East Asia

The price of Asian spot LNG (liquefied natural gases) fell this week due to a combination of factors: a weak demand, a rising supply, and an abundance in inventories. Meanwhile, the risk premiums were reduced by reducing the ceasefire between Israel & Iran. Average LNG price for August deliveries into North-east Asia Industry sources estimate that the price per million British Thermal Units (mmBtu) was $12.70, down from $13.10/mmBtu in the previous week. The market was under pressure from a combination of factors, including the rising Pacific supply, the high LNG stocks in China and South Korea and the weak...

Israel stopped gas exports to Egypt following the start of the war with Iran The exports resumed on the 23rd of June, but Egypt's gas challenges remain. Egypt's gas production has declined dramatically in recent years and is unlikely to recover anytime soon Ron Bousso LONDON 30 June - Egypt is one of the worst economic losers in the 12-day Middle East war, after Israel cut off vital natural gas supplies to Egypt. After Israel and Iran agreed on a ceasefire, President Donald Trump of the United States declared it on June 23. However, the incident highlights Egypt's vulnerability as...

The price of Asian LNG spot fell from its four-month peak this week, as the threat of a supply disruption was reduced by a ceasefire agreement between Israel and Iran. Average LNG price for August deliveries into North-East Asia According to industry sources, the price was $13,10 per million British Thermal Units (mmBtu), a drop from $14.00/mmBtu a week ago. This was the highest rate since February 21. "We have a slightly negative outlook for Asian prices (which is stable)." "A sustained Iran-Israel truce would reduce geopolitical risks, and refocus on the weak demand in China, South Korea, and Japan,"...

This week, Asian spot LNG prices reached their highest level in the past four months due to concerns about disruptions of supply caused by the Israel-Iran war. Average LNG price for August deliveries into North-east Asia According to industry sources, the price of gas was $14.00 per million British Thermal Units (mmBtu), an increase of 11% over $12.60/mmBtu from last week. This is also the highest since February 21. Israel launched an attack on Iran last Friday after claiming that Tehran was close to developing nuclear weapons. Iran, which claims its nuclear program is for peaceful purposes only, responded with...

The conflict between Israel and Iran has increased global diesel prices. Gains have outstripped the increase in crude oil prices. This highlights the vulnerability of Europe's diesel-heavy consumers, even though the refiners are rewarded. Benchmark Brent crude has risen 10% to more than $76 per barrel since the Israel-Iran War began on June 13. This reflects investor concerns over a potential disruption in supply, especially issues related to Strait of Hormuz – a narrow waterway that connects Iran and Oman and through which a fifth of crude oil and refined petroleum products pass. The speculation that U.S. president Donald Trump...

Section 899 proposes a tax of up to 20% on the income of foreign investors The proposal is included in President Trump's tax bill signature The tax could have a major impact on the profits of European oil giants Ron Bousso LONDON, 12 June - A proposed U.S. Tax targeting foreign investors may hurt European Energy Giants that operate in America’s booming Oil and Gas Sector, undermining President Donald Trump’s energy dominance agenda. The Senate is reviewing Trump's tax and spending plan, which includes an extra tax of up 20% on the incomes of foreign investors such as dividends or...

The price of Asian spot LNG (liquefied natural gases) fell for the first week in five as weak demand in Asia weighed on the prices. Average LNG price for July deliveries into North-east Asia Industry sources estimate that the price per million British Thermal Units (mmBtu) was $12.30, down from $12.40/mmBtu a week ago. "LNG demand has been weak in Asia." "There have not been any signs of strong demand from major consumers such as China and India", said Siamak Adibi. Director for gas and LNG Supply Analytics at FGE. The demand for Southeast Asia is also muted, despite some...

After three weeks of rising prices, Asian spot LNG prices have been flattening out this week due to a lackluster demand in Asia and an increase in supply from Europe. Average LNG price for July deliveries into North-east Asia Industry sources estimate that the price per million British Thermal Units (mmBtu) was $12.40. Martin Senior, Argus' head of LNG prices, noted that despite the extremely low production at Bintulu, Malaysia, where maintenance was being performed and causing delays in shipments, Asia also had a soft demand this week. He said that the prices are still too high for price-sensitive buyers...

