A surge in COVID-19 cases and the emergence of the Omicron variant will dent global demand for oil, the International Energy Agency (IEA) said on Tuesday, but the broader picture is one of increasing output set to top demand this month and soar next year. “The surge in new COVID-19 cases is expected to temporarily

Global natural gas prices are set for another year of volatility, following 18 months of swings from record lows to record highs. As natural gas demand started to rebound this summer amid depleted stocks in Asia and Europe following a long and cold winter, prices skyrocketed in the autumn to record highs. This forced gas-intensive

Ahead of a major reform of natural gas market rules, the European Commission today committed to promoting competitive markets to enable non-EU hydrogen to be traded internationally. The commitment is part of the commission’s new Global Gateway strategy, which offers investment of up to €300bn in the 2021-27 period for long-term international recovery. The commission

The recent oil price decline is not justified by fundamentals, Goldman Sachs says, keeping its estimate of Brent averaging $85 per barrel in Q4. The move lower in oil prices so far this month has been excessive amid overblown worries about a strategic petroleum reserve (SPR) release and a hit to demand from the COVID

The European Union will likely include natural gas in its energy transition plans as some member states that are heavily reliant on coal at the moment would need an “intermediary stage”, the head of the EU green deal team Frans Timmermans said, as quoted by Bloomberg. “We will have to also invest in natural gas

The American Petroleum Institute (API) on Tuesday reported its first crude oil inventory draw in six weeks, even as the United States ventures well on the other side of the typical driving season. This week, the API estimated the inventory draw for crude oil to be 2.485 million barrels. Despite the six previous weeks of

Oil posted a monthly gain of 11% on signs that consumption is outpacing supply and draining stockpiles. Futures in New York rose 0.9% on Friday. Oil’s advance this month shows the impact of an ongoing shortage of natural gas, which has boosted demand for oil products. At the same time, rising margins signal that crude

Asian liquefied natural gas traders are rushing to secure shipments from the U.S., where the fuel is among the cheapest in the world despite what’s turning into the steepest price run in two decades. Firms in Japan, these biggest importers, are seeking to procure LNG specifically from the U.S., and are in discussions with exporters

Oil output in America’s most prolific shale patch is getting closer to levels seen before the pandemic-driven market crash, as crude prices surge. While total production in the U.S. is still lagging, the Permian Basin of West Texas and New Mexico is increasing output to an average 4.826 million barrels a day in October, according

Gazprom PJSC increased its 2021 price guidance for natural gas exports, while signaling caution on volumes it could ship, as Europe’s energy crisis worsens. The Russian gas giant, Europe’s biggest supplier of the fuel, reiterated that shoring up inventories at home was its top priority. Only after it has refilled its own storage facilities by