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Business Recorder
6 days ago
- Business
- Business Recorder
Global LNG: Asian spot LNG prices decline on muted demand, high inventories
LONDON: Asian spot liquefied natural gas (LNG) prices declined this week due to weaker demand and strong inventories and as buyers in south Asia found current prices too high. The average LNG price for September delivery into north-east Asia was at $12.30 per million British thermal units (mmBtu), down from $12.90/mmBtu last week, industry sources estimated. 'Prices have been in a slow downtrend this week due to ample supply and higher inventories. However, we expect Asian utilities to start stepping in to procure for cooling demand as temperatures rise in Asia,' said Toby Copson, chairman at Davenport Energy Partners. 'Demand remains relatively weak on a macro scale with European hubs reflecting that,' he added. Cooling demand from a heatwave in Japan and South Korea has mostly been met by coal, said Martin Senior, head of LNG pricing at Argus. Some production outages have cropped up, including at Australia's Gorgon's third LNG train, the U.S.' Elba Island terminal and United Arab Emirates' Das Island undergoing maintenance, he said. 'However, the outages have not pushed Asia to compete for Atlantic basin (cargoes) and current prices were too high for many price sensitive buyers in south Asia and China to compete for spot supply,' Senior added. In Europe, gas prices rose slightly during the week on Norwegian unplanned maintenance but dipped on Friday as supply from Norway rose. Global LNG: Asian spot LNG prices inch up as hot weather boosts cooling demand The European Union on Friday agreed an 18th package of sanctions against Russia over its war in Ukraine, including measures aimed at dealing further blows to the Russian oil and energy industry. The package also includes banning transactions related to Russia's Nord Stream gas pipelines under the Baltic Sea, and with Russia's financial sector. 'While the new EU sanctions package puts a definite halt to the re—utilisation of Nord Stream, it does not change the supply outlook for European gas markets. The 2027 Russian gas phase-out still sticks, which is why the TTF market reaction was rather muted,' said Florence Schmit, energy strategist at Rabobank. U.S. President Donald Trump's threat to impose a 100% tariff on countries buying Russian energy in 50 days failed to rattle the market, she said. 'The tariff rate, alongside the 50-day pause, signalled that this might be more noise than reality…Russia sanctions remain an upside risk although a limited one for now,' Schmit added. S&P Global Commodity Insights assessed its daily North West Europe LNG Marker (NWM) price benchmark for cargoes delivered in September on an ex-ship (DES) basis at $11.397/mmBtu on July 17, a $0.450/mmBtu discount to the September futures price at the TTF hub. Argus assessed the price at $11.435/mmBtu, while Spark Commodities assessed the August price at $11.269/mmBtu. The U.S. arbitrage to north-east Asia via the Cape of Good Hope continues to point to Europe. The arbitrage via Panama is also pointing to Europe instead of Asia, said Spark Commodities analyst Qasim Afghan. In the LNG freight market, Atlantic rates rose to $33,750/day on Friday, while Pacific rates remained relatively steady at $38,250/day, Afghan added.
India Gazette
14-07-2025
- Politics
- India Gazette
"What is wrong in visiting graveyard of martyrs?" Mamata Banerjee after J-K CM Abdullah claims restricted from Naqshband Sahib
Kolkata (West Bengal) [India], July 14 (ANI): West Bengal Chief Minister Mamata Banerjee on Monday termed as 'unacceptable' 'shocking' and 'shameful' the alleged action by security forces to prevent Jammu and Kashmir Chief Minister Omar Abdullah from visiting the Naqshband Sahib in Srinagar. 'What is wrong in visiting the graveyard of martyrs? This is not only unfortunate, it also snatches the democratic right of a citizen. What happened this morning to an elected Chief Minister Omar Abdullah is unacceptable. Shocking. Shameful,' Mamata Banerjee said in a post on X. On Sunday, Jammu and Kashmir Police sealed the Martyrs' cemetery in Srinagar and confined top political leaders, including Abdullah, inside their residences. barring them from visiting the Martyrs' Graveyard (Mazar-e-Shuhada), to mark the anniversary of the protesters shot dead by Maharaja Hari Singh's Dogra forces on July 13, 1931. Omar Abdullah had been in West Bengal to participate in the Travel and Tourism Fair (TTF) travel trade show Kolkata 2025 and on Thursday he had attended a conference with Mamata Banerjee in Howrah. Meanwhile the Jammu and Kashmir today said that police attempted to stop him from reciting Fatiha (prayers) in the memory of 22 'martyrs' who were killed for protesting against Maharaja Hari Singh's rule. He said he jumped over the boundary wall of the Mazar-e-Shuhada to offer being placed under 'house arrest' yesterday. 