Free Trial
USDCAD TECHS

Impulsive Rally Extends

US TSYS

Late Eurodollar/SOFR/Treasury Option Roundup

EURJPY TECHS

Price Is Below The 50-Day EMA

US

Late Corporate Credit Update

Real-time Actionable Insight

Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.

Free Access

Germany Doesn't Expect LNG Agreement With Canada Next Week

ENERGY SECURITY

A German government source quoted by Reuters has thrown cold water on speculation that an LNG deal with Canada may be agreed during a trip from German Chancellor Olaf Scholz beginning on Sunday.

  • A statement from the office of Prime Minister Justin Trudeau said this week: "The leaders will also continue collaboration on ways the two countries can work together to safeguard energy security, and accelerate the global transition to clean energy, including through secure access to key resources like clean hydrogen and critical minerals."
  • The German source said, "Germany is looking at potential LNG deliveries from Canada in the medium term, not next one or two years." The source also warns that the European gas crisis could intensify in the winter as, "Russia is looking for excuses not to deliver gas."
  • A joint statement from the Business Council of Canada, the Canadian Chamber of Commerce, the Canadian German Chamber of Industry and Commerce reads: “In the short term, Europe needs to wean itself from its dependence on Russian energy and increase its imports of energy products, especially LNG... Currently, global LNG supply is limited, as is Europe’s capacity to import it. By speeding up the deployment of Canadian LNG export facilities, Canada can help keep European industry running and households warm.”
  • A report from the International Institute for Sustainable Development cautions that Canadian LNG infrastructure would "take years to build and come online," too late to address Europe’s gas needs.
    • The report reads: "This results in a fundamental mismatch with Canadian supply opportunities. Canada cannot ramp up supply before 2025, while Europe’s energy needs will largely be resolved by that time."
  • Scholz and Trudeau are however, expected to sign an agreement to jointly explore the production of hydrogen in Stephenville, NL.
287 words

To read the full story

Why Subscribe to

MarketNews.com

MNI is the leading provider

of news and intelligence specifically for the Global Foreign Exchange and Fixed Income Markets, providing timely, relevant, and critical insight for market professionals and those who want to make informed investment decisions. We offer not simply news, but news analysis, linking breaking news to the effects on capital markets. Our exclusive information and intelligence moves markets.

Our credibility

for delivering mission-critical information has been built over three decades. The quality and experience of MNI's team of analysts and reporters across America, Asia and Europe truly sets us apart. Our Markets team includes former fixed-income specialists, currency traders, economists and strategists, who are able to combine expertise on macro economics, financial markets, and political risk to give a comprehensive and holistic insight on global markets.

A German government source quoted by Reuters has thrown cold water on speculation that an LNG deal with Canada may be agreed during a trip from German Chancellor Olaf Scholz beginning on Sunday.

  • A statement from the office of Prime Minister Justin Trudeau said this week: "The leaders will also continue collaboration on ways the two countries can work together to safeguard energy security, and accelerate the global transition to clean energy, including through secure access to key resources like clean hydrogen and critical minerals."
  • The German source said, "Germany is looking at potential LNG deliveries from Canada in the medium term, not next one or two years." The source also warns that the European gas crisis could intensify in the winter as, "Russia is looking for excuses not to deliver gas."
  • A joint statement from the Business Council of Canada, the Canadian Chamber of Commerce, the Canadian German Chamber of Industry and Commerce reads: “In the short term, Europe needs to wean itself from its dependence on Russian energy and increase its imports of energy products, especially LNG... Currently, global LNG supply is limited, as is Europe’s capacity to import it. By speeding up the deployment of Canadian LNG export facilities, Canada can help keep European industry running and households warm.”
  • A report from the International Institute for Sustainable Development cautions that Canadian LNG infrastructure would "take years to build and come online," too late to address Europe’s gas needs.
    • The report reads: "This results in a fundamental mismatch with Canadian supply opportunities. Canada cannot ramp up supply before 2025, while Europe’s energy needs will largely be resolved by that time."
  • Scholz and Trudeau are however, expected to sign an agreement to jointly explore the production of hydrogen in Stephenville, NL.