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Energy news

S Korea LG Chem Q2 net income plunges on poor battery earnings

SINGAPORE (ICIS)–LG Chem's second-quarter net income plunged year on year to won (W) 60 billion ($43m), weighed down by poor earnings at its battery unit LG Energy Solution, the South Korean producer said on Thursday. Group results in Korean won (W) billion Q2 2024 Q2 2023 % Change Sales 12,300 14,336 -14.2 Operating profit 406 618 -34.3 EBITDA 1,562 1,595 -2.1 Net income 60 671 -91.1 Q2 sales at company’s petrochemicals unit rose by 8.9% year on year to W4.97 billion. LG Chem’s petrochemicals unit swung to a Q2 operating profit of W32 billion, reversing the W13 billion loss in the same period of 2023. A gradual recovery in the supply/demand balance for LG Chem's petrochemical products is expected in Q3, but "profitability improvement is expected to be limited due to the delay in global demand recovery and rising freight rate". LG Energy Solution's Q2 operating profit fell by 57.7% year on year to W195 billion, with sales down 29.8% at W6.16 trillion. LG Chem holds a controlling 81.8% stake in LG Energy Solution, the leading car battery maker in the country in terms of sales. ($1 = W1,386)

25-Jul-2024

ANALYST UPDATE: Dutch hydrogen market growth October 2023-April 2024

LONDON (ICIS)–ICIS Hydrogen Foresight data shows that over the period October 2023-April 2024, the Dutch hydrogen market saw growth across planned low-carbon hydrogen supply and demand. However, despite progression across future buyers and sellers, project progression has remained muted, with no projects progressing to final investment decision (FID). To review the findings of this update, please see the complete analysis below.

24-Jul-2024

Japan July flash manufacturing PMI falls to 49.2 as output, new orders fall

SINGAPORE (ICIS)–Japan’s manufacturing sector contracted in July for the first time in three months after the preliminary purchasing managers' index (PMI) fell to 49.2 from 50.0 in June, au Jibun Bank said on Wednesday. A PMI reading above 50 indicates expansion while a lower number denotes contraction. This decline signals a marginal deterioration in Japanese manufacturing business conditions in June, attributed to a reduction in both output and new orders, au Jibun Bank said in a statement on Wednesday. The fall in new orders was the most significant since February. Despite an increase in employment levels, sustained declines in new orders resulted in spare capacity within the sector, and backlogs of work decreased at the sharpest rate in four months. Input cost inflation remained high in July, accelerating to its fastest pace since April 2023. Japanese consumer inflation rose in June, putting pressure on the Bank of Japan to raise interest rates further, official data showed on 19 July. The Bank of Japan (BOJ) in March hiked interest rates for the first time in 17 years, ending eight years of negative interest rates. The BOJ expects that the recent rise in energy prices and the phased removal of government subsidies designed to control inflation will likely accelerate the consumer price index (CPI) increase throughout the fiscal year 2025, offsetting the fading impact of previous import cost increases on consumer prices. Core inflation excluding fresh food, the BOJ's preferred measure, accelerated to 2.6% in June from 2.5% in May and from 2.2% in April. "Going forward, the government plans to renew energy subsidy programmes from August to October to counteract the heatwave during the summertime," Dutch banking and financial services firm ING said in a statement. "This could lower the overall inflation figure, but as it is temporary, the Bank of Japan is not expected to be too concerned."