'Paid my respects & offered Fatiha at the graves of the martyrs of 13th July 1931. The unelected government tried to block my way forcing me to walk from Nawhatta chowk. They blocked the gate to Naqshband Sb shrine forcing me to scale a wall. They tried to physically grapple me but I was not going to be stopped today,' Abdullah's post on X read. The graveyard is attached to the shrine of Khwaja Bahawuddin Naqshbandi. Abdullah also expressed anguish over the lack of media coverage in local newspapers on the issue of 'the entire elected government being locked up'. 'Take a look at our local newspapers - both from Jammu and from Srinagar, English & vernacular. You'll be able to distinguish the cowards from the ones with guts. The cowards have completely buried the fact that the entire elected government was locked up yesterday, along with most elected representatives. The newspapers with some guts have put it on the front page. Shame on the sellouts who buried the story, I hope the size of the envelope was worth it,' J-K chief minister said. Abdullah also came down heavily on the 'unelected nominees of New Delhi' for allegedly locking up the elected representatives of Jammu and Kashmir. The J-K Chief Minister also shared pictures on his X account of police outside his residence, with armoured vehicles parked and movement restricted, as the regional parties, including the National Conference (NC), were denied permission to visit the martyrs' graveyard. Martyrs' Day in Kashmir, which was previously observed as an official holiday in the State was delisted after the abrogation of Article 370 in 2019. (ANI)
India Gazette
10-07-2025
- Politics
- India Gazette
"Wait for the consequences": Omar Abdullah on SC directive on Bihar electoral rolls
Kolkata (West Bengal) [India], July 10 (ANI): Jammu and Kashmir Chief Minister Omar Abdullah on Thursday said that he stands firmly in favour of holding elections, following the Supreme Court's decision allowing the Election Commission of India (ECI) to carry on with the Special Intensive Revision (SIR) of electoral rolls in Bihar. He urged those involved in the case to explore alternative legal avenues for justice and 'wait for the consequences' for the time being. 'The matter was in the Supreme Court. The court has given its decision. Now, we have to wait for the consequences. Those who went to the court should look for other ways to get justice from the court in this matter,' Omar addressed a Press Conference in Kolkata. He added, 'I am one of those people who think that there should be elections no matter what. I don't want to get into this. I believe that people should vote and choose their government.' Abdullah also addressed the ongoing Tours and Travel Fraternity (TTF) meet in Kolkata, where a large delegation from Jammu and Kashmir participated to promote tourism in the valley. He said, 'Our tourism revival in the 90s started from two places, Gujarat and West Bengal. Today, we took advantage of the presence of the TTF (Tours and Travel Fraternity) in Kolkata to bring a sizable delegation from TTF of J&K with a view to inviting people from West Bengal to come to J&K and enjoy its beauty and our hospitality.' Thanking the people of West Bengal for their longstanding support to J&K, especially during difficult times, he said, 'I thank the people of West Bengal for their support for J&K, particularly when things have been bad. In good times, there is no shortage of friends, but the true reflection of a friendship is in difficult times.' Meanwhile, Jammu and Kashmir Chief Minister Omar Abdullah on Thursday attended a conference with West Bengal Chief Minister Mamata Banerjee in Howrah, expressing gratitude for her empathetic stance during the state's trying times and sowing seeds for a promising partnership in trade, tourism, and industrialisation that could soon transform the scenic landscapes of J&K into a hotspot for tourists from West Bengal. 'I thank West Bengal CM Mamata Banerjee for her sympathy towards the people of J&K. In 2019, during a challenging political period, Didi expressed her concerns, stating that whatever was happening was wrong. After the Pahalgam attack and Operation Sindoor, Didi sent a team from here to assist those affected by shelling,' Omar said during a joint press conference. CM Abdullah referred to the abrogation of Article 370 in 2019, which led to the removal of Jammu and Kashmir's special status; the April 22 Pahalgam terror attack, which claimed the lives of 26 people; and the subsequent retaliatory Operation Sindoor. CM Abdullah arrived in Kolkata on Wednesday to take part in the Travel and Tourism Fair (TTF) travel trade show Kolkata 2025. He also expressed hope that the two states would work more closely in trade, industrialisation, and tourism, inviting the Bengal CM to visit J&K. Abudullah said, 'I came here to thank her for all of this and invite her to Jammu and Kashmir. I have been her guest many times. We hope J&K and West Bengal work together more closely in trade, industrialisation and tourism.' In response, Chief Minister Mamata Banerjee accepted the invitation to visit Jammu and Kashmir after the Pooja festival. CM Banerjee said, 'I have accepted his invitation to visit J&K. After the Pooja festival, I will try to be there. We are ready to help Kashmir. Our tourists should visit Kashmir; there is nothing to be afraid of. The government should also ensure that all tourists are provided with security. It is a very important part of our nation, and it is very beautiful. 