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Half of US data center projects face delays, Kimmeridge says
Up to half of planned data centers in the United States may face delays or cancellations due to political opposition and construction challenges, according to Kimmeridge Energy Management Co. Ben Dell, managing partner and co-founder of Kimmeridge, said Wednesday that the technology industry's expansion plans are encountering real-world infrastructure limitations. Kimmeridge, which owns stakes in natural gas producers and Commonwealth LNG, expects delays to data center projects will likely lead to lower forecasts for US gas demand, even as new power plants are built to supply electricity for artificial intelligence operations. Dell said that while most of the expected 30 billion cubic feet per day growth in US gas demand will come from liquefied natural gas exports, data centers could drive 5 billion to 10 billion cubic feet per day of additional consumption, with delays potentially pushing AI-related consumption toward the lower end of that range. Opposition to data centers is growing across party lines in states including Pennsylvania, Texas and Ohio, and the issue is becoming a factor in the upcoming US midterm elections.
Expand Energy's Growth Story Faces Risks Amid Falling Gas Prices
Expand Energy Corporation, the largest natural gas producer in North America, is expanding its footprint with a $1.25 billion acquisition of Twin Eagle's gas marketing and storage business, but the growth story is facing headwinds from a sharp decline in natural gas prices. The company, held by 70 hedge funds with a total investment value of almost $2.7 billion at the end of Q2 2026, down from 81 funds and $3.1 billion in the prior quarter, expects the Twin Eagle deal to add more than $200 million in EBITDA in the first year, growing to $350 million annually within two years. Expand Energy has also raised its annual free cash flow target for its marketing and commercial business by 50% to $750 million, with the transaction expected to close in the third quarter. However, the US Henry Hub natural gas price has fallen over 40% since the start of 2026 due to milder weather and strong production, and EXE shares are down over 14% year-to-date. The company's Q2 revenue declined almost 10% year-over-year, missing Wall Street estimates, and analysts at Johnson Rice, Barclays, and Benchmark have lowered their outlooks on the stock.
Norway's Troll Gas Expansion Accelerates Supply, Not New Resources
Norway has started production from the second stage of the Troll Phase 3 development, accelerating 55 billion cubic meters of natural gas from the Troll West reservoir. Production began on August 22, several months earlier than planned and at a cost tens of millions of dollars below the original estimate of approximately $1.2 billion, according to Equinor. The project does not increase the Troll field's recoverable resources but brings existing gas reserves forward, supporting production through Troll A and the Kollsnes processing plant as output from other mature Norwegian fields declines. The 55 billion cubic meters covered by the project is equivalent to almost two years of French gas demand, and the development could accelerate as much as 7 billion cubic meters in a single year, roughly 6% of Norway's recent annual gas exports. The start-up comes one day after Equinor signed a 15-year agreement to supply Germany's Uniper with more than 30 terawatt-hours, or approximately 2.8 billion cubic meters, of gas annually from 2027.
Equinor, Aker BP and Vår Energi launch NCS exploration alliance
Equinor, Aker BP and Vår Energi have agreed to form a strategic collaboration focused on exploration activities on the Norwegian Continental Shelf. The companies will pool their expertise, data, technology and exploration resources to pursue selected high-impact prospects, aiming to drill around five high-impact wells per year over the next four to five years, for a total of 20 to 25 exploration targets. The initiative seeks to identify major new discoveries that could lead to new stand-alone field developments, as output from the region is forecast to fall after 2035 without additional discoveries. Separately, Equinor and Aker BP discovered gas and condensate at the Linga prospect in production licence 782 S, with recoverable volumes estimated between 100,000 and 2.1 million standard cubic metres of oil equivalent. Equinor also signed a 15-year natural gas sales agreement with Uniper to deliver more than 30 terawatt-hours, or approximately 2.8 billion cubic metres, annually to Germany from 1 January 2027 to 31 December 2041.
Equinor and Uniper Sign 15-Year German Gas Supply Deal
Equinor and Uniper have signed a 15-year natural gas supply agreement securing long-term deliveries to Germany. The deal locks in more than 30 terawatt hours of annual gas deliveries from 2027 to 2041, reinforcing Equinor's role as a key supplier to European energy markets. The companies are also exploring the sale of sustainability-linked attributes related to the supplied gas. The agreement links Equinor's upstream gas position on the Norwegian continental shelf with long-dated, contracted demand in its largest gas market.
