The Energy Information Administration (EIA) informs that U.S. liquefied natural gas (LNG) exports increase week over week for the week ending Wednesday, January 22.
The US Energy Information Administration’s (EIA) published its January Short-Term Energy Outlook (STEO), forecasting that the Brent crude oil spot price will average $65 per barrel (b) in 2020 and $68/b in 2021 and that the West Texas Intermediate (WTI) spot price will average $59/b in 2020 and $62/b in 2021.
Reuters reports that oil prices hit high on Friday, January 17, but were little changed during the week as the sluggish economic growth in the world’s biggest crude importer, China, raised concerns over fuel demand and countered optimism from the signing of the China-U.S. trade deal.
The U.S. Energy Information Administration’s (EIA) U.S. Crude Oil and Natural Gas Proved Reserves, Year-End 2018 report, informs that U.S. oil and natural gas proved reserves had another record-breaking year. Specifically, in 2018, U.S. crude oil and lease condensate production increased 583 million barrels (17%) from 2017’s production level, and imports of crude oil decreased 73 million barrels (-3%) from 2017’s import level. U.S. natural gas production increased 12% (3.7 Tcf) in 2018, and natural gas imports decreased 5% (144 Bcf) from the 2017 level.
EIA marks 2019 as the year with the lowest natural gas prices for the past three years, as although monthly average natural gas prices at most key regional trading hubs in 2019 reached their highest levels in February, and they were relatively low and stable from April through December.
According to Al Jazeera, the European market hangs in the balance as the US take aim at Russian-Turkish energy alliance. Greece is now proving to be a test case of the power of liquefied natural gas (LNG) to get market share, while the US is taking notice by the boosting US LNG sales to Europe.
On Wednesday, 18 December 2019, the US Environmental Protection Agency (EPA) amended its diesel fuel regulations aiming to allow fuel suppliers distribute distillate diesel fuel that complies with the Sulphur standard that applies internationally for ships instead of the fuel standards that otherwise apply to distillate diesel fuel in the US.
On 6 January, Sempra LNG along with Aramco Services Company officially announced their collaboration, as they inked an interim project participation (IPPA) for the Port Arthur LNG export project which is under development in Jefferson County, Texas.
The Energy Information Administration (EIA) reported that the US exports concerning LNG presented an increase, the week from 12 to 18 December. 17 vessels departed the US export facilities carrying an overall cargo of 59 Bcf, during the week under review, in comparison to 14 vessels with a combined LNG-carrying capacity of 51 bcf exported the week before.
Compliance is a major concern in light of the new regulations concerning pollution from shipping; whatsoever, no central policing agency as well as several countries have not signed up to them yet. Reuters reports that refiners and shipping companies are expected to spend billions of dollars in the following years in order to ensure fuel and engine compliance. Yet, as enforcement of MARPOL Annex VI, set by the UN rests with individual countries and flag states, means that for some routes and regions, compliance may be inconsistent.
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