'Expressing personal admiration for the region, Banerjee added, 'I am a great fan of Kashmir. I love Kashmir, and it is my heart-pounding love for all my Kashmiri brothers and sisters.' She proposed enhanced cooperation in tourism, technical education, and industrial collaboration between the two states. 'We will walk together in the tourism and technical education department. I request that the industrialists and the tourism sector work together with the Jammu and Kashmir and West Bengal governments so that they can visit our state, and we can visit theirs. There should also be some cultural exchange programmes,' she said. Banerjee also extended a special invitation to Kashmiri women to take part in Bengal's Durga Pooja festivities. (ANI)
India Gazette
10-07-2025
- Politics
- India Gazette
J-K CM says strengthening INDIA bloc responsibility of its largest partner, demands immediate statehood
Kolkata (West Bengal) [India], July 10 (ANI): Jammu and Kashmir Chief Minister Omar Abdullah on Thursday said that the responsibility to strengthen the INDIA bloc lies with its largest partners, not with individual regional leaders. He also reiterated his demand for the restoration of statehood to Jammu and Kashmir, calling the current status of the former state a 'huge betrayal' to the people of Jammu and Kashmir. CM Abdullah arrived in Kolkata on Wednesday to take part in the Travel and Tourism Fair (TTF) travel trade show. Abdullah remarked that the alliance has not met formally since the post-Lok Sabha election meeting held at Congress President Mallikarjun Kharge's residence in New Delhi. 'The responsibility to strengthen the INDIA alliance is neither mine nor Mamata Banerjee's. This responsibility belongs to the biggest partner of the INDIA Alliance. I have said multiple times that it is unfortunate that we don't meet. The last meeting was held right after the elections at Mallikarjun Kharge's residence. There has been no meeting since then,' he said. Abdullah also spoke strongly about the need to restore full statehood to Jammu and Kashmir, calling the Union Territory status imposed in 2019 a 'huge betrayal.' Abdullah said, 'Unfortunately, being a Union Territory, the security of the state is not our responsibility. We want that responsibility to be ours. Our government should be given the responsibility of J&K as soon as possible. We don't want to be a Union Territory. Making us a Union Territory was a huge betrayal to us.' He emphasised that the BJP and the Central government had committed to restoring statehood to Jammu and Kashmir 'The Central government and the BJP are promise-bond to make J&K a state again. This should not be delayed now. We should be given the statehood as soon as possible and we should have the responsibility of the security of the state,' he said. Earlier on Thursday, Abdullah attended a conference with West Bengal Chief Minister Mamata Banerjee in Howrah, expressing gratitude for her empathetic stance during Kashmir's trying times and sowing seeds for a promising partnership in trade, tourism, and industrialisation that could soon transform the scenic landscapes of J&K into a hotspot for West Bengal tourists. 'I thank West Bengal CM Mamata Banerjee for her sympathy towards the people of J&K. In 2019, during a challenging political period, Didi expressed her concerns, stating that whatever was happening was wrong. After the Pahalgam attack and Operation Sindoor, Didi sent a team from here to assist those affected by the shelling,' Omar said during a joint press conference. CM Abdullah was referencing the abrogation of Article 370 in 2019, which led to the removal of Jammu and Kashmir's special status; the April 22 Pahalgam terror attack, which claimed the lives of 26 Indian tourists; and the subsequent retaliatory Operation Sindoor. (ANI)
Wall Street Journal
07-07-2025
- Business
- Wall Street Journal
European Gas Prices Fall as U.S. Tariff Deadline Looms
0815 GMT – European natural-gas prices slip in early trade as markets brace for U.S. tariffs set to hit dozens of countries this week. Weaker-than-expected economic growth in China would weigh on overall energy demand, hitting LNG consumption particularly hard, analysts at ANZ say. At the same time, high tariffs could boost volumes of non-U.S. LNG entering the market, easing global supply tightness and putting pressure on North Asian LNG prices. That, in turn, might ease concerns over Europe's ability to refill gas storage ahead of winter. According to industry group Gas Infrastructure Europe, EU storage levels are currently 60% full. The benchmark Dutch TTF contract is down 0.6% to 33.90 euros a megawatt hour. (