Equinor and Aker BP Discover Gas and Condensate Near Balder Field
Equinor and Aker BP have made a gas and condensate discovery close to the operating Balder field in the North Sea, the Norwegian Offshore Directorate said on Monday. The exploration well was drilled in a production license 16 kilometers northwest of the Balder field and 205 kilometers west of Stavanger. Preliminary estimates indicate the discovery holds between 0.1 and 2.1 million standard cubic meters of recoverable oil equivalent. The licensees are reviewing the result and other wells in the license to consider further exploration potential. Norway remains Europe's largest gas supplier, and Equinor plans to drill 20 to 30 exploration wells annually to sustain production through 2035.
Iran discovers 7.5tcf natural gas reserves in Fars province
Iran has discovered more than 7.5 trillion cubic feet of natural gas in the southern province of Fars, Oil Minister Mohsen Paknejad announced on state television. Of the estimated reserves, around 5.7 trillion cubic feet is thought to be recoverable, and the minister compared the potential output to 15 years' worth of production from one phase of the South Pars field, the world's largest gas field jointly operated by Iran and Qatar. The discovery also includes gas condensates valued in the tens of billions of dollars, and the reserves are described as sweet gas with low hydrogen sulphide content, which should lower operational costs. Paknejad acknowledged that bringing the new field into production would likely take several years, while Iran's energy sector continues to grapple with international sanctions, investment delays, and power outages, with recent attacks reducing daily gas production capacity by roughly a quarter.
Hyperscalers may regret natural gas bets as prices could triple
Hyperscalers like Amazon, Google, Meta, and Microsoft may regret their embrace of natural gas for AI data centers, as energy research firm Noreva forecasts U.S. natural gas prices could triple in some regions. Noreva expects prices to soar above $10 per million BTUs in certain hubs, up from today's range of about $2 to $4.50, driven by surging AI demand, declining supply growth, and rising LNG exports. The firm's CEO Peter Gardett said hyperscalers are taking on unusual price risk, with fuel representing about half the cost of electricity from a large power plant. Recent commitments include Meta's 7.5-gigawatt plant in Louisiana, Microsoft and Google's gigawatt-scale plants in Texas, and Amazon's 7.6-gigawatt plant in Texas. Gardett warned that higher gas prices could drive up token costs or push hyperscalers to the grid, raising electricity prices, and that natural gas consumption could add to consumer backlash over data centers' impact on utility bills.
ONEOK Signs Deal to Supply Gas for AI Data Centers
ONEOK has signed an agreement to supply natural gas to a 1-gigawatt power plant serving data centers, marking its first such deal in the AI power market. The project carries a total capital cost of $100 million, which is small relative to the company's $2.7 billion to $3.2 billion capital expenditure guidance for this year. COO Sheridan Swords said the project has a very nice return and that the company is in late stages of discussions with a couple of other opportunities to supply AI data centers. ONEOK's net income jumped 13% in the second quarter, and it raised its full-year net income forecast to $3.6 billion at the midpoint. The company currently yields more than 4.5% and has growth projects scheduled to enter commercial service through the first half of 2029.
BP Secures Venezuela Offshore Gas License With ADNOC-Backed XRG
BP has signed agreements with the Venezuelan government to advance offshore natural gas development, including an exploration and production license for Phase 2 of the Loran field in the Plataforma Deltana area. Loran Phase 2 contains an estimated 4 trillion cubic feet of recoverable gas resources, according to BP. The British energy major will hold the license alongside XRG, the international energy investment arm of Abu Dhabi's ADNOC, and UCC Oil and Gas Holding, with each company holding an equal working interest and BP serving as operator. BP said Phase 2 is expected to be developed in parallel with Phase 1, potentially expanding the scale of the wider Loran offshore development. The license marks a further step in BP's expansion plans in Venezuelan offshore gas following a memorandum of understanding signed with the government in April 2026, and BP and the Venezuelan government also signed a separate memorandum of understanding covering the Carúpano East Block, located in the Caracolito sub-basin of the Mariscal Sucre maritime area, which establishes a framework for evaluating exploration opportunities and discussing potential future development of the offshore acreage.
