Tuesday, November 5, 2024

Jessica Jaganathan News

LNG Demand to Rise 25-50% By 2030 - Morgan Stanley

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Demand for liquefied natural gas (LNG) is expected to rise by 25 to 50% by 2030, making it the fastest growing hydrocarbon over the next decade, analysts from Morgan Stanley Research said in a note on Monday.Morgan Stanley has raised its long-term LNG price outlook to $10 per million British thermal units (mmBtu), expecting spot prices of the super-chilled fuel to average 40% higher over the next decade…

Chinese Firms Seek LNG Cargoes, Demand is Strong

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Two Chinese firms are seeking liquefied natural gas (LNG) cargoes for delivery over August to November as summer demand in the southern region remains strong and as companies prepare to meet winter demand, industry sources said.China's Shenzhen Energy is seeking two cargoes for delivery into Yuedong over Aug. 19 to 27 and Oct. 30 to 31, in a tender that closes on Aug.

ENERGY: Oil Rises on Vaccine Optimism, U.S. Stimulus

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Oil prices open March 2021 on a strong note, supported by optimism about COVID-19 vaccinations, a U.S. stimulus package and growing factory activity in Europe despite coronavirus restrictions.Brent crude was up 63 cents or 1% at $65.05 a barrel by 1150 GMT, and U.S. West Texas Intermediate (WTI) crude jumped 62 cents or 1% to $62.12 a barrel.

Oil Rises to 11-month High

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Oil hit an 11-month high just below $57 a barrel on Tuesday, bolstered by Saudi Arabia's plans to limit supply, offsetting worries that rising coronavirus cases globally would curtail fuel demand.Brent crude settled up 92 cents, or 1.7%, at $56.58 a barrel by after touching its highest level since last February at $56.75. U.S. West Texas Intermediate (WTI) gained 96 cents…

US Energy Exports Severely Disrupted by Hurricane Laura

File photo (Credit: Andrew Kendrick, U.S. Coast Guard)

Oil and gas exports from the United States have been severely disrupted by Hurricane Laura, with nearly a million barrels per day (bpd) of crude exports likely reduced this week by closures of U.S. Gulf Coast terminals and disruptions at ports.The hurricane also temporarily suspended operations at several liquefied natural gas (LNG) facilities in the world’s third largest exporter of the super-cooled gas…

US LNG Loading Delays Expected as Hurricane Slams Gulf Coast

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Loadings of liquefied natural gas (LNG) cargoes from the United States likely will be delayed as a powerful storm strikes the heart of the U.S. oil and gas industry on the Gulf Coast, forcing several LNG plants to shut.Hurricane Laura made landfall early on Thursday in southwestern Louisiana as one of the most powerful storms ever to hit the state…

KPMG Flags Oil Trader ZenRock's Questionable Deals

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ZenRock Commodities Trading Pte Ltd is unlikely to continue its core oil trading businesses in the long term, its court-appointed supervisor KPMG Services said in a report that also raised concerns over transactions by the Singapore-based trader.ZenRock was placed under interim judicial management in May after one of its creditors HSBC…

Essar Steel Seeking LNG Cargoes for 2021-2023

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India's Essar Steel is seeking liquefied natural gas (LNG) cargoes for delivery over 2021 to 2023, two industry sources said on Tuesday.It is seeking 30 trillion British thermal units (TBtu) for delivery over the three years in a tender which closes on Tuesday, one of the sources said, adding that this works out to about 8 to 9 cargoes…

Asian LNG Prices Steady on Ample Supply despite U.S. Cargo Cancellations

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Asian spot liquefied natural gas (LNG) prices remained steady this week on a continued stream of spot supply even though traders continued to cancel cargoes loading from the United States due to poor economics. The average LNG price for August delivery into northeast Asia was estimated to be about $2.20 per million British thermal units (mmBtu), slightly lower than the previous week, trade sources said.

