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On May 27, it was reported that US President Donald Trump and Israeli Prime Minister Benjamin Netanyahu spoke by phone on May 26 local time. An informed source stated that the two sides discussed the situation amidst regional tensions and as US-Iran diplomatic negotiations entered a crucial phase.On May 27th, according to Nikkei, Federal Reserve Chairman Neel Kashkari stated that the Fed may take a "series" of interest rate hikes to address inflation caused by the Middle East situation. During the FOMC meeting in late April, the Fed kept interest rates unchanged. Kashkari and two other officials objected to the Feds decision to include language in its statement hinting at future monetary easing. In a written interview, Kashkari stated, "I think the next rate adjustment could be a rate cut, or it could be a rate hike," expressing his differing opinion. Kashkari said the outcome depends on the trend of inflation, which in turn depends on whether the Strait of Hormuz reopens soon or remains effectively closed due to further damage to the regions infrastructure, the latter exacerbating the global energy shortage. Kashkari expressed concern that long-term inflation expectations for businesses and households "could get out of control." He stated that the FOMC "will likely need to take strong measures," and that rate hikes, or even a series of rate hikes, may be necessary.Federal Reserves Kashkari: A protracted war with Iran could trigger a "series" of interest rate hikes in the United States.May 27th - As of 2:30 PM closing, the Shanghai Gold futures contract fell 1.15% to 988 yuan/gram, the Shanghai Silver futures contract fell 1.38% to 18,601 yuan/kilogram, and the SC Crude Oil futures contract rose 0.81% to 610 yuan/barrel.Micron Technology (MU.O) surged over 20%, marking its biggest single-day gain since 2011.

In Colombia, natural gas consumption has outpaced production

Charlie Brooks

Jun 28, 2022 11:31


According to our most recent Colombia Country Analysis Brief, Colombia imported 14,2 billion cubic feet (Bcf) of natural gas to help meet its natural gas demand for electricity in 2020, when a drop in hydroelectric power was caused by drought.


In 2020, hydroelectricity will contribute to around 65% of Colombia's electrical generation, down from nearly 80% in earlier years. Since hydropower is Colombia's principal energy source, droughts may have a significant effect on the country's electrical producing mix.


The bulk of natural gas used in Colombia is produced domestically and employed to create electricity. In recent years, imports have progressively bridged the gap between domestic natural gas production and domestic demand. In 2020, Colombia produced 399 Bcf of dry natural gas, while domestic consumption was 413 Bcf.


Concerns over the reliability of the nation's electricity supply prompted the Colombian government to approve the Sociedad Portuaria El Cayao (SPEC) LNG import plant in November 2014. The facility started operations in November 2016. The administration has since proposed the Pacific Regasification LNG terminal as the nation's second LNG import plant.


EPM is currently developing the new hydroelectric dam project Ituango. The first of eight 300-megawatt generating units will commence operating in the second part of 2022. The whole project will have a capacity of 2.4 gigawatts when it is finished in 2025. If completed, the Ituango project would be the largest hydroelectric power plant in Colombia in terms of generating capacity. In 2020, the installed electrical production capacity of Colombia was 17 gigawatts.

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