalzi said at the Lombardia 2030 event in Milan. ?The problem is that those flows?

Renewable Boom Saves India From String Of Mass Blackouts
by Tsvetana Paraskova
28 Nov 2022 at 2:00pm
India?s power grid has been more resilient over the past weeks than it was at the same time last year when a coal shortage led to widespread blackouts. Part of the reason for the enhanced resilience was the surging renewable capacity which has reduced the stress on coal-fired generators, which continue to provide around 70% of India?s electricity. India is not ditching coal anytime soon?it will continue to rely on the dirtiest fossil fuel for decades, at least until 2040, Coal and Mines Minister Pralhad Joshi signaled earlier?

Europe To Raise LNG Import Capacity Significantly Through 2024
by Charles Kennedy
28 Nov 2022 at 1:30pm
The EU and the UK are expected to raise their combined LNG import capacity by 34%, or by 6.8 billion cubic feet per day (Bcf/d), by 2024 compared with 2021, the U.S. Energy Information Administration (EIA) said on Monday, citing data from the International Group of Liquefied Natural Gas Importers (GIIGNL) and trade press. Europe?s regasification capacity is set to increase by 5.3 Bcf/d by the end of 2023 and rise by an additional 1.5 Bcf/d by the end of 2024, according to the estimates. After a relatively modest expansion of LNG?

How Russia Is Trying To Steal Europe?s Largest Nuclear Power Plant
by OilPrice.com
28 Nov 2022 at 1:00pm
Russia began installing managers and technical staff at Ukraine?s Zaporizhzhia Nuclear Power Plant (ZNPP) soon after seizing the plant by military force on March 4 and well before officially annexing Ukraine?s Zaporizhzhia region to Russia (see Part One). Moscow completed the formal annexation procedures on October 5, and that same day, President Vladimir Putin issued a decree to place the ZNPP under Russian government ownership (Ukrainska Pravda, October 5). Based on Putin?s decree, the Rosenergoatom State Concern (operator of?

Germany Is Preparing A Windfall Tax For Solar And Wind Generators
by OilPrice.com
28 Nov 2022 at 12:30pm
Ah, yes. The sweet smell of saving the planet with "green" energy while getting to rake in even more taxes...nothing like having your cake and eating it too. Such is the case in Germany, where the country is getting ready to "table a ?130 per megawatt hour cap on the earnings of wind, solar and nuclear generators", according to ReNews, citing Bloomberg. Draft law indicates that the German government is planning on "reclaiming" some of the profits belonging to electricity companies in order "to fund a ?54bn consumer aid package"?

Research Team Reports Breakthrough In Metal Gas Batteries
by Brian Westenhaus
28 Nov 2022 at 12:00pm
A City University of Hong Kong research team has discovered an innovative way to boost metal carbon dioxide battery capacity by introducing an unconventional phase nanomaterial as a catalyst, boosting battery energy efficiency up to 83.8%. The metal-carbon dioxide battery is a promising and environmentally friendly technology and the study reveals a novel design of catalysts for the new generation of meta-gas batteries. The study paper has been published in the Proceedings of the National Academy of Sciences. The metal-carbon dioxide battery can?

Russia's Largest Tech Company Is Fleeing Moscow
by RFE/RL staff
28 Nov 2022 at 11:30am
Russian tech giant Yandex has said it is reorganizing its operations, moving to cut its ties with Russia in a restructuring that solidifies government control over a company once seen as a bellwether for the country's digital economy. The announcement comes after months of internal turmoil, with executives departing, the sale of the two of the company's best-known products, and company shares hitting basement prices prior to being frozen on international stock exchanges. "These are exceptionally challenging times," John Boynton, chairman of Yandex's?

Base Metals Continue To Face Bearish Headwinds
by Ag Metal Miner
28 Nov 2022 at 11:00am
By AG Metal Miner Like most base metals, the zinc price index rose during the first week of November. However, the 15th marked the last day of zinc?s sharp rally, as prices soon began to cool down and return back to prior support and resistance zones. As with other metal production facilities, Zinc smelters use a lot of energy. And with the growing number of global zinc smelter shutdowns this year, the zinc price index remains volatile. However, the sharp rally at the beginning of the month didn?t mark a true reversal. In fact, the?

U.S. Drivers Could Get Under $3 Gasoline For Christmas
by Julianne Geiger
28 Nov 2022 at 10:30am
Drivers in the United States could be getting the gift of even lower gasoline prices this Christmas, according to GasBuddy?s head of petroleum analysis, Patrick De Haan, who has noted the third straight week of gasoline price declines in the United States. U.S. national gasoline prices fell 12.4 cents from a week ago to $3.52 on Monday, according to GasBuddy data. This is down 22.7 cents from a month ago, although still 14.1 cents per gallon higher than a year ago. ?As millions of Americans hit the road for Thanksgiving, we saw gasoline?

Italy Plans 50% One-Off Windfall Tax On Energy Firms In 2023
by Tsvetana Paraskova
28 Nov 2022 at 10:30am
Italy plans to impose next year a one-off windfall tax of 50% on the extra income energy firms have booked as a result of the rise in oil and gas prices, according to a draft budget bill Reuters saw on Monday. The windfall tax is different from what the government released as plans for a rise in the levy on extra profits just last week. In the $36.6-billion (35 billion euros) budget law the government approved early on Tuesday last week, Italy planned to raise the tax on the extra profits of the firms selling energy to 35% from?

Oil Stocks Plunge As Divergence With Oil Prices Ends
by Charles Kennedy
28 Nov 2022 at 10:10am
Energy stocks have shed nearly 2% in Monday trading as crude oil prices tested the lowest levels of the year, breaking with a recent divergence that had seen energy stocks trend higher despite falling oil prices. Widespread protests in China over Beijing?s zero-COVID policy and uncertainty over Chinese oil demand have sent energy markets into a tailspin. While energy stocks had been defying falling oil prices for the first time since 2006, that divergence now appears to be dissipating. As of 12:53 EST on Monday, Exxon (NYSE:XOM)?

These Countries Have The Oldest Nuclear Reactors In The World
by OilPrice.com
28 Nov 2022 at 10:00am
The United States' 92 nuclear reactors currently in operation have a mean age of 41.6 years, the third oldest in the world. As Statista's Katharina Buchholz reports, the only nuclear fleets that are older are those of Switzerland (46.3 years) and Belgium (42.3 years). Also older are the singular reactors in use in Armenia and the Netherlands. You will find more infographics at Statista The U.S. was among the first commercial adopters of nuclear energy in the 1950s, explaining the number of aging reactors today. A building boom between the 1960s?

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