The production platform of Leviathan natural gas field is off the coast of Haifa, Israel. Reuters
The production platform of Leviathan natural gas field is off the coast of Haifa, Israel. Reuters
The production platform of Leviathan natural gas field is off the coast of Haifa, Israel. Reuters
The production platform of Leviathan natural gas field is off the coast of Haifa, Israel. Reuters

European gas prices fall as supply disruptions ease


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European natural gas prices have fallen for three straight weeks as concerns ease about supply being affected by the Israel-Gaza war.

Dutch Title Transfer Facility gas futures, the benchmark European contract, were trading at €48.06 ($51.59) per megawatt hour on Monday after surging to about €60 last month.

Gas prices soared after Israel shut down the offshore Tamar gasfield amid fears it could be affected by the fighting with Hamas, the ruling group in Gaza.

Supply concerns were also stoked by strikes at Chevron’s Gorgon and Wheatstone projects in Western Australia, which supply around 6 per cent of the world's liquefied natural gas (LNG).

Although Israel has surplus gas production, which currently supports Egypt and Jordan’s demand, a continued or escalated conflict would have wide-ranging implications, according to Rystad Energy.

“The fate of the three largest Israeli gas development projects – Tamar, Leviathan and Karish – will affect the regional market greatly,” the Norwegian consultancy said last month.

Natural gas flows from Israel to Egypt resumed last week after the North African country reported a halt in imports.

Egypt imports about 7 billion cubic feet per year of natural gas from the Tamar and Leviathan gas developments to meet rising domestic energy demand and for additional exports to Europe through its LNG plant.

Jordan, which relies heavily on fossil fuel imports, also gets most of its gas from the Leviathan field.

Europe is well positioned to get through the peak winter season without any major supply shortfalls, with storage sites exceeding 90 per cent capacity.

“Given today’s ample buffers, European gas storage should remain within historic levels even in the scenario of colder-than-usual weather and above-usual heating demand,” said Norbert Rucker, head of economics and next generation research at Julius Baer.

“However, all things are never equal. Europe is the biggest buyer of overseas natural gas and thus in competition for cargoes with Asian buyers including Japan, South Korea, and China,” Mr Rucker added.

Supplies were also disrupted by strikes at Chevron's Wheatstone LNG complex. Reuters
Supplies were also disrupted by strikes at Chevron's Wheatstone LNG complex. Reuters

European natural gas prices reached a record high of €345 a megawatt hour last year in March after Russia reduced its exports to the region following its invasion of Ukraine.

Global natural gas demand is set to slow in the coming years amid declining consumption in mature markets due to an “accelerated” roll-out of renewables and improved energy efficiency, according to the International Energy Agency.

Demand is projected to grow by 1.6 per cent a year between 2022 and 2026, down from an average of 2.5 per cent a year between 2017 and 2021, the agency said in its Gas 2023 Medium-Term Market Report in October.

 

 

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Company Profile

Company name: Big Farm Brothers

Started: September 2020

Founders: Vishal Mahajan and Navneet Kaur

Based: Dubai Investment Park 1

Industry: food and agriculture

Initial investment: $205,000

Current staff: eight to 10

Future plan: to expand to other GCC markets

The Bio

Favourite Emirati dish: I have so many because it has a lot of herbs and vegetables. Harees  (oats with chicken) is one of them

Favourite place to go to: Dubai Mall because it has lots of sports shops.

Her motivation: My performance because I know that whatever I do, if I put the effort in, I’ll get results

During her free time: I like to drink coffee - a latte no sugar and no flavours. I do not like cold drinks

Pet peeve: That with every meal they give you a fries and Pepsi. That is so unhealthy

Advice to anyone who wants to be an ironman: Go for the goal. If you are consistent, you will get there. With the first one, it might not be what they want but they should start and just do it

How to avoid crypto fraud
  • Use unique usernames and passwords while enabling multi-factor authentication.
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Company%20profile
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Silent Hill f

Publisher: Konami

Platforms: PlayStation 5, Xbox Series X/S, PC

Rating: 4.5/5

The specs

Engine: 2.0-litre 4cyl turbo

Power: 261hp at 5,500rpm

Torque: 405Nm at 1,750-3,500rpm

Transmission: 9-speed auto

Fuel consumption: 6.9L/100km

On sale: Now

Price: From Dh117,059

Infiniti QX80 specs

Engine: twin-turbocharged 3.5-liter V6

Power: 450hp

Torque: 700Nm

Price: From Dh450,000, Autograph model from Dh510,000

Available: Now

GAC GS8 Specs

Engine: 2.0-litre 4cyl turbo

Power: 248hp at 5,200rpm

Torque: 400Nm at 1,750-4,000rpm

Transmission: 8-speed auto

Fuel consumption: 9.1L/100km

On sale: Now

Price: From Dh149,900

TWISTERS

Director: Lee Isaac Chung

Starring: Glen Powell, Daisy Edgar-Jones, Anthony Ramos

Rating: 2.5/5

COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
Who has been sanctioned?

Daniella Weiss and Nachala
Described as 'the grandmother of the settler movement', she has encouraged the expansion of settlements for decades. The 79 year old leads radical settler movement Nachala, whose aim is for Israel to annex Gaza and the occupied West Bank, where it helps settlers built outposts.

Harel Libi & Libi Construction and Infrastructure
Libi has been involved in threatening and perpetuating acts of aggression and violence against Palestinians. His firm has provided logistical and financial support for the establishment of illegal outposts.

Zohar Sabah
Runs a settler outpost named Zohar’s Farm and has previously faced charges of violence against Palestinians. He was indicted by Israel’s State Attorney’s Office in September for allegedly participating in a violent attack against Palestinians and activists in the West Bank village of Muarrajat.

Coco’s Farm and Neria’s Farm
These are illegal outposts in the West Bank, which are at the vanguard of the settler movement. According to the UK, they are associated with people who have been involved in enabling, inciting, promoting or providing support for activities that amount to “serious abuse”.

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COMPANY PROFILE
Name: Kumulus Water
 
Started: 2021
 
Founders: Iheb Triki and Mohamed Ali Abid
 
Based: Tunisia 
 
Sector: Water technology 
 
Number of staff: 22 
 
Investment raised: $4 million 
'Lost in Space'

Creators: Matt Sazama, Burk Sharpless, Irwin Allen

Stars: Molly Parker, Toby Stephens, Maxwell Jenkins

Rating: 4/5

Updated: November 06, 2023, 8:38 AM