 |
Louisiana Light • 4 days | 70.89 | -1.54 | -2.13% | ||
|
Bonny Light • 332 days | 78.62 | -2.30 | -2.84% | ||
|
Opec Basket • 2 days | 69.93 | -0.41 | -0.58% | ||
|
Mars US • 622 days | 71.88 | -1.03 | -1.41% | ||
|
Gasoline • 17 mins | 2.169 | -0.001 | -0.05% |
|
Bonny Light • 332 days | 78.62 | -2.30 | -2.84% | ||
|
Girassol • 332 days | 79.56 | -1.80 | -2.21% | ||
|
Opec Basket • 2 days | 69.93 | -0.41 | -0.58% |
|
Peace Sour • 17 hours | 57.19 | -0.18 | -0.31% | ||
|
Light Sour Blend • 17 hours | 57.44 | -0.18 | -0.31% | ||
|
Syncrude Sweet Premium • 17 hours | 61.69 | -0.18 | -0.29% | ||
|
Central Alberta • 17 hours | 57.04 | -0.18 | -0.31% |
|
Eagle Ford • 2 days | 62.86 | -0.14 | -0.22% | ||
|
Oklahoma Sweet • 2 days | 62.25 | -0.75 | -1.19% | ||
|
Kansas Common • 2 days | 53.21 | -0.14 | -0.26% | ||
|
Buena Vista • 109 days | 70.40 | +1.10 | +1.59% |
Breaking News:
Both Russia and the Houthis Are Escalating Attacks
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Europe’s Natural Gas Prices Jump to 2024 High
Europe’s benchmark natural gas prices surged on Thursday to the highest since November 2023 as Austria’s OMV warned of a potential halt to Russian pipeline gas supply and as colder weather drives stronger demand for heating and electricity.
Dutch TTF Natural Gas Futures, the benchmark for Europe’s gas trading, jumped early on Thursday in Amsterdam by 5%. As of 1:50 p.m. Amsterdam time, prices had given up some of the gain, but they were still up by 4% on the day, at $47.83 (45.40 euros) per megawatt-hour (MWh).
Late on Wednesday, Austrian energy firm OMV said that it had received an arbitral award under the rules of the International Chamber of Commerce (ICC) in relation to Gazprom Export’s irregular German gas supplies, which had eventually ended in September 2022.
OMV was awarded $242 million (230 million euros) plus interest and costs, and “takes the necessary next steps to enforce the arbitral award with immediate effect.”
In light of the arbitration award, OMV warned that “It is expected that there may be a deterioration of the contractual relationship under the Austrian supply contract of OGMT with Gazprom Export, including a potential halt of gas supply.”
At the same time, OMV confirmed that it can deliver the full contracted volumes of gas to its customers in case of a potential supply disruption by Gazprom Export. In addition, OMV’s gas storage in Austria is currently at over 90% full.
Apart from a potential halt to some of the remaining Russian pipeline gas deliveries, European natural gas prices were also pushed up by colder weather in Europe, which boosted demand for heating and gas-fired power generation. Gas demand and gas-powered electricity demand have jumped in recent days amid the so-called ‘Dunkelflaute’, German for “dark wind lull”, which resulted in low wind speeds and low levels of wind power generation.
By Charles Kennedy for Oilprice.com
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