US LNG Exports Drop More Than a Third

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U.S. liquefied natural gas exports are down by more than a third since governments started imposing lockdowns to stop the spread of the coronavirus.Worldwide gas prices have plunged as lockdowns squeezed energy demand even as strong renewables output boosted supply. Gas prices are more expensive now in the United States than in Europe…

Virus Lockdowns Pummel Global Gas Demand, Force LNG Output Cuts

Lockdowns to slow the coronavirus pandemic are pummelling gas demand in the world's biggest buyers of liquefied natural gas (LNG), pushing Asia's spot prices to record lows and forcing some suppliers to start cutting output. Economies worldwide have ground to a halt as virus containment measures have taken their toll, slashing gas demand for power generation, heating, cooking, vehicles and chemical manufacture.

Inpex Sells Ichthys LNG at Record Low

Inpex sold a liquefied natural gas (LNG) cargo from Australia's Ichthys plant for loading in May at what traders say is a record low price.Inpex had offered two cargoes for loading in May and has sold at least one of them at about $1.70 to $1.75 per million British thermal units (mmBtu), four traders said.The cargo was sold on a delivered ex-ship (DES) basis, two of them said.

Tankers Carrying U.S. LNG Heading to China After Tax Waivers Granted

Tankers carrying U.S. liquefied natural gas (LNG) are on their way to China after Beijing started granting tax waivers to some importers, according to shipping and trade sources.This is the first time since March 2019 that shipments have resumed after a long-standing trade war that saw China raise tariffs on LNG imports from the United…

Fully Laden LNG Tankers Sit Idle Off Indian Ports after Force Majeure

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At least five fully-laden liquefied natural gas (LNG) tankers are idling offshore India, as yet unable to discharge their cargoes, after importers there declared force majeure earlier this week, according to an analyst and shipping sources.Gas demand is falling globally amid the fast-spreading coronavirus which has capped industrial output…

Indian LNG Importers Issue Force Majeure Notices

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Indian liquefied natural gas (LNG) importers have started to issue force majeure notices as domestic gas demand slumps and as port operations in the country get hit by a lockdown to curb the spread of coronavirus, sources told Reuters."Demand has reduced drastically and it is likely to go down further, a company source with Gail (India) said."Only fertilizer, power and refineries are running at parcel loads.

Oil Up 5% as U.S. Fed steps in to Prop Economy

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Oil jumped 5% on Tuesday to above $28 a barrel, supported by steps by the U.S. Federal Reserve to bolster the economy and hopes the United States will soon reach a deal on a $2 trillion coronavirus aid package.The Fed on Monday rolled out an array of programs including backing for the first time corporate bond purchases. U.S. Treasury…

Work from Home: Energy Traders Swap Shouts for Babies, Barking Dogs

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SINGAPORE, March 24 -- From banks of screens and giant phones in the office, energy traders worldwide are adapting to a laptop in the bedroom -- and it's going surprisingly well.Working from home has become the new norm in the oil trading hubs of Singapore, London and New York as governments encourage physical distancing to curb the spread…

Oil Falls, OPEC Backs Deeper Supply Cuts

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Oil fell on Thursday as the coronavirus epidemic showed no signs of slowing, with deaths mounting globally, and while major producers agreed on deeper output cuts to bolster prices, they could not immediately secure Russian support for the decision.Brent crude fell by 33 cents, or 0.6%, to $50.80 a barrel by 1338 GMT. U.S. West Texas Intermediate (WTI) was down 20 cents…

India Set to Import Record LNG Volumes

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India is set to import record volumes of liquefied natural gas (LNG) this month, data shows, taking advantage of the super-chilled fuel's price hitting all-time lows due to the coronavirus outbreak dampening demand in China. The South Asian nation is estimated to import about 2.36 million tonnes in February, shiptracking data from Refinitiv Eikon showed.

Coronavirus Paralyzes Oil, Gas Sales into China

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Short-term sales of crude oil and liquefied natural gas into China almost ground to a halt this week as the coronavirus slows economic activity and cuts demand and buyers ponder legal action to avoid having to honor purchase agreements, trade sources said.Typically, trade would have revived after the Lunar New Year holiday at the end of January…