US says Strait of Hormuz could lose importance within two years
US Treasury Secretary Scott Bessent said the Strait of Hormuz will never return to what it was and could become a route that loses its importance within the next two years, as large volumes of energy are transported via alternative routes instead. Amid the crisis in which Iran continues to close the strait until the United States accepts Tehran's conditions, Saudi Arabia is considering expanding its crude oil pipeline to the Red Sea by up to 2 million barrels per day from the current 7 million barrels per day. The United Arab Emirates is accelerating a new oil pipeline project to double export capacity through the port of Fujairah by 2027, and Iraq and Turkey have signed a one-year agreement to restore the 750,000 barrel per day Kirkuk-Ceyhan oil pipeline. However, experts warn that these alternative routes are only supplementary and cannot immediately replace the Strait of Hormuz, especially for liquefied natural gas shipments, which still depend heavily on the strait.
Shell Cuts Ormen Lange Output 40% After Failure Extends Outage To 2027
Shell has cut output at Norway's Ormen Lange gas field by 40% after a subsea compressor failure, with the outage now expected to last until 2027. The disruption affects a key source of gas for Europe as the region prepares for the coming winter. The prolonged shortfall could influence Shell's production volumes, earnings profile and contract exposure in the European gas market.
Alaska LNG Project Executive Highlights Short 6–7 Day Shipping to Japan and Low Geopolitical Risk
An executive at Glenfarne, the company leading the Alaska LNG project that processes and exports natural gas from the U.S. state of Alaska as LNG, emphasized the advantages for Japan and other Asian countries of a short shipping time of six to seven days and low geopolitical risk. In an interview with Jiji Press, Adam Prestidge, head of the company's Alaska LNG division, said that unlike supplies from the Middle East or Australia, Alaska LNG comes from a politically stable source, and that price terms different from those for U.S. Gulf Coast production are under discussion. The project is estimated at 44.5 to 54.5 billion dollars, with financing being arranged separately for the pipeline and the liquefaction and export facilities, and Macquarie Capital is serving as financial advisor in talks with dozens of banks. The Japanese market is one of the most important, and JERA and Tokyo Gas have shown interest in procurement, but he also expressed the view that the project would succeed even without purchases from Japan.
Nat-Gas Prices Slip on EIA Outlook for Highest US Storage in a Decade
Natural gas prices fell on Tuesday after the US Energy Information Administration projected that domestic storage levels will swell to 3,985 billion cubic feet by the end of October, the highest level in 10 years and 5% above the five-year average. September Nymex natural gas futures settled down 0.97% at a loss of 2.7 cents, reversing early gains that had been driven by forecasts for hotter US weather and increased air-conditioning demand. The bearish storage outlook added to recent pressure from a larger-than-expected weekly inventory build that left supplies 6.7% above the five-year seasonal average, and from the announcement that the Hugh Brinson pipeline will reach full capacity of 1.5 billion cubic feet per day by September 1, enabling more Permian Basin gas to reach the Henry Hub. US dry gas production on Tuesday was 112.0 billion cubic feet per day, up 2.3% year-over-year, while demand was 83.2 billion cubic feet per day, down 0.3% year-over-year.
Oil Climbs Again as Natural Gas Shortage Looms, Threatening US Consumers
Oil surged 17% in a month, pushing gas to $4.08 a gallon and threatening to erase the only positive CPI reading this year. Matt Smith, a limited partner at Chronometer Partners, predicts natural gas storage exhaustion by 2030 as AI data centers and LNG exports drain supply, with US consumers absorbing the cost. Electricity is forecast up 5% in 2026, and a gas crunch will force a choice between LNG exports, AI compute, and household costs.
European natural gas prices surge above EUR60/MWh as US-Iran deal hopes fade
European natural gas benchmark TTF jumped over 9%, moving back above EUR60/MWh as hopes for a US-Iran deal fade, according to ING strategists Warren Patterson and Ewa Manthey. The price surge was driven by stalling LNG flows and diminishing expectations of a diplomatic resolution between the United States and Iran.
