Bloomberg Japan may ask households and businesses to cut back on natural gas use on the back of concerns that increase in global competition for the precious fuel will disrupt stable supply. A panel within Japan’s trade ministry called for discussion to create a framework that would allow the government to ask households and businesses to conserve gas when ...
Read More »Energy
World needs to spend $110bn a year to curb methane releases
Bloomberg The world needs to dramatically ramp up spending tenfold to $110 billion a year to curb methane releases and avoid the worst of climate change, a new study has found. The potent greenhouse gas is responsible for nearly half of net global warming to date, yet just 2% of global climate finance is directed towards curbing releases of the ...
Read More »Gas price surge may slash UK’s cost to hit net-zero emissions
Bloomberg Britain’s path towards zeroing out its greenhouse gas pollution may cost a third less than expected if natural gas prices remain elevated, analysis by government’s fiscal watchdog showed. The Office For Budget Responsibility examined how high fossil-fuel prices would impact the whole-economy cost of the UK reaching its target for net zero emissions by 2050. In 2019, the ...
Read More »VW breaks ground on $20bn battery unit’s first cell plant
Bloomberg Volkswagen AG broke ground on a new battery plant in Germany on Thursday, saying the factory marks the first step in an effort that will generate more than 20 billion euros ($20.4 billion) in revenue annually by the end of the decade. The Salzgitter venture is one of six battery plants VW has planned for Europe. PowerCo, the ...
Read More »France to nationalise debt-laden EDF
Bloomberg The French government will nationalize its financially struggling nuclear giant Electricite de France SA to help it ride out Europe’s worst energy crisis in a generation and invest in new atomic plants. “The climate emergency requires strong, radical decisions,†Prime Minister Elisabeth Borne said during a policy speech in parliament in Paris. “We need to have full control ...
Read More »European gas extends scorching rally as supply fears mount
Bloomberg Natural gas in Europe headed for the longest stretch of daily gains in more than nine months as persistent fears of deeper supply cuts by Moscow spread through the market. Benchmark futures, which have doubled their value over the past month, surged as much as 9% for a seventh day of increases. The crisis has also sent power ...
Read More »Russia’s crude oil shipments to crucial Asian markets fall
Bloomberg Russia’s seaborne crude exports in the seven days to July 1 rebounded from the previous week’s plunge, but shipments to Asia are slipping, even as flows are diverted to the country’s Black Sea terminal to cut the voyage distance to India. Aggregate crude flows from Russian ports were up week-on-week by 23%, recovering most of the volume lost ...
Read More »Natural gas in Europe rises to highest level in almost four months
Bloomberg Natural gas in Europe rises to the highest level in almost four months as planned strikes in Norway threaten to further tighten a market that’s already reeling from Russia’s supply cuts. Benchmark futures, which have more than doubled this year, surged as much as 10% on Monday. About 13% of Norway’s daily gas exports are at risk amid ...
Read More »Surging fuel costs causing demand destruction: Vitol
Bloomberg The global surge in the cost of fuel is starting to weigh on demand, according to the world’s biggest independent oil trader. Consumers are being hit by the run-up in gasoline, diesel and other oil products, Mike Muller, head of Asia at Vitol Group, said on Sunday on a podcast. “There’s very clear evidence out there of economic stress ...
Read More »European gas set for 3rd weekly gain as supply worries deepen
Bloomberg Natural gas prices in Europe headed for the longest streak of weekly gains this year as a prolonged shutdown of a key export facility in the US further tightens a market that’s already reeling from Moscow’s supply cuts. Benchmark futures rose as much as 6.1% to advance for a third week. The Freeport LNG project now plans to ...
Read More »