24-Jul-2024

India cuts MDI import duty; plans six-month review of overall tariff structure

SINGAPORE (ICIS)–India will cut import duties for methylene diphenyl diisocyanate (MDI) by 2.5 percentage points to 5.0% effective 24 July, with plans to review the country's overall tariff structure in the next six months. MDI was among raw materials identified by the Indian government on which custom duties will be reduced. India's finance minister Nirmala Sitharaman announced the changes to the country's Basic Customs Duty (BCD) – a tax levied on imported goods at the time of their entry into the country – in her presentation of India’s national budget for the fiscal year ending March 2025 before parliament. HIGHER DUTIES FOR SOME PRODUCTSConversely, the minister said that the customs duty for polyvinyl chloride (PVC) flex films/flex banners will be raised to 25% from 10% currently starting 24 July, "to curb their imports". Flex banners are commonly used for outdoor advertising as billboards. "PVC flex banners are non-biodegradable and hazardous for environment and health," Sitharaman said. The customs duty on ammonium nitrate will also be raised to 10% from 7.5% from 24 July "to support existing and new capacities in the pipeline", she said. EXEMPTIONS FOR CRITICAL MINERALSSitharaman also proposed full exemption of 25 critical minerals from import duties, a cut in duty rates for two other products in the same category. "Minerals such as lithium, copper, cobalt and rare earth elements are critical for sectors like nuclear energy, renewable energy, space, defense, telecommunications, and high-tech electronics,” she said. “This [cut in import duty] will provide a major fillip to the processing and refining of such minerals and help secure their availability for these strategic and important sectors," Sitharaman said. As for the electronics sector, the finance minister proposed to remove the BCD on oxygen-free copper for the manufacture of resistors. GOV'T TO REVIEW CUSTOMS DUTY STRUCTUREOver the next six months, the Indian government will conduct a thorough review of its customs duty rate structure, Sitharaman said. "I propose to undertake a comprehensive review of the rate structure over the next six months to rationalise and simplify it for ease of trade, removal of duty inversion and reduction of disputes," she said. "We will continue our efforts to simplify taxes, improve taxpayer services, provide tax certainty and reduce litigation while enhancing revenues for funding the development and welfare schemes of the government." It was not immediately clear how the revised BCD structure will impact implementation of import certifications of various chemicals under the Bureau of Indian Standards (BIS). BIS certification for some chemicals has been extended many times since they were introduced in 2019-20 to allow domestic end-user industries more time to adhere to the quality-control orders (QCO). Focus article by Nurluqman Suratman Thumbnail image: At the Vallarpadam Terminal in Kochi, Kerala, India. 2014 (By Olaf Kruger/imageBROKER/Shutterstock)

23-Jul-2024

Mexico petchems could have more opportunities under Sheinbaum amid nearshoring – Braskem Idesa exec