September Nymex natural gas futures surged 4.96% on Monday, settling up 13.2 cents, as forecasts for much hotter weather across the central and southern United States raised expectations for increased air-conditioning demand. The Commodity Weather Group reported a shift toward hotter conditions in the coming weeks, while an 11% jump in European nat-gas prices to a two-week high added further support amid uncertainty over the Strait of Hormuz. The rally follows a recent slide to a 3.5-month low after a larger-than-expected storage build left inventories 6.7% above the five-year seasonal average, and comes despite bearish medium-term factors including the anticipated full-capacity operation of the Hugh Brinson pipeline by September 1 and speculation that a powerful El Niño could reduce heating demand this fall and winter.
Thailand moves forward with Myanmar gas contracts, eyes new field investments and energy MOU signing
The Thai government has disclosed that it held discussions with Myanmar to renew natural gas supply contracts that are nearing expiration, and is considering investing in new petroleum fields such as the A6 block, which has the potential to send gas via pipeline to Thailand. A new memorandum of understanding on energy will be drawn up to establish a framework for the next phase of cooperation. A spokesperson for the Prime Minister's Office stated that Myanmar has been a key natural gas supplier for Thailand for nearly 40 years, with gas from the Yadana and Zawtika fields once accounting for more than 15 to 20 percent of the country's natural gas demand. This cooperation plays a vital role in energy security and production cost management, which directly affects electricity prices and the competitiveness of the Thai economy.
Current Status and Challenges of Hormuz Strait Bypass Routes: Exploring Alternative Transport for Crude Oil and LNG
As the prolonged Iran war heightens transit risks through the Strait of Hormuz, Gulf nations such as Saudi Arabia and the UAE are rushing to develop alternative export routes for crude oil and LNG. Saudi Arabia's East-West Pipeline can transport 7 million barrels per day from the country's main oil production centers to the Red Sea port of Yanbu. Before the war, throughput was limited to 2 million barrels per day, but by the end of March, Saudi Arabia had ramped it up to full capacity. Currently, it carries about 5 million barrels per day for exports and 2 million barrels per day to domestic refineries, with capacity expansion also under consideration. The UAE is also leveraging its pipeline to Fujairah on the east coast, planning to expand transport capacity to about 4 million barrels per day by early next year. Meanwhile, LNG is difficult to transport via pipeline, and Qatar and others are expected to remain dependent on the Strait of Hormuz for the time being. Efforts are underway to find alternative routes for petroleum products, aluminum, and fertilizers, but new risks are emerging, such as Houthi attacks in the Red Sea.
RWE strikes $1.22 billion deal to exit U.S. offshore wind leases
German energy company RWE AG has reached a $1.22 billion deal with the U.S. government to relinquish its offshore wind leases and redirect investment toward natural gas projects. The agreement covers leases off the coasts of New York, California, and Louisiana, and marks the latest move by the Trump administration to scale back offshore wind development. RWE said there was no path forward to securing permits for the projects in the foreseeable future, after paying $1.1 billion for its New York lease in 2022 and a combined $163 million for its Louisiana and California leases. Under the deal, RWE will use $900 million to acquire a 16 percent stake in an unnamed Louisiana liquefied natural gas project, with the settlement proceeds helping fund construction, and will spend $300 million on a turbine reservation agreement to develop a pipeline of 15 natural gas peaker plants across the U.S. The deal is reportedly the largest agreement of its kind under the Trump administration, bringing taxpayer-funded settlements with energy companies to nearly $4 billion, and RWE said it plans to invest about $19.6 billion in the U.S. over the next six years.
European natural gas inventories hit record lows, raising risk of winter procurement cost spikes
European natural gas inventories have fallen to record lows, heightening the risk of soaring procurement costs this winter. Gas storage levels in the EU are just under 58%, the lowest for this time of year since 2011 and 12 percentage points below the same period last year. The closure of the Strait of Hormuz has removed about 20% of Qatari LNG from the market, pushing European natural gas prices from around 31 euros before the war to nearly 60 euros by late July. Research firm Energy Aspects notes that winter gas prices could range between 60 and 80 euros, and if the disruption of Qatari LNG supplies coincides with a severe winter, average spot prices could hit 110 euros, potentially driving storage levels down to around 10% by the end of March. The EU has relaxed its pre-winter storage target to 80% by December, but analyst forecasts see the peak at only 67% to 76%, with some suggesting government intervention may be needed to meet the goal. Growing reliance on LNG has eroded the benefits of fixed-price contracts, leaving the region more exposed to price spikes during additional winter procurement.
