Gas prices have remained volatile throughout August, with traders awaiting the final result of negotiations on Wednesday night between unions representing workers at Woodside Energy Group Ltd’s North West Shelf LNG operations and their employers. Details of the settlement are expected to be released on Thursday according to Offshore Alliance, a group representing two major unions.

While workers at two other Australian plants voted in favor of industrial action, ING Groep NV is optimistic that an agreement could be reached between the parties. “All indications at the moment look promising that strike action at the North West Shelf will be avoided,” the group stated in a note on Thursday,

The post European Gas Prices Freefall as Australian Strike Winds Down appeared first on theprimarymarket.com.

Both oil and gas majors missed analysts’ earnings forecasts, reporting headline profits for the second quarter of around $5 billion each. This is a year-on-year decline of 56% for Shell and 49% for TotalEnergies. Despite this decline, Shell’s results were in line with its 2021 performance, while TotalEnergies exceeded its profit that year.

Shell Chief Executive Wael Sawan insisted that the British company exhibited a “strong operational performance despite a lower commodity price environment”. TotalEnergies Chief Patrick Pouyanne also spoke of the fall in oil and gas prices affecting his company’s profits.

Liquified natural gas (LNG) prices plummeted from around $33 per million British thermal units (mmBtu) a year ago to $11.75 mmBtu. Benchmark Brent crude prices averaged around $80 per barrel during the second quarter of 2023 compared to $110 the previous year.

The post Shell and TotalEnergies Profits Fall Oil, Gas Prices Weaken appeared first on theprimarymarket.com.

There are several factors driving the price of gasoline up again, with the most significant being the recent decision by OPEC+, an intergovernmental organization of oil-producing countries, to decrease their oil production. This will further limit the oil supply on the international market, resulting in higher prices.

Reportedly, the U.S. government is already looking into ways to keep the gasoline market in the nation under control and stop the expected surge in prices. One of them might be a ban on gasoline export, although this decision is considered controversial and viewed as a last resort.

Back in June, gasoline prices in the U.S. surpassed $5 per gallon on average for the first time in the country’s history. The price of gas was even higher in some states, with drivers in California paying well above $6 per gallon on average.

The prices started coming back on Earth in July as a result of weaker demand and the government’s decision to tap into their oil reserves in attempt to stabilize the market.

The post U.S. Gasoline Prices Are on the Rise Again appeared first on theprimarymarket.com.

This plunge in prices comes as a major relief to consumers, particularly after Dutch front-month futures prices surged by almost 40% last week. It also provides relief in the midst of an impending recession, with numerous European nations experiencing their highest rates of inflation in decades. Gas futures continue to trade at six times higher than a year ago.

Increased gas supplies put Europe in a better position to face the coming winter months, particularly as another supply cut is threatened as Russia’s Gazprom PJSC carries out maintenance on the Nord Stream pipeline starting Wednesday. But even as storage targets are on route to being reached, Germany risks not being able to see out the winter months if Russian flows are halted.

As a result of this threat, several preventative measures are being put in place with Europe looking to reduce gas consumption this winter by 15%.

The post European Gas Slumps as Storage Levels Increase appeared first on theprimarymarket.com.

This move comes as the German government seeks to curb the energy costs faced by consumers, particularly as the price of energy supplies continues to increase. The country is currently in talks with the European Commission to discuss alternative routes to reducing the energy costs faced by consumers. These discussions came into effect after it was confirmed that Germany’s bid for a value-added tax exemption would not be possible.

From October 1, levies that are expected to add hundreds of euros to the average family’s electricity bills will come into effect, it was announced this week. The purpose of the levies is to help energy company Uniper to cope with soaring prices. Currently, Uniper remains Germany’s largest importer of Russian gas. The primary function of the reduction in gas sales tax is to offset the increase imposed by the impending levies.

Russian natural gas imports to Germany have significantly decreased in recent times, with the Nord Stream 1 pipeline operating at just 20% capacity at present.

