Natural Gas News – March 10, 2022
Natural Gas News – March 10, 2022
The Global Gas Crisis Has Made American LNG Hot
These are pretty scary times for the world right now as Russia continues its war with Ukraine, sending oil prices to shocking levels. The price for a barrel of oil jumped to over $118 on Thursday, the highest level since 2014. So far this year, Brent-crude futures are u 43%, compared to the Dow Jones Industrial Average’s, the S&P 500’s and the NASDAQ’s 8%, 10% and 19% respective fall over the same timeframe. Russia is one of the world’s largest oil and gas exporters, but refiners and traders around the world have stopped buying Russian oil, despite the fact that the U.S. government and its allies in NATO haven’t blocked Russian oil sales yet. Still, only about 10% of Russia’s oil exports have been impacted, according to Reuters. In President Biden’s State of the Union address on Wednesday, he announced the U.S. wo… For more info go to https://bit.ly/3J4g3Hl
Natural gas spikes 16% ahead of winter storm
The tragedy of Russia’s invasion of Ukraine presents a business opportunity for the U.S. natural gas industry if Europe turns sharply away from Russian gas. Prior to the war, Europe got more than a third of its gas from Russia. If Europeans wean themselves from that, American gas producers and exporters of liquefied natural gas say they can help fill the gap in the years ahead. “There’s a huge opportunity to counter Russian aggression,” said Anne Bradbury, CEO of the American Exploration & Production Council (AXPC), which represents large independent oil and gas producers. “It’s important that we’re able to step up and support our allies. ”The issue is at the forefront after the European Commission unveiled proposals yesterday to reduce its dependence on Russian energy, including increasing… For more info go to https://bit.ly/3tEBiJq
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