South Korea Asks UK to Exempt Russian LNG from Sanctions
South Korea has asked the United Kingdom to exempt imports of Russian liquefied natural gas from sanctions, citing energy security. South Korea's Trade Minister Yeo Han-koo discussed the matter with the UK's new Trade Minister Anas Sarwar via video link on Thursday, August 6, noting that the UK's plan to ban shipping services, insurance, and related services for Russian LNG from January 2027 could affect the stability of South Korea's LNG supply. South Korea's Ministry of Trade, Industry and Energy warned that the measure could impact LNG imports from the Sakhalin-2 project by Korea Gas Corporation, which has a long-term purchase contract until March 2028, and could disrupt shipments if UK insurers suspend reinsurance. The European Union agreed to a similar sanctions exemption for South Korea and Japan in July. The South Korean trade minister therefore called on the UK to hold close consultations and establish an exemption similar to the EU's.
Argentina's Vaca Muerta Shale Now Supplies Over 70% of National Hydrocarbon Output
Argentina's Vaca Muerta shale formation now accounts for more than 70% of the country's oil and natural gas production, reshaping energy security across the Americas. In June 2026, total oil output reached 868,763 barrels per day, up 12.6% year-on-year, while natural gas production stood at 5.4 billion cubic feet per day. Shale oil comprised a record 71% of total petroleum output at 616,490 barrels per day, and shale gas made up 70% of natural gas output at 3.8 billion cubic feet per day. Conventional production continues to decline, with conventional oil falling 13% year-on-year to 252,273 barrels per day and conventional gas dropping 15% to 1.6 billion cubic feet per day. The Vaca Muerta, with an estimated breakeven price of $36 per barrel and technically recoverable resources of 16 billion barrels of oil and 308 trillion cubic feet of gas, is attracting foreign investment and transforming Argentina into a net energy exporter.
Middle East War Doubles LNG Prices, Threatening Long-Term Demand Growth
The Middle East war has caused unprecedented disruption in global liquefied natural gas flows, with prices doubling since January to $20–$22 per million British thermal units in July, according to Gas Strategies CEO Pat Breen. The conflict prompted a force majeure declaration at Qatar’s Ras Laffan complex, the world’s largest single liquefaction hub, and attacks on LNG carriers in the Strait of Hormuz have slowed Persian Gulf exports to a trickle. Global LNG demand could drop 8% this year from 2025 levels if the flow remains subdued, while Asian buyers including Japan have turned back to coal and Europe’s gas storage refill lags. Shell’s long-term forecast of demand reaching nearly 700 million tons annually by 2050 is now in doubt, even as 207 million tons of new annual capacity are expected by 2030.
North American oil developers post staggering profit gains as crude surges on Strait of Hormuz blockade
The prolonged blockade of the Strait of Hormuz has sent crude oil prices soaring, leading North American oil development companies to report stunning results for the April–June 2026 quarter. The average WTI price jumped from around 70 dollars in the April–June 2025 quarter to roughly 100 dollars in the same period of 2026, with six companies that have a high proportion of crude oil production—including ExxonMobil and Chevron—posting profit increases of 49 to 385 percent year on year. In contrast, four companies with a high share of natural gas production saw profits decline as the Henry Hub price fell from about 5 dollars to around 3 dollars, weighed down by a rise in associated gas from increased crude output. Transportation and storage firms generally enjoyed higher profits, buoyed by growing demand for US energy, while drilling-related companies had mixed results amid the turmoil in the Middle East.
