Gas Prices

Oil prices climbed this week as tensions in the Middle East escalated. Iran launched missiles at Israel and the Israelis threatened retaliation, raising the possibility of a disruption to the flow of oil from the region. A jump in oil prices automatically spurs fear of a spike in gas prices, but experts see reasons that may not happen. Here's a look at the current situation and the outlook for oil and gas prices: Familiar tensions, different times Oil prices rose than USD 6 per barrel this week and prices at the pump moved higher as well. The average price for a gallon of gas rose 5 cents from last week. Any major escalation of tensions in the Middle East conjures up memories of the oil embargo that followed the start of the Yom Kippur war in 1973, which quadrupled oil prices. However, the global supply of oil has been altered radically since the 1970s, with the US becoming the world's largest oil producer. Months of war between Israel and Hamas and Hezbollah, two Iranian proxies,

Increasing global gas prices, and an extended winter in March led to the sudden fall

Stocks to Watch on March 7: Indraprastha Gas, on Wednesday, reduced the prices of compressed natural gas (CNG) in the national capital by Rs 2.5 per kilogram

Falling freight rates for LNG shipments have reduced gas prices in India

Last month, before Budget 2024, the price of commercial LPG cylinders was hiked by Rs 14 in Delhi to Rs 1,770

The Qatari announcement comes as U.S. gas prices trade near an all-time low if adjusted to inflation after a decade of meteoric rises in output which made the U.S. one of the top oil and gas exporters

Still, having scraped through the crisis, Europe has emerged into a new reality that has its own list of challenges

Exxon's oil and gas pumping business was hurt by a 60% drop in natural gas prices compared with a year ago

Prime Minister Narendra Modi on Tuesday said that the reduction in prices of cooking gas cylinders will make the lives of women easier

Tripura State Electricity Corporation Ltd has submitted a representation to the state regulatory commission, seeking a hike in power tariff to bridge its revenue gap, a senior official said on Saturday. There has been no tariff increase in Tripura since 2014, causing a huge loss to the state government-run power corporation, he said. There has been an average 196 per cent increase in natural gas price in the past one year and the introduction of uniform transmission cost has hit the corporation's fiscal position. While the uniform transmission cost appears good for big states like Assam, it harms small states such as Manipur, Tripura and Mizoram, TSECL Managing Director Debasish Sarkar told PTI. The corporation will have a revenue gap of Rs 1,100.60 crore if the tariff remains unchanged for the 2023-24 financial year, he said. Projected revenue stands at Rs 868.04 crore for 2023-24, while TSECL needs to spend Rs 1,968.64 crore for the current fiscal, leading to a gap of Rs 1,100.6

The government's decision to limit prices of domestic natural gas from legacy fields to between USD 4-6.5 per million British Thermal Unit (mmbtu) will support margins for city gas distributors, encourage the use of gas, and reduce cash flow volatility for upstream producers, Fitch Ratings said on Wednesday. "We expect a partial pass-through of the lower administered price mechanism (APM) gas prices, at which domestic upstream producers supply gas to city gas distributors, in the prices of compressed natural gas (CNG) and domestic piped natural gas (PNG) to add to the distributors' margins in the near term," it said in a statement. City gas retailers like Indraprastha Gas Ltd and Adani Total Gas Ltd last weekend announced Rs 6-8 cut in CNG and PNG prices, reflecting the cut in input gas prices. The APM price under the new regime was calculated at USD 7.92, but is capped at USD 6.5 for the rest of April, 24 per cent below levels in October 2022-March 2023. "We expect such price cuts

Although lower gas prices could offer some relief on margins

The government on Thursday amended the domestic pricing model of natural gas in line with the recommendations of the Kirit Parikh committee on gas pricing

CNG and piped cooking gas prices will be cut by 9-11 per cent after the government revised the formula for pricing of natural gas, but there is no clarity on deregulation of the fuel, analysts said. While the Union Cabinet accepted an expert committee report to price bulk of domestically produced natural gas at 10 per cent of month average import price of crude oil with a floor of USD 4 per million British thermal unit and a cap of USD 6.5, tinkering with the panel's suggestions will help the government avoid prices going up right in the middle of general elections next year. "City gas distributors could reduce prices of compressed natural gas (CNG), used by vehicles, and piped natural gas (PNG), used by homes, by 9-11 per cent, with the government accepting the key recommendations of the Kirit Parikh Committee," Crisil Ratings said. "Had the previous pricing regime continued, prices would have likely risen." But the government has not acted on the panel's recommendation to fully ..

Gas pricing needs a long-term perspective

When the suggestion was made, crude was at a huge discount to gas; but now, with the unpredictable course of fossil fuel prices playing spoilsport, govt may be forced to do a rethink

The price brakes are to apply from March 2023, but consumers also receive a one-time payment in January and February

European Union energy ministers failed yet again to overcome their deep differences Tuesday on a natural gas price cap that many hope would make utility bills cheaper so people can stay a little warmer during harsh winter days if not this year, then later. The ministers emerged from their fifth emergency meeting empty-handed because they could not come to agreement on a maximum ceiling to pay for gas due to fear that global suppliers will simply bypass Europe when others offer more money. There was lots of progress but no final breakthrough yet, said German minister Robert Habeck. We were so close today, said Czech Industry Minister Jozef Sikela, adding the ministers would meet again next Monday. There will be only one open issue for the discussion on Monday and this is the price level triggering the mechanism which was the core dispute from the start. Sikela said no one asked for the issue to be taken up at Thursday's summit of EU leaders. The 27 nations have stuck together thr

We have highlighted to them our financial situation given the way things are in Europe, and we have been promised that they will come back soon

The S&P BSE Oil & Gas index hit a 52-week high of 20,653.57 in intra-day trade on Wednesday