LONDON (ICIS)–Mexican petrochemicals have much to gain under President-Elect Claudia Sheinbaum as the country taps into the nearshoring trend, which will require large public and private investments, according to an executive at polymers producer Braskem Idesa. Sergio Plata, head of institutional relations and communications at the mostly polyethylene (PE) producer, added that nearshoring – North American companies bringing back to the region production facilities – will require a large country effort, which the public sector alone now dominates the energy sector, will not be able to provide. Plata added that the first signs from Sheinbaum towards chemicals were encouraging: even as President-Elect, she has already visited the petrochemicals production hub in the state of Veracruz – the largest in the country. In it, she mentioned specific industry issues such as supply of certain raw materials which were very much welcomed by executives. Last week, ICIS published the first part of this interview, in which Plata said supply of ethane from Mexico’s state-owned crude oil major Pemex had stabilized after a renegotiation of the contract’s terms, although he added global PE market remained in the doldrums and a recovery may not arrive until the second half of 2025. Braskem Idesa operates the Ethylene XXI complex in Coatzacoalcos, south of the industrial state of Veracruz, which has capacity to produce 1.05 million tonnes/year of ethylene and downstream capacities of 750,000 tonnes/year for high-density polyethylene (HDPE) and 300,000 tonnes/year for low-density polyethylene (LDPE). Braskem Idesa is a joint venture made up of Brazil’s polymers major Braskem (75%) and Mexican chemical producer Grupo Idesa (25%). WHAT SORT OF PRESIDENT SHE WILL BESheinbaum won an overwhelming majority in the Presidential election in June, with 60% of the vote, and her party Morena achieved a ‘supermajority’ in parliament of two-thirds which initially spooked financial markets and brought the Mexican peso down. Financial analysts have warned that, for Mexico to tap into the nearshoring trend, its infrastructure – transport but also aged electricity transmission lines – will need to be upgraded during the remaining of this decade. That effort, most analysts agree, will only be possible with large sums of private investment, so the state-owned electricity utility CFE may need to give some way to private players. Equally, during Andres Manuel Lopez Obrador’s term, Mexico’s emissions rose, in opposition to the country’s commitments agreed in the 2015 Paris Accord and later enshrined into its domestic law. Lopez Obrador handpicked Sheinbaum to succeed him. Despite not being that apart generationally – he is 70, she is 62 – the President-Elect is a climate scientist who started her career in environmental roles, and most analysts think she may run free from her successor – by personal choice or forced by the circumstances – in issues like climate, if she wants to keep Mexico as a respected economy which fulfils its commitments. “I think she has a very clear vision in this regard – she knows the commitments [Mexico adhered to]. Something we are liking a lot is the appointments she is making – people with experience to work in the departments they are being appointed to: they have the necessary technical knowledge,” said Plata. “We have also seen her approaching the private sector and that, without a doubt, for us as an industry that is a very good start. In those meetings, our concerns about compliance with regulations have been raised. Something is very clear: to grasp the opportunities in nearshoring, collaboration with private sector is essential to bring real benefits to all Mexicans.” Plata said that, while Sheinbaum has not met Braskem Idesa yet, she has had a busy schedule meeting with industrialists, including with the country’s chemicals trade group Aniq as well as the Veracruz industrial trade group, which Plata presides. “When she visited the south of Veracruz, she talked about reactivating the petrochemical industry, and talked about very specific issues that the industry is worried about, such production of ethane, of ethylene, of ammonia: things that sounded very good to us,” said Plata. MEXICO, VENEZUELA COMPARISONSHe was asked if, given Morena’s ‘supermajority’ in parliament, Mexico could become a new Venezuela – when the governing party takes over all resorts of power and the country stops being a democracy worth the name. “I really believe that her vision is constructive, and she intends to work with the private sector so her Administration can work for everyone. We will have to see what decisions she takes along the way. For instance, she has spoken many times about the interoceanic corridor [a project to link Mexico’s east and west coasts by water],” said Plata. “Precisely, the promotion of the corridor has at its base the chemicals and the petrochemicals industries, because one of the objectives of the corridor is to take advantage of the raw materials in the area, which would benefit petrochemicals but also agriculture, for instance, and give added value. We see plenty of opportunities there.” Front page picture: Braskem Idesa’s facilities in Coatzacoalcos Source: Braskem Idesa Interview article by Jonathan Lopez

22-Jul-2024

Americas top stories: weekly summary

HOUSTON (ICIS)–Here are the top stories from ICIS News from the week ended 19 July. Westlake appoints Jean-Marc Gilson as new CEO, effective today US-based chemical and building materials producer Westlake Corp has appointed Jean-Marc Gilson as president and CEO, effective 15 July. He succeeds Albert Chao, who becomes executive chairman of the Westlake board of directors. SW '24: US fertilizer demand lacking as farm economics unsupportive Unfavorable farming fundamentals, including weaker grain prices, high cost of credit, and weather issues will continue to hit demand for fertilizers, said market participants on the sidelines of the Southwestern fertilizer conference (14-18 July). SHIPPING: USG-Asia liquid chem tanker rates plunge on ample space availability after Beryl Liquid chemical tanker rates from the US Gulf to Asia are plunging this week as plant shutdowns and delays in the aftermath of Hurricane Beryl have led to “gaping large holes of space”, shipping brokers said on Wednesday. INSIGHT: OUTLOOK: US chems may see revival of programs, UN plastic treaty The US chemical industry could see the return of some popular trade and chemical-safety programs later this year, and customers of the major railroads could get their first chance to switch carriers if they get bad service. Global IT issues impact energy trading; Trayport services return IT issues that impacted energy trading systems on Friday morning were gradually being resolved, with market participants regaining access to critical applications. ICIS Economic Summary: US eyes coming interest rate cuts as consumer spending, inflation eases With solid progress on disinflation and the labor market easing, financial markets are sharpening their focus on the coming interest rate cut cycle, with the first move expected in September. Ten-year Treasury yields are collapsing and economically sensitive stocks surging, as consensus moves to as much as three cuts of 25 basis points by the Federal Reserve in 2024 and further easing next year.

