Teresa Ribera

The Spanish Government Refuses To Reduce Gas Consumption By 15%, As Demanded By Brussels

Teresa Ribera, Minister for Ecological Transition, has lashed out harshly against the Brussels plan to force EU countries to reduce gas consumption by 15% during the autumn and winter months. According to Ribera, this plan is “neither the most effective, nor the most efficient, nor the fairest”. “We have strategic reserves. We have done our homework. We have achieved a very solid position” in terms of security of supply, said…

LNG regasification ship

Asia Reduces Its Demand For Gas And Boosts European Supplies

Juan Antonio Martínez & Leonardo Gago (ASE Group) | More liquefied natural gas (LNG) is arriving at European ports and has lowered the daily price and that of immediate short-term gas products at the Dutch TTF. For the time being, the increase in LNG imports is offsetting the strain on Russian supply. In Q1 2022, Russian exports to the EU had fallen by 35% compared to the 2016-2021 average for…

gas grid

The Iberian Solution Could Offer Europe More Gas

Francis Ghiles (Vía Fair Observer*) | The Ukraine-Russia crisis has laid bare Europe’s dangerous reliance on Russian energy. But it has also opened up new opportunities for the exporting of Libyan and Algerian gas. Never has the question of where Europe’s foreign gas supplies come from, and whether there are alternatives to the continent’s dependence on Russia, been so much debated as in recent weeks. A subject that is usually…

LNG regasification ship

Capping Gas Prices Only Delivers Short-Term Respite

J.P. Marín-Arrese | PM Pedro Sánchez bet hard in the recent EU Summit when he pressed for an overhaul of the current marginal cost pricing in the electricity sector. While missing his goal, and rebuked by Germany and Holland, he was given as a consolation prize the promise that Spain and Portugal could cap electricity gas prices on a temporary basis, subject to final scrutiny by Brussels. Decoupling the most…


Russia Has Increased Gas Supplies Since Invading Ukraine (While Gazprom Has Withdrawn From The Spot Market In Europe)

ASE Group | Russian gas supplies to Europe from Russia have increased since the war broke out because of long-term contracts, in place between European buyers and Russia’s Gazprom, which include strict commitment clauses. All parties are committed to respecting them or face serious losses. This is why Grazprom is avoiding direct economic sanctions from Europe.In any case, Russian flows are not back to normal for this time of year….


The Rise In Gas (+200%) And CO2 (To 45 Euros Per Tonne) Is Pushing Up The Price Of Electricity In Europe

ASE Group | The rise in the price of CO2 emissions, up 36% so far this year to 45 euros per tonne (when a year ago it was around 15 euros per tonne) and in the price of gas, up 200%, is pushing up electricity prices across the continent, both current prices and those on the futures markets. Thus, for example, in Spain, the daily price of electricity on the wholesale market for the first 15 days of April stood at 58.13 €/MWh. This is 60% higher than at the end of March and also 60% above the average for the month of April in the last 5 years. If we compare it with April of last year, in the middle of the sanitary confinement, the price rises by 229%.

Oil recurso 1

The “Magic” Oil Price To Increase Drilling Activity For US E&Ps Is…$50

UBS | US E&Ps cut capex by ~40% YoY in 2015 & are budgeted to cut >50% YoY this year. This has caused the US oil rig count to plunge from a peak of 1,609 in 2H14 to 328 (7- year low). But as spot WTI prices have moved from <$30/Bbl earlier this year to ~$46/Bbl currently, one of the key questions energy investors are asking is when will US E&Ps begin to add rigs?

No Picture

Today’s market chatter in Spain: gas reform, tourist sector rocking and much more

MADRID | By Jaime Santisteban | 13.8 million people checked in Spanish hotels last month, 5.5 % more than February’s last year, according to official data.  Frontur Spain highlights that 6.2 million tourists have visited the country so far this year. Bankia analysts highlight how this crucial industry for the country’s GDP seems to be overcoming the crisis, growing for the third consecutive month.

No Picture

Repsol Sinopec’s Campos Basin in Brazil one of largest findings in 2012

MADRID | Repsol Sinopec Brasil reported it estimates that Block BM-C-33, in the deepwater Campos Basin, contains resources of more than 700 million barrels of light oil and 3 trillion cubic feet of gas. Partner companies are now working on an appraisal plan for the area. Repsol Sinopec Brasil is the operator of the discovering consortium, holding 35%, also joined by Statoil (35%) and Petrobras (30%). Block BM-C-33, off the coast…


Long read | JP Morgan’s Colin Fenton (II): “EU secondary oil refineries to revive”

WASHINGTON | Second part of our conversation with Colin Fenton, global head of Commodities Research and Strategy at J.P. Morgan. What will be the effect of the closing of Iranian exports to Europe. Will it take a lot of time or effort to adapt European oil refineries to other types of oil? It always take some time to adapt, and reorientation of supply pathways, especially with trade barriers, tends to have…