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Global natural gas prices moved higher Tuesday, recovering losses late last week as a warmer shift in forecasts was seen lifting demand in places like the United States and Asia.
In Europe, where colder spring weather has been driving abnormal heating demand for this time of year, temperatures are heating up. Natural gas prices on the continent surged in the middle of last week, mainly on news that Russia did not book additional pipeline capacity through Ukraine this month. While warmer forecasts dragged benchmarks like the UK’s National Balancing Point and the Dutch Title Transfer Facility down late last week, other market forces helped recoup those losses Tuesday.
OPEC, Russia seen gaining more power with Shell Dutch ruling
By Dmitry Zhdannikov
Reuters
LONDON (Reuters) - Climate activists who scored big against Western majors last week had some unlikely cheerleaders in the oil capitals of Saudi Arabia, Abu Dhabi and Russia.
Defeats in the courtroom and boardroom mean Royal Dutch Shell, ExxonMobil and Chevron are all under pressure to cut carbon emissions faster. That’s good news for the likes of Saudi Arabia’s national oil company Saudi Aramco, Abu Dhabi National Oil Company and Russia s Gazprom and Rosneft.
It means more business for them and the Saudi-led Organization of the Petroleum Exporting Countries (OPEC).