US

Coronavirus may drop Chinese LPG demand

In light of the coronavirus outbreak, the Chinese liquefied petroleum gas demand is likely to drop by 3% in the following two months, causing cut in the LPG shipments and affecting the freight rates.

US issues four new LNG export approvals

The US Department of Energy (DOE) issued four long-term orders, authorizing the export of domestically produced LNG from four proposed LNG export projects in Texas: Annova LNG, Rio Grande LNG, and Texas LNG, all located in Brownsville, TX; and Corpus Christi LNG’s Stage III in Corpus Christi, TX. 

Trump applauds energy success  

In his 2020 State of the Union Address, the U.S. President Donald Trump highlighted the success of the oil and gas industry.

U.S. weekly LNG exports increase

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.

EIA expects crude oil prices to fall in the first half of 2020

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.

Oil stable as economic growth in China raises concerns

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.

U.S. oil and natural gas reserves and production set records for 2018

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.

2019 marks the lowest natural gas prices in the past three years

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.

Greece is crucial for US plans to sell more natural gas to Europe

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.