CNX Resources lowers 2026 free cash flow and EBITDAX guidance
CNX Resources updated its 2026 financial guidance, lowering its adjusted EBITDAX range to $1,265 million to $1,315 million from the prior $1,310 million to $1,360 million and reducing its free cash flow estimate to approximately $525 million from $550 million. The company also announced that its 45Z tax credit monetization is expected to contribute roughly $40 million annually starting in 2027, and when combined with environmental attribute sales, the total annual run rate is projected at approximately $90 million. Operational activity is set to increase in the third quarter with 12 to 13 Marcellus turn-in-lines from a single large pad, while total capital expenditures are guided to $556 million to $586 million, with the company aiming for the midpoint. CEO Alan Shepard noted a softening near-term natural gas market but emphasized the company's continued focus on its capital allocation strategy, including opportunistic share repurchases.
Petrobras and Ecopetrol make deepwater gas discovery offshore Colombia
Petrobras and Ecopetrol announced a deepwater natural gas discovery offshore Colombia with the drilling of the Sandía-1 exploratory well. The well is located 18 kilometers from the Sirius-1 and Sirius-2 wells and 9 kilometers from the Copoazu-1 well, indicating strong gas potential in the Sirius area. The companies have so far unlocked in-place volumes of more than 6 trillion cubic feet of gas in the Sirius area with the drilling of five wells in water depths of more than 1,000 meters in Block GUA-OFF-0 in the Guajira Offshore basin. Petrobras operates the block with a 44.44% stake, while Ecopetrol holds 55.56%.
Trump says Hormuz Strait reopening deal near completion after Iran talks progress
US President Donald Trump has revealed that a deal to fully reopen the Strait of Hormuz for shipping may be close to completion, following progress in a new round of talks between the United States and Iran. The negotiations are set to begin on Monday afternoon local time, after Trump called off a previously prepared plan to strike Iran. Iranian Foreign Minister Abbas Araghchi stated that talks with Oman on a new shipping route through the Strait of Hormuz have entered their final stage. The progress is being closely watched by global energy markets, as the Strait of Hormuz is a critical transit route for crude oil and liquefied natural gas, and could help ease supply concerns and calm energy price volatility.
Iran Threatens to Strike Middle East Energy Sites if US Launches New Offensive
Iran has declared it is ready to retaliate if the United States launches a new round of attacks, threatening to strike energy infrastructure in Saudi Arabia, the United Arab Emirates, Qatar, and Israel if it is attacked first. Iranian Foreign Minister Abbas Araghchi said via Telegram on August 1, 2026, that Iran would respond decisively if the US military follows through on President Donald Trump's threats to launch a new wave of strikes against Iran. Iran's Nour News agency reported that if the US attacks Iran's energy infrastructure, Iranian authorities are prepared to hit back by targeting oil facilities in Saudi Arabia and the UAE, as well as gas sites in Qatar and Israel. Earlier, the Wall Street Journal reported that Trump had ordered the US military to prepare for a new operation against Iran, which could last several days and might begin as soon as this weekend, following Iran's attack on US forces in Jordan and the US retaliation on July 29. However, the operation could be suspended if the US and Iran can make rapid diplomatic progress.
US Natural Gas Prices Dip as Inventories Stay Above Five-Year Average
September Nymex natural gas futures closed down 0.4% on Friday, pressured by abundant US supplies. EIA data showed inventories as of July 24 were 6.4% above the five-year seasonal average, while the latest weekly build of 28 billion cubic feet came in below expectations of 37 billion cubic feet but still above the five-year average increase of 26 billion cubic feet. Losses were limited by forecasts for hotter weather in the western half of the US through mid-August, which could boost gas demand for power generation. US dry gas production rose 3.4% year-over-year to 112.7 billion cubic feet per day, and the EIA recently raised its 2026 production forecast to 111.2 billion cubic feet per day. The active US gas rig count held steady at 127, below the three-year high of 134 set in February 2026.