The price of Asian LNG spot rose for the third consecutive week to a record high. This was due to renewed demand and weak production in Malaysia, as well as Egypt's desire to secure large volumes for the remainder of the year. Average LNG price for July deliveries into North-East Asia Industry sources estimate that the price per million British Thermal Units (mmBtu) is now $12.40, up from $11.75/mmBtu a week ago. Alex Froley is a senior LNG analyst with data intelligence firm ICIS. He said that the market had been in a trend of rising since the recent lows...

Shell Energy expects that several traditionally LNG exporting nations will become net importers. This could drive demand for super-cooled fuel and ease concerns about an oversupply of the super-cooled fuel due to a number of new planned projects. Shell's Executive Vice President for LNG, Cederic Cremers said that Indonesia, Malaysia and Algeria will likely become net importers in the future, as their domestic demand is increasing while their production is decreasing. He said that he predicted that the LNG market would grow by 50 million tonnes between now and the year 2040. These LNG exporters will likely join Egypt which...

The producers are pushing forward with their liquefied gas projects. They are banking on the urbanisation of the world and its technology sector, which will drive global demand for power and overcome such challenges as oversupply and rising costs. The LNG fuel is seen by many as a transitional fuel to zero emissions. Energy security is also a priority for governments around the world after Russia's invasion in Ukraine caused gas prices to reach record highs. Tengku Taufik of Malaysian energy company Petronas said at the World Gas Conference that Asia-Pacific economies were "ravenously hungry" for LNG. The proliferation of...

The producers are pushing forward with their liquefied gas projects. They are banking on the urbanisation of the world and its technology sector, which will drive global demand for power and overcome such challenges as oversupply and rising costs. The LNG fuel is seen by many as a transitional fuel to zero emissions. Energy security is also a priority for governments around the world after Russia's invasion in Ukraine caused gas prices to reach record highs. Tengku Taufik of Malaysian energy company Petronas said at the World Gas Conference that Asia-Pacific economies were "ravenously hungry" for LNG. The proliferation of...

A Hong Kong court assigned an attorney to the captain of a Hong Kong registered ship accused of damaging undersea cable in the Baltic Sea. The case was adjourned to September so that the prosecution could gather more evidence. Wan Wenguo was the captain of NewNew Polar Bear container ship when he appeared before the Eastern magistrates court in Hong Kong without legal representation. The court assigned him a duty attorney. According to a Hong Kong charging document, the 43-year old Chinese national was accused of causing "criminal damages" on an underwater natural-gas pipeline and submarine telecom cable between Finland...

Transneft, Russia's oil pipeline monopoly, has seen its oil flow continue to fall this year despite the OPEC+ agreement and technological challenges. This was confirmed by Maxim Grishanin on Friday. He also stated that due to the decline in turnover, the revenues would not reach the level typical of the last 10 years until 2030. Transneft, which operates 67,000-kilometre-long (42,000-mile) oil pipeline network, handles more than 80% of all the oil produced in Russia. Transneft CEO Nikolai Tokarev stated that the company will ship 447 million metric tonnes (around 8,94 million barrels of oil per day) in 2024. This includes...

In a long-term projection, Japan's power transmission operators warned that the country could be facing a major power shortage in 2050 due to a surge in demand and if aging thermal plants and older nuclear power plants were not replaced. Japan has been predicting a decline in electricity demand for years due to the shrinking population. However, it recently updated this forecast to include new demand from chip factories and data centres. According to the Organization for Cross-regional Coordination of Transmission Operators' scenarios, Japan's electric demand will rise by 8-42% in 2050 compared to 2019 before the COVID outbreak. The...

Two traders have said that Russia will increase the ESPO Blend oil loadouts at its Far East Kozmino Port in July from 3.6 millions metric tons to 4 million metric tonnes (about 970,000 barrels per daily) from 3.6million tons in June. The traders reported that oil exports from Kozmino were reduced in June due to planned maintenance. Exports of ESPO Blend reached 4.2 millions tons in May. Calculations showed that ESPO loadings at Kozmino would increase by 7.5% on a daily average in July compared with June. Calculations showed that July is one day more than June. ESPO Blend Oil...

