EIA reports that LNG exports from the United States decreased week on week. US LNG export facilities dispatched a total of eight LNG cargoes during the week ending January 16, six from Cheniere’s Sabine Pass facility, and one from its Corpus Christi and Dominion’s Cove Point facilities each. EIA forecasts U.S. LNG exports to increase gradually in 2019 and average 5.1 Bcf/d on an annual basis, up from 3.0 Bcf/d annual average in 2018. In 2020, however, as the new trains ramp up LNG production, U.S. LNG exports are projected to increase and average 6.8 Bcf/d annually.
Drewry focuses on the World Container Index, which is a composite of container freight rates on 8 major routes to/from the US, Europe and Asia and is increased by 3.7% to $1,752.97 per 40ft container. The composite index is up by 3.7%, this week, from 14 – 18 of January. In comparison to the same period in 2018, it has increased by 21.7%.
Germany’s gas imports decreased by 9% in November 2018 in comparison to the same month in 2017, according to Reuters. Yet, imports during the first 11 months, from January to November, experienced an increase of 9% than the same period , a year earlier.
The port of Hamburg is prepared for a United Kingdom exit from the European Union, even should Brexit occur without any deal with the EU. For the time being, the rejection of an exit deal by the British House of Commons, on January 17, has no further repercussions on preparations in Hamburg for Brexit.
According to EIA’s January Short-Term Energy Outlook, the predictions are that global benchmark Brent crude oil is to average $61 per barrel in 2019 and $65/barrel in 2020, experiencing an increase from the end of 2018. Yet, it will remain lower than the 2018 average of $71/b US benchmark West Texas Intermediate (WTI) crude oil prices were $8/b lower than Brent prices in December 2018, and EIA expects this difference to narrow to $4/b in the Q4 of 2019 and during 2020.
As UK’s Prime Minister’s, Theresa May, deal for Brexit was rejected by 230 votes, major businesses in Britain seem to be in loss and beyond warned as a no-deal Brexit seems closer. According to Reuters, businesses are afraid of crucial job losses and mayhem at ports whether the country does not see eye to eye with a European Union withdrawal.
The US wants Qatar, which is the leader on LNG supply globally, to compete Russia’s gas dominance in Europe, according to Reuters. The US are under conversation with Doha about supplying Europe with LNG, as it wants Germany and other countries to import Qatari and US gas rather than from Russia, which now accounts for 60 percent of German gas imports, as reported by Deputy U.S. Energy Secretary Dan Brouillette.
Indonesia has set its goals on exporting the overall amount of 185 cargoes of liquefied natural gas from its Tangguh and Bontang LNG export projects during the year 2019. The aim is lower than the 2018’s record of 203 cargoes, as reported by Reuters.
Aegean announced that the US Bankruptcy Court for the Southern District of New York approved its final motion regarding the $535 million in aggregate Debtor-in-Possession financing from Mercuria Energy Group. In the beginning of November, Aegean had filed voluntary petitions for relief under Chapter 11 of the US Bankruptcy Code.
Providing its comment on the rejection of the Brexit plan, BPA said that the government must set out its alternative plans and prevent a disorderly withdrawal from the EU. Prime Minister Theresa May’s Brexit deal has been rejected by 230 votes. This is the largest defeat for a government in history.
EIA: US LNG exports decrease week on week18/01/2019
Drewry: World container index increases by 21.7% from 201718/01/2019
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