Energy Ministry confirms 101-day oil reserve, ready for volatile oil and LNG prices
The Energy Ministry is ready to handle the highly volatile global oil and LNG price situation, confirming that Thailand has sufficient oil reserves to cover domestic consumption for 101 days as of July 30, 2026. Mr. Weerapat Kiatfuengfoo, Deputy Permanent Secretary and spokesperson of the Energy Ministry, revealed that oil prices in July rose by an average of about 7 to 8 US dollars per barrel compared to June, or an increase of around 10 to 12 percent, due to the unpredictable US-Iran conflict. Meanwhile, imported LNG prices, a key fuel for power generation, surged nearly 60 percent from about 11 US dollars per million BTU to around 18 to 20 US dollars per million BTU, as the market assessed higher supply risks because nearly 20 percent of global LNG supply relies on transit through the Strait of Hormuz. The Energy Ministry continues to use the Oil Fuel Fund mechanism and ex-refinery price supervision in line with the Energy Policy Administration Committee's resolutions to maintain domestic retail prices, while also managing measures to mitigate the impact on electricity tariffs, such as increasing gas supply from the Gulf of Thailand, purchasing electricity from short-term renewable sources, buying electricity from Laos, and ramping up operations at the Mae Moh power plant to minimize LNG imports as much as possible.
Energy Ministry confirms Thailand has 101 days of oil reserves, ready to handle volatile energy prices
The Energy Ministry has confirmed its readiness to cope with highly volatile oil and liquefied natural gas prices, with Thailand holding sufficient oil reserves for domestic use for up to 101 days as of 30 July 2026. Mr. Weerapat Kiatfuengfoo, Deputy Permanent Secretary and spokesperson of the Energy Ministry, revealed that crude oil prices in July rose from June by an average of about 7 to 8 US dollars per barrel, or an increase of approximately 10 to 12 percent. Meanwhile, imported LNG prices surged from around 11 US dollars per million BTU before the war to about 18 to 20 US dollars per million BTU, or an increase of nearly 60 percent, as the market assessed higher supply risks because almost 20 percent of global LNG supply depends on shipping routes through the Strait of Hormuz. The Energy Ministry continues to use the Oil Fuel Fund mechanism and ex-refinery price supervision under the Energy Policy Executive Committee's resolutions to maintain stability in domestic retail prices. It is also managing LNG imports by increasing gas supply from the Gulf of Thailand, purchasing electricity from short-term renewable energy sources and from Laos, and increasing the operation of the Mae Moh power plant to reduce imports and mitigate the impact on electricity tariffs.
Dao Securities estimates BGRIM's second-quarter 2026 core profit at 566 million baht, up 19% year-on-year
Dao Securities estimates BGRIM's core profit in the second quarter of 2026 at 566 million baht, an increase of 19% from the same period last year and up 11% from the previous quarter. The year-on-year profit growth came despite an expected 2% decline in revenue due to a lower average electricity selling price following the Ft adjustment, but was supported by a 2% drop in natural gas costs to around 360 baht per million BTU, compared with a high base last year that was impacted by AF Gas. This led to a recovery in gross margin, along with higher share of profit from investments, particularly the Nakwol project, and the recognition of deferred tax income that helped offset financial costs. The quarter-on-quarter profit growth was driven by higher electricity sales volumes to EGAT and industrial customers on seasonal factors, the start of revenue recognition from the Aleco project in the Philippines, and income from overseas project development, even though gas costs rose from the previous quarter in line with market gas prices. Dao Securities maintains its core profit forecasts for 2026 and 2027 at 2.3 billion baht and 2.5 billion baht, respectively. The second half of 2026 will continue to be supported by a larger share of profit from the Nakwol project, a gradual decline in financial costs after asset sales, and growth in electricity demand from industrial customers. However, SPP margins are expected to face pressure from a likely increase in gas costs, although currently about 50% of revenue from industrial user customers is under gas-linked contracts, which helps pass through some of the costs. Dao Securities keeps a buy recommendation with an unchanged target price of 20.00 baht, based on discounted cash flow. The firm sees ongoing growth drivers from the gradual recognition of returns from the Nakwol project, investments in the data center business, and rising industrial electricity demand. Although the share price has outperformed the SET by 42% over the past three months, meaning some positives are already priced in, Dao Securities believes long-term catalysts remain, while clarity on the PDP2026 plan in August could be a trigger for future estimate and target price revisions.