Officials and managers of companies have stated that Russia, the country with the largest reserves of natural gas in world, is looking for ways to use its surplus gas to run data centres. This comes as European exports continue to fall. According to calculations, the conflict in Ukraine caused Gazprom to see its gas exports to Europe reach a peak between 175 and 180 billion cubic metres in 2018-2019. By 2024, however, it is estimated that this will drop to only 32 bcm. This level will drop by half again in this year, following the suspension of Russian gas transit...

The Energy Ministry and the National Statistics Bureau have both reported that the daily production of oil and gas condensate in Kazakhstan is expected to increase by 6% compared to May. The OPEC+ producers have criticized its output for exceeding the quota. The Ministry of Energy and Mineral Resources said that Kazakhstan's average daily production of oil and gas condensate in June will rise to 285,000 tons or 2,140 million barrels a day. Uses a conversion factor 7.5 barrels to a ton. Output stood at 269,000 tons in May, statistics bureau data showed. The ministry reported that the average daily...

LSEG data and two sources stated that the increase in Turkey's Urals crude imports is due to seasonal demand and healthy refinery margins. According to LSEG, the imports of Urals in Turkey will reach 1.64 million metric tonnes in May. This will be the highest level since May 2024 when the country imported 1,76 million tons. The second largest importer of Urals crude oil by sea is Turkey, after India. It has not complied with Western sanctions against Russia, but it does comply with international laws. Data shows that urals prices were below $60 per barrel at Russian ports during...

In an interview given on Wednesday, the head the state gas company said that Serbia was working on a gas deal with Russia. It will receive the best price available in Europe. Dusan Bjatovic, head of Srbijagas said that Europe, like Serbia, would be forced to return to Russian gas in order to meet its energy requirements at a reasonable price. Serbia was one of the few remaining Russian gas consumers in Europe last year, with around 3 billion cubic meters. It is seeking to join the European Union. This week, the EU proposed a legally-binding ban on the imports...

Japan's second-largest shipping company, Mitsui O.S.K. Takeshi Hashimoto, CEO of Lines (MOL), said that the company is continuing to operate as usual in Gulf while closely watching the situation in the area. Hashimoto said on the sidelines the Energy Asia Conference that "we are operating so many container, car carriers, and chemical tankers, so it is very difficult for us reduce or stop the service." He added that although there was no alternative route in the Gulf for shipping, it had been re-routed to the Cape of Good Hope following the attack by the Yemeni Houthis on ships in the...

A person familiar with this matter told me on Monday that Mitsubishi Corp was in negotiations to buy the U.S. Shale Production and Pipeline assets of Aethon Energy Management. The price is estimated at $8 billion. If the deal is struck, the Japanese conglomerate would gain a significant natural gas operation near the U.S. Gulf Coast and the energy export infrastructure being developed there. The source said that talks between Mitsubishi and Aethon were ongoing. She cautioned, however, that no transaction was guaranteed and spoke under condition of anonymity in order to discuss confidential discussions. The assets are operated and...

Uganda forecasts its economic growth will accelerate to about 7% in the coming year, indicating that officials do not plan on large-scale production of energy in the next twelve months. This year, growth was projected at 6.3%. The latest government estimate was that crude production would begin in the middle of the year. However, this date has been pushed back repeatedly due to disagreements between the government of President Yoweri Museeveni and international energy companies and the slow progress of building critical infrastructure. Companies including France's TotalEnergies, China's CNOOC and China's TotalEnergies are developing Uganda's oilfields near the border with...

Two sources have confirmed that U.S. LNG developer Commonwealth LNG, which is planning to build an export facility in Louisiana to provide 1 million metric tonnes per year (mtpa), of LNG, will soon sign a contract with Japan's largest power generator JERA. Commonwealth LNG would be able to commit 8 mtpa under the long-term contract. The company stated publicly that they want to secure contracts for 8 mtpa or more of their 9.5 mtpa capacity LNG export terminal to ensure the project's financial viability. The U.S. exports more LNG than any other country in the world. Based on the projects...