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Natural gas has been fuelling industrial and economic growth across developed and developing countries. Its usage is set to increase as it is also being considered as a low-carbon fuel that can help make the transition to a no-to-low-carbon economy. Argus is your irreplaceable source of price information, news, expert analysis and fundamentals data for international natural gas markets.
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CEE may struggle to fully rebuild gas stocks in summer
CEE may struggle to fully rebuild gas stocks in summer
London, 21 January (Argus) — Central and eastern Europe's underground gas stocks are on track to enter this summer significantly lower than a year earlier, and the region may struggle to boost imports enough to erode the deficit by next winter. Stocks in Austria, Bulgaria, Croatia, the Czech Republic, Hungary, Poland, Romania and Slovakia were at a combined 182TWh on Tuesday morning, 28TWh lower than a year earlier and the lowest for the day since 2022, according to GIE transparency platform data ( see stocks graph ). Sites in these countries were 54.4pc full in aggregate. The largest year-on-year deficit was in Austria at 15.3TWh, followed by Hungary at 7TWh and Slovakia at 5.8TWh. This more than offset a small year-on-year surplus in Romania, the Czech Republic and Bulgaria. Stocks in northwest Europe were even lower in percentage terms. Combined EU stocks, excluding the central and eastern European countries listed above, were at 380TWh on Tuesday morning, 102TWh lower than a year earlier and at 46.7pc of capacity. Cold weather has boosted heating-related demand across Europe in recent weeks and led firms to draw heavily on storage. Even if the stockdraw on 20 January-31 March is in line with the same period in 2025 — keeping the year-on-year deficit stable — central and southeast Europe would end March with 95.7TWh in storage. This would be the second lowest for the date in the last seven years, behind only 2022. Ukraine bucks the trend of other countries in the region. The country's storage sites held 70.02TWh, around 28TWh higher than a year earlier. Strong imports have helped to keep stocks higher, helping Ukraine to avoid a situation in which withdrawal capacity is constrained near the end of the season. Summer supply limitations Congestion on west-to-east routes may make it difficult for firms to significantly ramp up imports to central and eastern Europe this summer in order to rebuild stocks. Firms already ramped up deliveries at western borders last year to replace Russian gas previously shipped through Ukraine, following the Ukraine transit halt at the end of 2024. West-to-east bottlenecks will cap how much more supply can be shipped east, while projects to deliver new supply to the region will only make a limited contribution. Net Austrian imports from Germany at Oberkappel surged to 190 GWh/d in 2025 from 10.2 GWh/d in 2024 and were near technical capacity almost all summer. And Austria net imported 31 GWh/d from Italy last year, reversed from 154 GWh/d of net exports in 2024 when Austria was still acting as a transit market for Russian gas. Flows to the Czech Republic from Germany at VIP Brandov similarly rose to 251 GWh/d in 2025 from 97 GWh/d in 2024, and were maximised for most of the summer. Some projects to bring new supply to southeast Europe were commissioned last year, which may deliver incremental supply this summer. The 4.3mn t/yr Alexandroupolis LNG terminal in Greece came on line in October 2025 but is scheduled for maintenance in the second quarter. This may limit imports through Greece and increase competition for alternative supply in the region. This could also cap the extent to which Ukraine can import from Greece using the integrated Route 1, 2 and 3 products . The other upgrade was at Croatia's Krk LNG terminal, where regasification capacity increased to 4.7mn t/yr from October 2025 from 2.3mn t/yr previously. And Azeri transport capacity through the trans-Adriatic pipeline rose by 1.2bn m³/yr to 11.2bn m³/yr from 1 January, although some of this supply will be for other markets — Azeri state-owned Socar started delivering gas to Germany and Austria this month. Hungarian state-owned utility MVM also signed 2.05bn m³/yr of supply LNG deals in recent months aimed at diversifying its import options. By Victoria Dovgal CEE stocks 2022-26 TWh CEE gas stocks, 2026 vs 2025 TWh NWE and SEE stocks, 2026 vs 2025 TWh Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Australia's Central buys into two more gas basins
Australia's Central buys into two more gas basins
Sydney, 19 January (Argus) — Australian junior gas firm Central Petroleum has confirmed that it will proceed with a plan to buy new acreage in Australia's onshore Otway and Cooper basins from domestic explorer ADZ Energy. Central will go ahead with acquisitions announced last month following conditions precedent being met, the firm said on 19 January. Central will buy 20pc of an exploration permit in the Otway basin owned by Victoria state, where drilling is planned for mid-to-late 2026 and 49pc of 24 retention leases and an exploration permit in South Australia (SA) state's Cooper basin. The SA block will be drilled in late 2026 and early 2027 with plans for two to three wells, Central said previously. Australian governments are trying to boost supply from southern basins due to increasing concerns about shortfalls of gas in latter years this decade, due to depletion from the Gippsland basin joint venture owned by ExxonMobil and Australian independent Woodside, which will take over operatorship this year. Central, a partner in Australian joint venture Mereenie, is focused on the onshore Amadeus basin in central Australia, where it holds operatorship and a 25pc stake. The company holds about 169,000km² of tenements in the Northern Territory where it largely produces gas for the government-owned Power and Water . By Tom Major Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
US imported biofuel credit cut unlikely in 2026
US imported biofuel credit cut unlikely in 2026