Houthis deny drone attack on gas carriers at Egyptian port
The Houthi group in Yemen has denied reports that it launched a drone attack on two gas carriers at Egypt's Damietta port, causing a fire. In a statement carried by the Saba news agency, the group said the rumors are untrue and stressed that its military operations target only Saudi Arabia, while confirming that shipping in the Red Sea remains safe. Meanwhile, Egyptian authorities said a preliminary investigation indicates the fire on a floating liquefied natural gas facility and a gas storage vessel was caused by a drone attack, but no party has claimed responsibility and the investigation is ongoing. The port continues to operate normally and the fire has been brought under control with no deaths or injuries.
Canada signs binding LNG deal with Germany's Uniper for Ksi Lisims project
Canada has signed a binding agreement for Ksi Lisims LNG to supply Germany's Uniper SE with two million tonnes per annum of liquefied natural gas for up to 20 years, with first deliveries expected in 2032. The deal, announced by Minister Jill McKnight on behalf of Energy Minister Tim Hodgson, marks the first-of-its-kind binding contract between the Nisga'a Nation-led project and a European buyer, following a landmark first Canada–Europe LNG letter of interest reached in May 2026 for a potential 20-year agreement with Germany's SEFE for one million tonnes per year. Together, these agreements mean that a quarter of Ksi Lisims' total planned capacity of 12 million tonnes per annum is now committed to European allies. The $30-billion floating LNG facility in British Columbia is expected to become Canada's second-largest LNG terminal, contribute $15 billion to Canada's GDP, and operate with emissions 94 percent below the global average.
ING warns Europe faces tighter winter natural gas balance
ING analysts Warren Patterson and Ewa Manthey report that European natural gas prices have risen as Middle East tensions disrupt Qatari LNG exports. They highlight QatarEnergy’s extended force majeure, reduced EU LNG imports, and below-average storage levels, pointing to a tighter winter balance for the region.
Casella and Waga Energy start RNG facility at Hyland Landfill
Casella Waste Systems and Waga Energy have started operations at their renewable natural gas facility at the Hyland Landfill in Angelica, New York. The facility uses Waga Energy's WAGABOX technology to upgrade landfill gas into pipeline-quality RNG, with an installed processing capacity of 3,000 SCFM that can generate up to 610,000 MMBtu of renewable gas annually. It is the second of three RNG projects developed by the two companies to enter operation, following the Chemung County facility. The RNG is injected into the Eastern Gas Transmission and Storage network and is expected to avoid 47,000 tons of CO₂-equivalent emissions each year. Under the agreement, Waga Energy funded construction and will own and operate the facility for 20 years, with both companies sharing revenue from RNG sales.
TotalEnergies and Eni approve Cyprus' first gas development at Cronos field
TotalEnergies and Eni have taken the final investment decision for the Cronos gas field offshore Cyprus, the country's first gas development. Production is expected to start in 2028, reaching a plateau of around 500 million cubic feet per day, equivalent to about 2.8 million tons of LNG per year. The gas will be transported via subsea pipeline to Egypt's Damietta LNG terminal for liquefaction and export to Europe, with TotalEnergies marketing 50% of the LNG, or 1.4 million tons per year. The project leverages existing Egyptian infrastructure to accelerate development and reduce carbon intensity, and could support future appraisal of additional resources in Block 6.
Foreign currency procurement to be smoother with US bank loans, says METI minister on US investment
At a press conference on the 28th, Minister of Economy, Trade and Industry Yoji Muto indicated that if loans from US banks materialize, foreign currency procurement will become even smoother regarding Japan's 550 billion dollar investment in the United States. The Ministry of Finance revealed on its official X account on the 26th that US banks are considering loans, and also indicated that the construction of a natural gas power plant is expected to be covered under the second tranche of projects. Reuters reported on the 21st that multiple US banks, including JPMorgan Chase, are moving toward participation.
Energy Analyst Warns US Natural Gas Shortage Could Begin in Six Months
Energy analyst Matt Smith warns that US natural gas prices could start rising in as little as six months, driven by a structural demand collision from LNG exports and data centers that may create an unprecedented shortage by 2028. Smith projects LNG export capacity heading toward 27.7 billion cubic feet per day by 2030, while the Department of Energy estimates data centers could consume 12% of US electricity by 2028, up from 4.4% in 2023. Natural gas powers roughly 41% of US electricity generation, meaning a price spike toward $5 would reverse cooling inflation and hit downstream sectors including food, fertilizer, and manufacturing.