Update on Europe's Energy Crisis - Sept 9
Posted: Fri Sep 09, 2022 9:35 am
EU gas storage as of 9/6 was 82.5% full < BUT WITHOUT NATURAL GAS FROM RUSSIA, THEY WILL NOT HAVE ENOUGH TO GET THROUGH FEBRUARY.
· German Economy Minister Habeck accused Belgium, Luxembourg, the Netherlands, and Poland of refusing to cooperate in negotiations for bilateral gas sharing deals needed by Germany to help mitigate the supply crunch...
· …Germany currently has such deals in place with only Austria and Denmark, and negotiations with Italy are on hold until after Italian elections later in the month...
· …Belgium's Prime Minister de Croo asserted that the crisis could very well bring the European economy to "a full stop" this winter...
· …Britain's Prime Minister Truss lifted the UK ban on shale gas drilling and announced a plan to freeze annual energy bills at £2,500 for two years...
· …additionally, more than 10 new O&G licenses will be offered for the UK Continental Shelf next week...
· …Denmark became the latest country to announce a bailout of energy companies, pledging a loan of $13.5B...
· …the European Commission is reportedly backing away from proposals to to cap LNG prices along with Russian gas as industry leaders and experts warn such a scheme would simply drive LNG suppliers to re-route supplies to other regions...
· ...an unnamed senior EU official leaked that the EU was no longer considering additional sanctions on Russia because "appetite is weaker" and Europe is "risking a winter of discontent"
· Two FSRUs have arrived in the Dutch port of Eemshaven, and the newly operational terminal received its first cargo today (brought from the US Gulf Coast)
· Chinese imports of Russian LNG rose to their highest levels since at least 2020 in August as Chinese authorities are reportedly growing concerned that current stocks might be inadequate for winter requirements...
· …Sakhalin-2 is apparently selling spot cargoes to Chinese buyers at ~50% discounts to current market prices
· German Economy Minister Habeck accused Belgium, Luxembourg, the Netherlands, and Poland of refusing to cooperate in negotiations for bilateral gas sharing deals needed by Germany to help mitigate the supply crunch...
· …Germany currently has such deals in place with only Austria and Denmark, and negotiations with Italy are on hold until after Italian elections later in the month...
· …Belgium's Prime Minister de Croo asserted that the crisis could very well bring the European economy to "a full stop" this winter...
· …Britain's Prime Minister Truss lifted the UK ban on shale gas drilling and announced a plan to freeze annual energy bills at £2,500 for two years...
· …additionally, more than 10 new O&G licenses will be offered for the UK Continental Shelf next week...
· …Denmark became the latest country to announce a bailout of energy companies, pledging a loan of $13.5B...
· …the European Commission is reportedly backing away from proposals to to cap LNG prices along with Russian gas as industry leaders and experts warn such a scheme would simply drive LNG suppliers to re-route supplies to other regions...
· ...an unnamed senior EU official leaked that the EU was no longer considering additional sanctions on Russia because "appetite is weaker" and Europe is "risking a winter of discontent"
· Two FSRUs have arrived in the Dutch port of Eemshaven, and the newly operational terminal received its first cargo today (brought from the US Gulf Coast)
· Chinese imports of Russian LNG rose to their highest levels since at least 2020 in August as Chinese authorities are reportedly growing concerned that current stocks might be inadequate for winter requirements...
· …Sakhalin-2 is apparently selling spot cargoes to Chinese buyers at ~50% discounts to current market prices