Friday, July 10, 2020

Jessica Jaganathan News

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

Illustration; An LNG Carrier - Image by vladsv/AdobeStock

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

Ichthys Explorer CPF offshore Australia - Image Credit: Mathew Wright/MarineTraffic

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

SK Resolute LNG Carrier - Image by Geir Vinnes - MarineTraffic

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

An LNG Tanker - Image by donvictori0 - AdobeStock

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

Illustration; LNG Tanker - Image by; Igor Groshev - AdobeStock

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…

Aramco Sells LNG Cargo to S-Oil

Aramco Trading Co, the trading arm of oil giant Saudi Aramco, has sold a liquefied natural gas (LNG) cargo to South Korea's S-Oil Corp, as the company looks to ramp up its LNG business, four industry sources said on Wednesday.The cargo is for delivery in early March and was traded on a delivered ex-ship (DES) basis, the sources said.The cargo was sold at around $4.40 to $4.60 per million British thermal units (mmBtu)

Osaka Gas Looks to Sell Spare LNG in Europe

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Japan's Osaka Gas has offered two liquefied natural gas (LNG) cargoes from the newly-commissioned Freeport LNG project in the United States for delivery into Europe, industry sources said.Mild weather in Japan and a weaker Chinese economy have helped to drag the global LNG market to multi-year lows and forced Asian sellers to seek alternative…

Oil Market Shrugs Off Libya Crisis

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Oil prices fell more than 1% on Tuesday on expectations that a well-supplied market would be able to absorb disruptions that have cut Libya's crude production to a trickle.Brent crude was down 97 cents at $64.23 a barrel by 1258 GMT, having risen to its highest in more than a week on Monday. U.S. West Texas Intermediate crude was down…

Asia LNG Spot Prices Drop to Multi-year Low

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Asian liquefied natural gas (LNG) spot prices dropped to multi-year lows on Tuesday with at least one cargo being sold into Northeast Asia below the psychological barrier of $4 per million British thermal units (mmBtu).Gas prices are tumbling globally as new projects sanctioned when prices were higher ramp up output just as economic growth slows.

First Commercial Cargo Loaded from Tango FLNG

FLNG Tango (File photo: Exmar)

Argentine oil company YPF SA has loaded its first commercial liquefied natural gas (LNG) cargo for export from a new floating facility, trade sources said on Friday.Argentina's export joins a wave of new supply flooding the spot market which has depressed Asian spot prices to their lowest in a decade for this time of the year.The state-owned firm issued a tender which closed on Nov.

PNG to seek more from Exxon on P'nyang deal than Total's Papua LNG

Papua New Guinea will press Exxon Mobil Corp for "far better" terms on its P'nyang gas project than the government secured in a recent agreement with Total SA for its Papua LNG project, the country's petroleum minister said.The P'nyang field will help feed an expansion of Exxon's PNG LNG plant. If negotiations for the project are protracted…

Singapore Sticking with Natural Gas

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Natural gas will continue to play a dominant role in generating electricity in Singapore while the state plans to accelerate the use of renewable energy, primarily solar power, in the next decade to battle climate change, a senior government official said.The cost of installing solar power has become more competitive with the use of fossil fuels…