22-Jul-2024

Latin America stories: weekly summary

SAO PAULO (ICIS)–Here are some of the stories from ICIS Latin America for the week ended on 19 July. NEWS Braskem Idesa ethane supply more stable, PE prices to recover in H2 2025 – exec Supply of ethane from Pemex to polyethylene (PE) producer Braskem Idesa is now more stable after a renegotiation of the contract – but the global PE market remains in the doldrums, according to an executive at the Mexican firm. INSIGHT: Colombia’s wide single-use plastics ban kicks off amid industry reluctance Colombia’s single-use plastic ban, which affects a wide range of products, kicks off amid some industry reluctance after a hurried implementation, and with provisions to revise the legislation after a one year trial period. Brazil’s chemicals capacity utilization falls to record low in May at 58% The utilization rate at Brazil's chemical plants fell to 58% in May, the lowest level since records began in 1990, the country’s chemicals trade group Abiquim said on Wednesday. Brazil’s floods hit GDP growth in 2024 but strong recovery in 2025 – IMF The IMF has revised Brazil’s economic outlook for 2024, with GDP growth now forecast at 2.1%, down from an earlier projection of 2.2%, because of the floods in Rio Grande do Sul. Mota-Engil, PEMEX agree to build new ammonia, urea and AdBlue plant in Mexico Mota-Engil, through its subsidiary MOTA-ENGIL MEXICO, has signed an agreement with Pemex Transformación Industrial, a subsidiary of state-owned energy major Petróleos Mexicanos (“PEMEX”), to construct a fertilizer plant in Escolin in the state of Vera Cruz. Harvest Minerals undertakes rare earth elements exploration at Brazil fertilizer project Fertilizer producer Harvest Minerals announced a two-phase rare earth elements exploration program has commenced at its Arapua project in Brazil. Stolthaven Terminals chosen as potential operator for Brazil green ammonia export terminal Logistics firm Stolthaven Terminals announced that in cooperation with Global Energy Storage (GES), it has been selected as the only potential operator to design, build and operate a green ammonia terminal in Brazil to be located within the industrial export zone at Pecem in the state of Ceara. Silver Valley Metals selling Idaho project to refocus on Mexico lithium and SOP project Brownfield exploration company Silver Valley Metals announced it has signed an asset purchase agreement for the Ranger-Page project in Idaho which will allow it to refocus efforts at its lithium and potash project in central Mexico. BHP enters into further agreement with Vale over 2015 Brazil dam failure BHP announced it has entered into an agreement with Vale regarding group action proceedings in the UK in respect of the Fundao Dam failure in Brazil which occurred in 2015. PRICING Lat Am PE international prices stable to up on higher US export offers International polyethylene (PE) prices were assessed as steady to higher across Latin American countries on the back of higher US export offers. PP domestic prices fall in Argentina on sluggish demand, ample supply Domestic polypropylene (PP) prices were assessed lower in Argentina on the back of sluggish demand and ample supply. In other Latin American countries, prices were unchanged. US Gulf sees PVC price decline, Latin America stays stable Polyvinyl chloride (PVC) demand in Brazil has shown fluctuations from weak-to-stable this July, accompanied by sufficient supply. Although market prices have stabilized, local prices continue to face pressure following a recent price drop in the US Gulf market.

22-Jul-2024

UPDATE: Australia’s Woodside bets on Tellurian buy to expand global LNG portfolio

