EUR/USD 1.15206
0.165%
Gold 4298.98
0.968%
Oil 73.646
-1.731%
USD/JPY 160.617
-0.023%
GBP/USD 1.33150
0.168%
GBP/JPY 213.866
0.143%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
The Swiss government says the current plan remains for the United States and Iran, along with Pakistan, Qatar and other relevant countries, to hold preliminary talks on the implementation of the peace agreement on Friday in Bilgenberg.On June 18, Sun Lei, Chinas Deputy Permanent Representative to the United Nations, delivered a general statement at the 36th Meeting of States Parties to the United Nations Convention on the Law of the Sea on June 17, clarifying Chinas position on the renewed hype surrounding the so-called "South China Sea Arbitration Case" by certain countries. Sun Lei emphasized that this meeting was not a suitable forum for discussing the South China Sea issue, but China had to clarify its solemn position regarding erroneous claims. The "South China Sea Arbitration Case" violates the principle of "state consent." The "arbitral tribunal" exceeded its authority and rendered a wrongful judgment; its "award" is illegal and invalid. The "arbitration case" is a political provocation disguised as law, aimed at denying Chinas territorial sovereignty and maritime rights in the South China Sea. China has never accepted or recognized this "award," and Chinas territorial sovereignty and maritime rights in the South China Sea are unaffected by it under any circumstances.The UK unemployment rate was 4.46% in May, up from 4.40% in the previous month.Switzerlands trade balance in May was 6.11 billion Swiss francs, compared with 3.098 billion Swiss francs in the previous month.The UKs ILO employment figure for the three months ending in April was 100,000, below the expected 75,000 and the previous figure of 148,000.

As the Norwegian government ends the oil and gas workers' strike, European gas prices fall

Charlie Brooks

Jul 07, 2022 11:22


After the Norwegian government intervened to end a strike by the country's oil and gas workers, natural gas prices marginally reduced throughout Europe on Wednesday.


As of 8:04 AM ET, August TTF Natural Gas Futures in the Netherlands, which serves as a benchmark for northwest Europe, were down 1.3% to 163 euros per megawatt-hour (1204 GMT). While this is 10% less than the four-month high they achieved on Tuesday, it is still around eight times the level at which the contract traded for the bulk of the previous decade prior to Russia's mounting threats against Ukraine late last year.


After failing to reach an agreement during this year's wage negotiations, the Norwegian government said late Tuesday that it would impose binding arbitration on the wage dispute between Lederne union members and oil and gas companies. As a consequence, employees have vowed to expand the strike and shut off crucial gas supply locations in the United Kingdom.


The price of the U.K. Natural Gas Futures decreased 9 percent to around 264 pence per therm after the strike ended. This is almost four times the five-year average contract rate.


Due to the severity of the strike, the Ministry of Petroleum and Energy deemed it "indefensible" to cease gas production in the coming days.


Labor Minister Marte Mjs Persen noted in a statement, "Production is fast falling, and this is of the highest concern given that the EU and the U.K. are completely reliant on their energy partnership with Norway."


Analysts do not anticipate a big decrease in gas costs so long as Russia, which supplied over a quarter of the EU's gas last year, continues to limit imports.


Wednesday, European Commission President Ursula von der Leyen warned that conditions are more likely to deteriorate than to improve.


Von von Leyen cautioned the EU parliament that measures must be taken for future delays in Russian gas supplies, including a complete halt.


She noted that the EU's gas storage tanks are now only around 55 percent full, with the normal summer injection season having suddenly ended owing to Russia's cutting of supplies to Germany and Italy.


In a normal year, the union would store fuel using summer imports from Russia in preparation for the winter heating season. Its unwillingness to do so over the summer has significantly increased the chance that member states, especially Germany, would be obliged to enact rationing during the winter peak.


Suggestion