The post Germany to Reduce Gas Sales Tax in Effort to Provide Consumer Relief appeared first on theprimarymarket.com.

Although U.S. gas prices are expected to peak in the summer and only decline around Labor Day, this has not been the case in 2022, with the White House taking several measures to reduce prices in the wake of the surge that followed the outbreak of the Russia-Ukraine conflict. In June, US gas prices skyrocketed to a peak of $5.02.

“More work remains, but prices are coming down, and the President will continue to call on domestic and international oil producers to increase output so that they can continue to come down,” White House spokesperson Karine Jean-Pierre remarked on the government’s efforts to suppress gasoline price hikes.

The White House plans to release 180 million barrels of crude oil from the U.S. Strategic Petroleum Reserve. Crude oil remains one of the main drivers of gas prices and is thus expected to assist in the suppression of high prices.

The price of crude oil on Wednesday was $92; a sharp decline from its peak price of $139.

The post U.S. Gasoline Drops Beneath $4 For The First Time Since March appeared first on theprimarymarket.com.

GasBuddy’s head of petroleum analysis Patrick De Haan believes the trend of price drops should continue in many parts of the U.S. in the future.

“We’re seeing big declines across many areas of the country, and that should continue,” De Haan said.

Andy Lipow, the founder of consulting firm Lipow Oil Associates, thinks there are too many unknowns to make any guarantees at the moment but sees reasons for optimism.

“That is a long time from now, and in between we have a Hurricane season and we have yet to see the impact of the European Union phased in ban of Russian oil purchases. But there is some reason for optimism,” Lipow explained.

A recent wave of high prices has dragged down gasoline consumption across the nation in recent weeks. The data shared by Energy Information Administration show a five percent year-on-year decline in gas demand. If the trend continues, there is no reason for prices not to continue downward trajectory.

Gas prices have surged past $5 in June, but things have been going for the better since early July. At the moment, a gallon is priced at $4.382 on average.

The post Experts Predict Gas Will Dip Under $4 Per Gallon by October appeared first on theprimarymarket.com.

The average gasoline price across the nation was $4.721 per gallon on Friday, which is 3.1 cents down from the $4.752 average the day before. This marks the biggest daily drop since 2008. According to the data from American Automobile Association (AAA), gas prices have been declining for the past 24 days, which is the longest streak since early 2020.

As expected, the dip in prices wasn’t reflected in all the states equally, as some had it better than others. For example, drivers in South Carolina and Georgia are paying $4.230 and $4.231 per gallon on average. On the other hand, car owners in California are still paying $6.145 for a gallon of gas.

Despite the positives, the experts predict that the challenging times are far from over. The prices of gasoline are still $1.58 higher than they were a year ago. The supply is also at its lowest seasonal level in seven years, and the expectations are that the problem will continue to persist in the coming months.

The post U.S. Gasoline Prices Record the Biggest Daily Drop Since 2008 appeared first on theprimarymarket.com.

According to American Automobile Association (AAA), the gas prices have dipped below $5 again and are now at a national average of $4.94. According to experts, the trend could continue in the coming weeks and get the national average down by 10 to 20 cents around the Fourth of July weekend.

However, Patrick De Haan, the head of petroleum analysis at GasBuddy, warns that this won’t be a sign of long-term relief. Instead, the gasoline prices could have an even bigger surge later in the summer.

“We still could see a super spike in gas prices later this summer, should a hurricane threaten Gulf Coast oil refineries or oil platforms,” said De Haan. “Motorists should know that while we may see small relief today, risks remain that prices could go up at a moment’s notice and set new records again.”

Drivers are currently paying the most for gas in California, where regular is $6.358 per gallon and diesel is $6.991 on average. The cheapest gas is in Georgia, where regular costs $4.439 per gallon and diesel is $5.526.

The post U.S. Gas Prices Fall Below $5, Could Go Lower in Coming Weeks appeared first on theprimarymarket.com.