Seeks optimization opportunities Saudi Aramco also said interested in Tellurian Woodside has busy development plans SINGAPORE (ICIS)–Australian producer Woodside Energy said it would buy all outstanding shares of US LNG developer Tellurian and Driftwood LNG for approximately $900 million at $1.00 per share in an all-cash deal for a transaction valued at $1.2 billion, according to a 22 July news release . “It adds a scalable US LNG development opportunity to our existing approximately 10mtpa of equity LNG in Australia. Having a complementary US position would allow us to better serve customers globally and capture further marketing optimisation opportunities across both the Atlantic and Pacific Basins,” Woodside CEO Meg O’Neill said in the release. “The Driftwood LNG development opportunity is competitively advantaged. Woodside expects to leverage its global LNG expertise to unlock this fully permitted development and expand our relationship with Bechtel, which is the EPC contractor for both Driftwood LNG and our Pluto Train 2 project in Australia.” Tellurian’s board recommended shareholders approve the transaction and provided further details in a news release. As reported, ICIS noted that Tellurian was in play in late June, and  Woodside was said to be vying with Saudi Aramco for the project. Tellurian has struggled for years with the proposed 27.6mtpa Driftwood project, going through management and financial changes that included cancellation of LNG supply deals. But Driftwood, near Lake Charles, Louisiana, is a fully permitted, pre-final investment decision (FID) prospect, that includes Phase 1 (11mtpa) and Phase 2 (5.5mtpa). Woodside is likely targeting FID readiness for Phase 1 from the first quarter of 2025. O'Neill repeated to an investor briefing on 22 July that the transaction positions Woodside to be a "global LNG powerhouse". The company aims to use a mix of offtake from Driftwood into its own marketing portfolio and retain tolling volumes while it works on selecting "high-quality partners" to scale up initial operations and eventually sell down its stake to around 50%, O'Neill told investors on a call. Sources said Saudi Aramco could be among possible investors. Woodside reports second quarter earnings on 23 July. BUSY WOODSIDE Last week, Woodside said that talks with Timor Leste (East Timor) on developing a “mutually beneficial and commercially viable “Greater Sunrise field has made progress with finer details to be unveiled in a concept Study being undertaken by Wood PL due “no later than the fourth quarter of this year.” The Democratic Republic of Timor-Leste and the Commonwealth of Australia, along with the Sunrise Joint Venture (comprising TimorGAP (56.56%), Woodside (33.44% and Operator), and Osaka Gas (10%)) are pleased to provide an update on Greater Sunrise negotiations. Offshore natural gas and condensate resources were first discovered in 1974, and located near a feed gas source to Australia at Bayu-Undan, which faces declining supply. Yet, the fields remain undeveloped as the stakeholders differ on the fiscal terms and the location of the downstream operations. According to a report released in May 2018 by the Permanent Court of Arbitration, the pipeline from the fields would either go to the existing 3.7mtpa Darwin LNG export project in Australia or to a greenfield 5mtpa Timor LNG project at Beaco on the south coast of Timor-Leste. The failure in reaching an agreement ended up having global portfolio major Shell and US supplier ConocoPhillips selling their shares to Timor Gas & Petroleo (Timor Gap) in late 2018. Timor Gap senior officials have expressed their determination regarding getting gas pumped to their island as it is “essential to Timor-Leste’s future economic growth and development”. In June, Woodside announced a revised leadership structure aiming for a simplified operating model to aggregate project execution, integrate traditional and new energy growth and opportunity, streamline corporate strategy activities, and establish a dedicated senior team for human resources, legal and external affairs. In May, the Japan Bank for International Cooperation (JBIC) signed a $1 billion loan agreement with a unit of Woodside that along with loans from private financial institutions raises $1.45 billion to assist Woodside in developing the Scarborough Energy Project , according to a statement from JBIC. The 8mtpa Scarborough energy project has targeted the first LNG cargo in 2026, according to Woodside. (Adds further O'Neill comments)

22-Jul-2024

SHIPPING: Global container rates edge higher, volumes shifting to West Coast ahead of tariffs

