Energy disruption hits Bangladesh and Pakistan as Gulf crisis worsens
- European Union natural gas stocks stand at a record-low 67% full, far below the 80% capacity target for December as winter approaches and demand rises.
- The war on Iran has prevented liquefied natural gas shipments through the Strait of Hormuz, eliminating 36 million metric tons of supply while discouraging summer stockpiling due to high market prices.
- Gas benchmarks are trading at €81 per megawatt hour, up 150% from last year, prompting Jack Sharples of the Oxford Institute of Energy Studies to warn that even normal winter conditions could severely deplete reserves.
- Policymakers at the European Central Bank raised interest rates last week to combat energy pressures, while Italy's ruling coalition announced scrapping road tax for 14.5 million vehicles next year at a cost exceeding €2 billion.
- Competition with North Asian buyers for global liquefied natural gas cargoes threatens to drive prices higher this winter, with ExxonMobil Vice President for Global LNG Marketing Andrew Barry warning the season will test market resilience.
217 Articles
217 Articles
The upcoming winter will be difficult for European countries due to low gas storage reserves and supply problems, including those related to EU policy towards Russia. This was stated by Fatih Birol, head of the International Energy Agency (IEA), at an energy forum organized by the magazine Foreign Policy. “I think if you look at Europe, this winter will be very harsh for them. Europe has had many harsh winters recently, but this will be one of t…
Ormuz, Bab el Mandeb and the closure of the Saudi pipeline, with damage to Russian refineries as a colophon, cause the biggest price burst since 2022
Oil Tanker Rates Top $1 Million a Day—3 Ways Investors Can Trade the Surge
As the Iran conflict pushes tanker rates past $1 million per day, investors weigh Okeanis Eco Tankers, International Seaways, and the Breakwave Tanker Shipping ETF as ways to trade the shipping surge.
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