The American Petroleum Institute published its latest Monthly Statistical Report showing that US crude oil production sustained a record-tying 12.1 million barrels per day (mb/d) in April. Moreover, total petroleum demand was the highest for the month since 2007 at 20.2 million barrels per day.
Total announced that the Cameron LNG project has achieved first LNG production from train 1. The project will begin exports in the following weeks. Phase 1 of the Cameron LNG project of 13.5 million tonnes per annum capacity includes three LNG trains of 4.5 Mtpa each. Construction is currently taking place for trains 2 and 3 with first production expected by the turn of the year and mid-2020 respectively.
According to the International Gas Union’s Wholesale Gas Price Survey, dramatic changes have taken place in the natural gas wholesale price formation during a period of major developments in the global gas market. The share of spot LNG imports reached just over 30% of total LNG imports in 2018, amounting to about 126 BCM, which is an increase of 65 BCM since 2016, or 10.5%.
As EIA informs, during winter 2018-2019, imports of LNG at terminals serving New England played an important role in moderating natural gas prices in the region. LNG imports are regasified at these terminals and then sent to natural gas distribution networks. Dpot natural gas prices in New England are more volatile during winter months, as cold weather drives increasing regional natural gas demand.
EIA informed that net income for 43 US oil producers totaled $28 billion in 2018, which is a five-year high. According to the net income, 2018 was the most profitable year for these US oil producers since 2013, in spite of crude oil prices that were lower in 2018 than in 2013 on an annual average basis. These companies accounted for about one-third of total US crude oil and natural gas liquids production in the fourth quarter of 2018.
The Oregon Department of Environmental Quality issued a decision on Jordan Cove’s application for a Section 401 Water Quality Certification. DEQ denied the requested certification at this time. DEQ denied the requested water quality certification at this time due to insufficient information to demonstrate compliance with water quality standards.
Venture Global’s Plaquemines LNG export terminal in Louisiana is one step closer to receiving federal approval for construction, as US energy regulators issued a final environmental report. Namely, FERC decided that construction and operation of the project would result in some adverse environmental impacts, but those would be reduced to less-than-significant levels with proper mitigation.
Following reports that Donald Trump is considering waiving the Jones Act requirement that only US-flagged vessels can move LNG from American ports to Puerto Rico, a Republican US senator on Wednesday said the US President will eventually not waive these rules.
In a joint statement in Washington D.C., President Juncker and President Trump agreed to strengthen EU-U.S. strategic cooperation with respect to energy. Both of the parties acknowledged the benefits of expanded exports of U.S. liquefied natural gas (LNG) to the EU gas market.
The Significant Reduction Exemptions (SREs) granted last November to eight countries by the US for Iranian crude oil imports will not be renewed and are due to expire on 2 May 2019, the US State Department announced.
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