HOUSTON (ICIS)–Global shipping container rates edged slightly higher this week as they continue to moderate after more than doubling from early-May, and rates from Shanghai to the US West Coast fell, according to supply chain advisors Drewry. Drewry’s composite World Container Index (WCI) rose by just 1% and is up by just 1.2% over the past two week, as shown in the following chart. Average rates from China to the US East Coast have continued to rise and are nearing $10,000/FEU (40-foot equivalent unit), as shown in the following chart. Drewry expects ex-China rates to hold steady next week and remain high throughout the peak season. Rates from online freight shipping marketplace and platform provider Freightos showed similar rates of increase. Judah Levine, head of research at Freightos, in noting the slower rate of increase also pointed to signs that prices may have already peaked. “Daily rates so far this week are ticking lower and major carriers have not announced surcharge increases for later this month or August,” Levine said. Levine said peak season likely started early this year as retailers ordered early to beat possible labor issues at US Gulf and East Coast ports and as consumers continued to spend on goods. Emily Stausboll, senior shipping analyst at ocean and freight rate analytics firm Xeneta, said she is seeing some carriers already lowering spot rates. “This suggests a growing level of available capacity in the market and shippers can once again start to play carriers off against each other – instead of feeling they need to pay whatever price they are offered to secure space. As the balance of negotiating power starts to swing back towards shippers, we should see spot rates start to come back down,” Stausboll said. Container ships and costs for shipping containers are relevant to the chemical industry because while most chemicals are liquids and are shipped in tankers, container ships transport polymers, such as polyethylene (PE) and polypropylene (PP), are shipped in pellets. They also transport liquid chemicals in isotanks. VOLUMES SHIFT TO WEST COAST The Port of Los Angeles saw a 10% increase from the previous month and a slight increase year on year in volumes, Gene Seroka, executive director of the Port of Los Angeles said. Some retailers are rushing to import volumes ahead of the US presidential election in November as Republican nominee Donald Trump has proposed hiking tariffs, especially on goods from China. But a persistently strong economy is also supporting the rise in imports. “The US economy continues to be the primary driver of our cargo volume and I expect to see that continue in the months ahead,” Seroka said. Many importers shifted their deliveries to the US East Coast in 2022 when congestion at West Coast ports surged amid strong consumer demand coming out of the pandemic. The shift in volumes from the East Coast has not led to any congestions at the West Coast ports of Los Angeles and Long Beach, according to the Marine Exchange of Southern California (MESC). “Vessels and cargo arriving, departing, and shifting around the ports of LA and LB and continue to move normally with no labor delays and ample labor,” MESC executive director Kip Louttit said. Louttit also said the forecast for arriving container ships over the next two weeks is trending higher. LIQUID CHEM TANKER RATES Rates for liquid chemical tankers ex-US Gulf were stable to softer this week, with decreases seen on the USG-Asia and USG-Brazil trade lanes. From the USG to Asia, there has still been interest in large cargoes, but volumes overall have been slowing down. The absence of market participants has caused freight rates to stumble some, with more downward pressure on smaller parcels due to the small pockets of space readily available. From the USG to Brazil, the list of ships open in the USG continues to grow, with space still available which could lead to continued downward pressure and even lower rates. Activity typically picks up during summer months, but this is not currently being seen. PANAMA CANAL The Panama Canal will limit transits from 3-4 August because of planned maintenance. The east lane of the Miraflores locks will be out of service for concrete maintenance on the east approach wall, the Panama Canal Authority (PCA) said. The PCA began limiting transits in July 2023 because of low water levels in Gatun Lake caused by an extended drought. Restrictions have gradually eased over the past few months and are approaching the average daily transits of 36-38/day seen prior to impacts from the drought. The improved conditions at the canal are likely to improve transit times for vessels traveling between the US Gulf and Asia, as well as between Europe and west coast Latin America countries. This should benefit chemical markets that move product between regions. Wait times for non-booked southbound vessels ready for transit have been relatively steady at less than two days, according to the PCA vessel tracker. Wait times were less than a day for northbound vessels and less than two days for southbound traffic. Focus article by Adam Yanelli With additional reporting by Kevin Callahan Visit the ICIS Logistics – impact on chemicals and energy topic page.

19-Jul-2024

Highfield Resources to receive funds for Spain potash project, acquire Canada greenfield

