Major energy traders including Gunvor Group Ltd. and Mercuria Energy Group Ltd. have reduced the size of their trading positions and increased borrowing from lenders to cover large margin calls stemming from the unprecedented surge in European gas prices, according to people familiar with the matter. SourceContinue Reading
Norway’s election-winning Labor Party agreed to form a minority government with another proponent of oil exploration, the agrarian and euro-skeptic Center Party. SourceContinue Reading
President Joe Biden is under intensifying pressure to keep a lid on rising gasoline and natural gas prices that threaten the economic recovery and Democrats’ political ambitions. SourceContinue Reading
Gazprom PJSC increased its 2021 price guidance for natural gas exports, while signaling caution on volumes it could ship, as Europe’s energy crisis worsens. SourceContinue Reading
The controversial Nord Stream 2 pipeline has the potential to ease Europe’s gas crisis, and Russia says the project is on track. But obstacles remain — and some of them could take months to clear. SourceContinue Reading
Equinor ASA, the flagship producer of oil and gas giant Norway, is investing billions of dollars in blue hydrogen on a bet that it can make the fuel more cleanly than anyone else. SourceContinue Reading
Oil explorers need to raise drilling budgets by 54% to more than half a trillion dollars to forestall a significant supply deficit in the next few years, according to Moody’s Investors Service Inc. SourceContinue Reading
The UK won a challenge over its decision to grant BP Plc a North Sea oil permit as judges pointed to the need for the country to have diverse sources of fuel as the current energy crisis drives prices for power ever higher. SourceContinue Reading