New York, 15 January (Argus) — President Donald Trump's administration is unlikely to immediately slash blending credits for foreign biofuels and feedstocks brought into the US, but the idea remains under consideration, people familiar with the matter said. The Environmental Protection Agency (EPA) last year floated a major revamp of the long-running biofuel program, including a plan to halve credits for blending biofuels produced abroad or made from foreign feedstocks. The Trump administration told a court last month it would finalize new biofuel quotas in the first quarter , kickstarting a last-minute lobbying campaign around whether EPA should proceed with the import-credit cuts. Two industry stakeholders closely tracking the debate told Argus that the administration's initial idea to slash credits for foreign fuels and feedstocks at the start of 2026 is likely dead. The US has previously been more cautious when finalizing retroactive biofuel mandates to avoid legal scrutiny, and it is not clear how regulators could belatedly track whether fuels already blended were made from foreign feedstocks. Any rule, even one announced in the coming weeks, would take effect 60 days after publication in the Federal Register . Oil refiners in particular have cast the plan as a threat to retail fuel prices and likely illegal, while US farm advocates worried about imports of renewable diesel feedstocks like used cooking oil have supported restrictions. Under the Renewable Fuel Standard program, EPA requires oil companies to annually blend different types of biofuels into the conventional fuel supply or buy credits from those that do. But there are still advocates within the administration for cutting program credits for imports, the industry stakeholders said. A third source who is directly familiar with the administration's thinking told Argus that the half-credit idea "remains in play". For instance, White House senior counselor for trade Peter Navarro — a longtime Trump adviser and vocal supporter of trade barriers — endorsed the half-credit proposal on Thursday in an unusual op-ed in The Hill website. "The rule closes loopholes that have allowed questionable imports to undercut American farmers and distort the market at scale," Navarro wrote. US secretary of agriculture Brooke Rollins shared the article on social media platform X, saying it was "spot on". Alternatively, biofuel supporters have told EPA that a record-high mandate for biomass-based diesel would support biorefineries that have struggled with policy uncertainty over the last year and guarantee strong demand for US feedstocks like soybean oil even without changes to the credit market. Some have advocated for a biomass-based diesel mandate for 2026 that amounts to between 5.2bn-5.6bn USG/yr of required blending. That is line with the Trump administration's proposal last year but would be a substantial jump from blend requirements of just 3.35bn USG/yr in 2025. Vintage-year 2026 Renewable Identification Number (RIN) credits tied to biomass-based diesel blending under the program rose to 126.5¢/RIN on Thursday, according to Argus assessments, the highest level for current-year credits in more than two years. RIN prices were supported by higher soybean oil futures after Navarro's op-ed, as well as new EPA data that showed continued weak biomass-based diesel RIN generation in December. EPA said it is "reviewing comments" as it "continues to work on a final regulation" and noted the court filing in which the Trump administration said it aims to finalize program updates this quarter. The White House did not respond to requests for comment. Other more technical decisions around program implementation could affect crop demand, biofuel production margins and fuel prices. EPA has proposed slightly cutting the amount of credits generated from blending a gallon of renewable diesel and potentially requiring larger oil companies to blend more biofuels to offset recent program exemptions granted to smaller competitors. By Cole Martin Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Norway grants 57 gas and oil licences in mature areas
Norway grants 57 gas and oil licences in mature areas
London, 13 January (Argus) — The Norwegian authorities have awarded ownership interests in 57 production licences on the Norwegian continental shelf to 19 companies. All of the permissions are part of an annual licensing round known as the awards in predefined areas (APA), which began in 2003. This procedure offers companies licences in mature areas with known geology, a smaller number of technical challenges and developed or planned infrastructure. Of the 57 licences awarded, 31 are in the North Sea, 21 in the Norwegian Sea and five in the Barents Sea, and 20 of them have been offered as additional acreage at existing production licences. The Norwegian Offshore Directorate — formerly the Norwegian Petroleum Directorate — offered 62 new offshore oil and gas licences in the 2024 APA round . "In a few years, production will start to fall. Therefore, we need new projects that can slow down the fall and provide as much production as possible," energy minister Terje Aasland said. State-owned Equinor was awarded 35 of the licences in the latest round, the company said on Tuesday. Most — 21 — are in the North Sea, 10 are in the Norwegian Sea and four are in the Barents Sea. Equinor will operate 17 of the licences. Equinor plans to drill 20-30 exploration wells a year, 80pc of them near existing infrastructure and 20pc in lesser-known areas, the firm said. This builds on Equinor's announcement of further investment in infrastructure to maintain high production until 2035 on 8 January. New blocks proposed for next round The Norwegian Offshore Directorate has submitted a proposal to add 70 new blocks to the 2026 APA licensing round. The ministry has submitted a proposal to expand the APA area for public consultation. Of the 70 new blocks, 22 would be in the North Sea, 10 in the Norwegian Sea and 38 in the Barents Sea. The APA area was expanded by 76 blocks last year . The 26th licensing round will be announced in the first half of the year. The deadline for applications will be in the third quarter and licences will be awarded in January 2027. Giving companies access to new and attractive acreage is a pillar of the government's policy to further develop the industry and ensure future production, Aasland said. By Lucas Waelbroeck Boix Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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