HOUSTON (ICIS)–Spanish fertilizer firm Highfield Resources has entered a non-binding letter of intent for cooperation with Yankuang Energy Group and other investors which would give the company funding for its Muga Potash project and acquisition of a greenfield development in Saskatchewan, Canada. Yankuang Energy Group would become the largest shareholder under the deal, which would see the company and other investors, collectively referred to as the Cornerstone Placement. provide $220 million in funding for Muga phase one, which Highfield confirms is construction ready. The producer said Yankuang Energy intends to provide up to $90 million to support the Cornerstone Placement with the other strategic investors providing the remaining balance in exchange Highfield will issue the investors new ordinary shares. Beyond allowing it to advance the Spanish project, this agreement would also pave the way company officials said for the transformation of Highfield into a globally diversified potash company as they would receive the Southey Potash project in Saskatchewan. This would be completed by the acquisition of the shares in Yancoal Canada, a subsidiary of Yankuang Energy, who currently has this development, which is described as a greenfield potash mine project. Southey is located approximately 60km north of Regina, Saskatchewan, Canada and is being designed as a solution mining operation with environmental approval in place and a feasibility study completed. Highfield added that there is a high confidence reserve estimate at the project with significant resource potential and that it is forecasted to have a mine life of more than 65 years. The planned annual production is estimated at 2.8 million tonnes/year of muriate of potash (MOP). The producer said the combination of Southey and Muga is expected to turn Highfield into a more significant potash market participant as it could eventually have a total production capacity potential of 3.8 million tonnes/year of MOP.

19-Jul-2024

ICIS Energy Foresight

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Energy experts

Tom Marzec-Manser, Head of Gas Analytics

Tom leads ICIS qualitative analysis on European gas hubs and global LNG markets, promoting TTF as a global benchmark. Tom’s work supports the ICIS LNG Edge platform offering pre-trade analysis plus granular LNG supply-demand forecasts. 

Alice Casagni, European Spot Gas Editor

Alice’s specialist expertise lies in the gas pricing methodology that underpins ICIS gas assessments and indices, for which she is responsible. Alice joined ICIS in 2016 covering European gas markets including Italy and the Netherlands.

Ed Cox, Global LNG Editor

Ed manages the ICIS global LNG editorial team, analysing LNG markets at a granular level, from individual cargoes to broader trade flows and global trends. Ed joined the ICIS LNG team in 2014, prior to which he led ICIS European gas coverage.

Alex Froley, Senior LNG Analyst

Alex is a specialist in European gas and LNG, publishing regular commentary on LNG market trends. His team maintains and develops market fundamentals data on the ICIS LNG Edge platform, including real-time ship-tracking and import/export trade flows.

Barney Gray, Global Crude Oil Editor

Barney specialises in upstream oil and gas Exploration & Production and valuation modelling, with an extensive industry network. His role encompasses price discovery and insight, including managing ICIS tri-daily World Crude Report.

Aura Sabadus, Energy and Cross-Commodity Specialist

Aura works to develop integrated ICIS coverage of energy, petrochemicals and fertilizer markets, explaining the impact of energy price movements on energy-dependent sectors. She also covers emerging gas markets including the Black Sea region. ​

Jake Stones, Global Hydrogen Editor

Jake leads on price discovery for hydrogen as a tradeable commodity, engaging with European energy market participants to refine ICIS’ hydrogen pricing methodology. ​Jake joined ICIS in 2019 as a UK gas market reporter, moving to hydrogen in 2020.

Matt Jones, Head of Power Analytics

Matt overseas the output of ICIS’ power team across 28 European markets, from short-term developments to long-term forecasting out to 2050. ​He provides quantitative and qualitative analysis, with particular focus on EU regulatory developments. ​

Lewis Unstead, Senior Analyst, EU Carbon

Lewis is an expert on EU and UK ETS legislation and market design, regularly advising ETS compliance players and market regulators. He manages ICIS‘ weekly and monthly carbon commentary, analysing carbon’s interplay with wider energy markets.

Andreas Schroeder, Head of Energy Analytics

Andreas is responsible for quantitative modelling and data-based analysis products within ICIS’ energy offer, covering carbon, power, gas, LNG and hydrogen. His expertise lies in energy economics, focusing on traded energy commodities.

Matteo Mazzoni, Director of Energy Analytics

Matteo has extensive analytics expertise in power, gas, carbon and energy planning. Matteo has responsibility for ICIS energy analytics strategy and operations including research and analysis, product ideation and development, and market engagement.​

Jamie Stewart, Managing Editor, Energy

Jamie manages ICIS’ 50-strong energy editorial team, covering European gas, power and hydrogen markets alongside global LNG and crude oil. Jamie is responsible for ICIS’ coverage of energy news, analysis, price assessments and indices.

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