Russia is willing to boost natural gas supplies to Europe, but only if the Nord Stream 2 pipeline receives regulatory approval to start shipments 🇷🇺 💥 🇪🇺
(Russia had long denied allegations that they were curbing supply in exchange for NS2 approval)
In exchange for upping supplies, Russia wants to get German/EU approval to begin using the pipeline to Europe, according to people close to Gazprom and the Kremlin
Russia is unlikely to agree to up supplies without assurances that the new pipeline will be allowed to operate
“We’re fulfilling all our contracts, all our obligations. Everything on top of that should be a subject for additional voluntary and mutually beneficial agreements,” said Konstantin Kosachyov, a pro-Kremlin legislator, said in an interview, without specifying what Russia seeks
As I sat there, I couldn’t help but wonder if we were all a little like Europe — hoping for more Russian gas to come and refill our own depleted inventories
• • •
Missing some Tweet in this thread? You can try to
force a refresh
China has traditionally purchased nearly all of its coal supplies from producers within Asia, but that changed last year when it stopped buying from Australia amid a political dispute between the once-close trading partners, leading to sporadic shortages
While China mines half of the world’s coal, its supply hasn’t been able to keep up with its breakneck demand
Thermal power generation in the year through August is 14% higher than last year, while coal production is up only 4.4%. So they need more imports to fill the gap
Natural gas prices are SURGING around the world today 🚀📈
🇪🇺 Dutch TTF jumped as much as 12% to above 85 euros/MWh, a record high, after a drop in Russian supply
🇺🇸 US Henry Hub just topped $6/mmbtu for the first time since 2014
🇯🇵 JKM is above $30/mmbtu, a seasonal high
European natural gas prices are again surging toward a record high 📈🚀
That's due in part to:
> Carbon futures hitting an all-time high as utilities turn to coal
> Seasonally low stockpiles, limited supply from Russia/Norway
> Robust Chinese LNG demand
> Uncertain wind output
EU benchmark carbon futures surged above 65 euros/ton for the first time ever as utilities seek coal supplies amid the global gas shortage
European coal futures for next-year delivery also surged to the highest since 2008 amid growing demand from the continent's utilities
This winter, the world will be fighting over a finite supply of natural gas 🥊
The energy crisis in Europe presages trouble for the rest of the planet as the continent’s gas shortage has governments warning of blackouts and factories being forced to shut
🇰🇷 While South Korea is largely protected by long-term LNG contracts that are indexed to oil, Korea Electric Power Co. said on Sept. 23 that it will increase electricity prices for the first time in almost eight years
With about a month to go before the start of the heating season, Europe doesn’t have enough natural gas in storage and isn’t building inventories fast enough either. Gas and power prices are hitting new records
LNG shipments tagged “carbon neutral” are gaining popularity in Asia, despite criticism that the offsets used don’t actually cancel out emissions from the fuel 🏭
Japan, which is looking for ways to cut emissions, continues to be the main destination 🇯🇵
In the past month, BP and Petronas delivered so-called green cargoes to customers in N. Asia
However, carbon credits purchased for the shipments didn’t cover emissions from combustion of the natural gas, which produces roughly 70% of total emissions
Critics, including those from within the industry, have called for more transparency when it comes to offsetting emissions from fossil fuels with carbon credits