Gas prices have remained volatile throughout August, with traders awaiting the final result of negotiations on Wednesday night between unions representing workers at Woodside Energy Group Ltd’s North West Shelf LNG operations and their employers. Details of the settlement are expected to be released on Thursday according to Offshore Alliance, a group representing two major unions.

While workers at two other Australian plants voted in favor of industrial action, ING Groep NV is optimistic that an agreement could be reached between the parties. “All indications at the moment look promising that strike action at the North West Shelf will be avoided,” the group stated in a note on Thursday,

The post European Gas Prices Freefall as Australian Strike Winds Down appeared first on theprimarymarket.com.

Both oil and gas majors missed analysts’ earnings forecasts, reporting headline profits for the second quarter of around $5 billion each. This is a year-on-year decline of 56% for Shell and 49% for TotalEnergies. Despite this decline, Shell’s results were in line with its 2021 performance, while TotalEnergies exceeded its profit that year.

Shell Chief Executive Wael Sawan insisted that the British company exhibited a “strong operational performance despite a lower commodity price environment”. TotalEnergies Chief Patrick Pouyanne also spoke of the fall in oil and gas prices affecting his company’s profits.

Liquified natural gas (LNG) prices plummeted from around $33 per million British thermal units (mmBtu) a year ago to $11.75 mmBtu. Benchmark Brent crude prices averaged around $80 per barrel during the second quarter of 2023 compared to $110 the previous year.

The post Shell and TotalEnergies Profits Fall Oil, Gas Prices Weaken appeared first on theprimarymarket.com.

There are several factors driving the price of gasoline up again, with the most significant being the recent decision by OPEC+, an intergovernmental organization of oil-producing countries, to decrease their oil production. This will further limit the oil supply on the international market, resulting in higher prices.

Reportedly, the U.S. government is already looking into ways to keep the gasoline market in the nation under control and stop the expected surge in prices. One of them might be a ban on gasoline export, although this decision is considered controversial and viewed as a last resort.

Back in June, gasoline prices in the U.S. surpassed $5 per gallon on average for the first time in the country’s history. The price of gas was even higher in some states, with drivers in California paying well above $6 per gallon on average.

The prices started coming back on Earth in July as a result of weaker demand and the government’s decision to tap into their oil reserves in attempt to stabilize the market.

The post U.S. Gasoline Prices Are on the Rise Again appeared first on theprimarymarket.com.

This plunge in prices comes as a major relief to consumers, particularly after Dutch front-month futures prices surged by almost 40% last week. It also provides relief in the midst of an impending recession, with numerous European nations experiencing their highest rates of inflation in decades. Gas futures continue to trade at six times higher than a year ago.

Increased gas supplies put Europe in a better position to face the coming winter months, particularly as another supply cut is threatened as Russia’s Gazprom PJSC carries out maintenance on the Nord Stream pipeline starting Wednesday. But even as storage targets are on route to being reached, Germany risks not being able to see out the winter months if Russian flows are halted.

As a result of this threat, several preventative measures are being put in place with Europe looking to reduce gas consumption this winter by 15%.

The post European Gas Slumps as Storage Levels Increase appeared first on theprimarymarket.com.

This move comes as the German government seeks to curb the energy costs faced by consumers, particularly as the price of energy supplies continues to increase. The country is currently in talks with the European Commission to discuss alternative routes to reducing the energy costs faced by consumers. These discussions came into effect after it was confirmed that Germany’s bid for a value-added tax exemption would not be possible.

From October 1, levies that are expected to add hundreds of euros to the average family’s electricity bills will come into effect, it was announced this week. The purpose of the levies is to help energy company Uniper to cope with soaring prices. Currently, Uniper remains Germany’s largest importer of Russian gas. The primary function of the reduction in gas sales tax is to offset the increase imposed by the impending levies.

Russian natural gas imports to Germany have significantly decreased in recent times, with the Nord Stream 1 pipeline operating at just 20% capacity at present.

