Energy market for a week: the APU attack on Primorsk worried about the oil market

Oil and gas have risen in price this week. The oil market was agitated by the attack of APU drones on Terminal B Primorsk. He paused the download for a day. In Europe, gas was actively burned due to lack of wind.

Oil

Oil prices might not have changed this week if it hadn't been for the attack of APU drones on the terminal in Baltic Primorsk. The cost of the benchmark North Sea Brent rose from $ 65.4 to $ 67.5.

The governor of the Leningrad Region, Alexander Drozdenko, wrote in a telegram channel that as a result of a drone attack on the night of September 12, a tanker and a pumping station in the port of Primorsk burned. Reuters reported that the loading of ships had stopped. AIS data of vessels show that on September 13, the shipment of oil and petroleum products to Primorsk resumed. Walrus and Chiba took the place of Phosphor, Kusto and Cai Yun tankers to the berths. Samos appeared next to another one.

Primorsk is a major oil export terminal. Therefore, the market immediately reacted to the messages.

"These attacks on the Russian energy infrastructure may adversely affect the export of Russian oil and petroleum products," said UBS analyst Giovanni Staunovo.

At the same time, the "dancing" around possible new sanctions against Russia continues. The United States is calling on the EU to abandon Russian hydrocarbons faster, then introduce 100 percent duties against India and China, if they want the United States to do the same. In Europe, they are still keeping silent.

"Tough sanctions could potentially overshadow the prospect of oversupply," said Ole Hvalbier, an analyst at SEB Research.

The bandwagon of Russian oil, whose exports show incredible miracles of survivability, can be supplied by India's largest private port operator Adani Group. If the Indian authorities do not prohibit the import of Russian oil and declare that they will not yield to Washington, then the company has banned tankers subject to Western sanctions from entering its ports. There are two large ones among them, where Russian oil is brought.

Gas

Gas on European stock exchanges continued a slow rise in price. Month-in-advance deliveries from the TTF exchange increased in a week from $ 393 to $402.

A small boost to prices could be given this week by the calm in Europe, which forced power plants to burn more gas. At the same time, gas injection into storage facilities of EU countries has dropped significantly for several days. But it only lasted a few days.

At the same time, LNG imports to the countries The EU is still high — while Norway continues field repairs and has significantly reduced production and exports.

In addition to all this, China has already accepted the fourth gas carrier from the Arctic LNG—2 project, which is under US sanctions. Analysts believe that Beijing has made a systematic decision to organize the reception of sanctioned gas from Russia at a small terminal that will not be affected by secondary sanctions. This increases the pressure on the market, as there is more and more gas.

Coal, against the background of rising gas prices, again dropped in price. Deliveries for a month in advance from the Antwerp-Rotterdam-Amsterdam hub (ARA) dropped from $94.8 per ton to $93.