The post Germany to Reduce Gas Sales Tax in Effort to Provide Consumer Relief appeared first on theprimarymarket.com.

Although U.S. gas prices are expected to peak in the summer and only decline around Labor Day, this has not been the case in 2022, with the White House taking several measures to reduce prices in the wake of the surge that followed the outbreak of the Russia-Ukraine conflict. In June, US gas prices skyrocketed to a peak of $5.02.

“More work remains, but prices are coming down, and the President will continue to call on domestic and international oil producers to increase output so that they can continue to come down,” White House spokesperson Karine Jean-Pierre remarked on the government’s efforts to suppress gasoline price hikes.

The White House plans to release 180 million barrels of crude oil from the U.S. Strategic Petroleum Reserve. Crude oil remains one of the main drivers of gas prices and is thus expected to assist in the suppression of high prices.

The price of crude oil on Wednesday was $92; a sharp decline from its peak price of $139.

The post U.S. Gasoline Drops Beneath $4 For The First Time Since March appeared first on theprimarymarket.com.

GasBuddy’s head of petroleum analysis Patrick De Haan believes the trend of price drops should continue in many parts of the U.S. in the future.

“We’re seeing big declines across many areas of the country, and that should continue,” De Haan said.

Andy Lipow, the founder of consulting firm Lipow Oil Associates, thinks there are too many unknowns to make any guarantees at the moment but sees reasons for optimism.

“That is a long time from now, and in between we have a Hurricane season and we have yet to see the impact of the European Union phased in ban of Russian oil purchases. But there is some reason for optimism,” Lipow explained.

A recent wave of high prices has dragged down gasoline consumption across the nation in recent weeks. The data shared by Energy Information Administration show a five percent year-on-year decline in gas demand. If the trend continues, there is no reason for prices not to continue downward trajectory.

Gas prices have surged past $5 in June, but things have been going for the better since early July. At the moment, a gallon is priced at $4.382 on average.

The post Experts Predict Gas Will Dip Under $4 Per Gallon by October appeared first on theprimarymarket.com.

The average gasoline price across the nation was $4.721 per gallon on Friday, which is 3.1 cents down from the $4.752 average the day before. This marks the biggest daily drop since 2008. According to the data from American Automobile Association (AAA), gas prices have been declining for the past 24 days, which is the longest streak since early 2020.

As expected, the dip in prices wasn’t reflected in all the states equally, as some had it better than others. For example, drivers in South Carolina and Georgia are paying $4.230 and $4.231 per gallon on average. On the other hand, car owners in California are still paying $6.145 for a gallon of gas.

Despite the positives, the experts predict that the challenging times are far from over. The prices of gasoline are still $1.58 higher than they were a year ago. The supply is also at its lowest seasonal level in seven years, and the expectations are that the problem will continue to persist in the coming months.

The post U.S. Gasoline Prices Record the Biggest Daily Drop Since 2008 appeared first on theprimarymarket.com.

According to American Automobile Association (AAA), the gas prices have dipped below $5 again and are now at a national average of $4.94. According to experts, the trend could continue in the coming weeks and get the national average down by 10 to 20 cents around the Fourth of July weekend.

However, Patrick De Haan, the head of petroleum analysis at GasBuddy, warns that this won’t be a sign of long-term relief. Instead, the gasoline prices could have an even bigger surge later in the summer.

“We still could see a super spike in gas prices later this summer, should a hurricane threaten Gulf Coast oil refineries or oil platforms,” said De Haan. “Motorists should know that while we may see small relief today, risks remain that prices could go up at a moment’s notice and set new records again.”

Drivers are currently paying the most for gas in California, where regular is $6.358 per gallon and diesel is $6.991 on average. The cheapest gas is in Georgia, where regular costs $4.439 per gallon and diesel is $5.526.

The post U.S. Gas Prices Fall Below $5, Could Go Lower in Coming Weeks appeared first on theprimarymarket.com.