In the past and under normal circumstances, spot LNG has experienced peaks and troughs in demand and pricing mostly based on seasonal peaks for summer and winter in the main northern hemisphere markets of Europe and North Asia.
Now Bloomberg reports Freeport LNG told customers that outages at its Texas terminal, which has been closed since June and was scheduled to reopen by mid-November, could be delayed further. People with direct knowledge of the situation said LNG shipments for November and December are likely to be canceled as maintenance work continues on the liquefaction plant. Also, regulatory approvals could prolong the start date.
The lowest oil inventories in developed economies since 2004 are set to combine with the upcoming EU embargo on Russian oil imports to further tighten the oil market and the already “exceptionally tight” diesel markets, the International Energy Agency (IEA) said on Tuesday.
COP27 is highlighting the controversial and sometimes contradictory nature of carbon credits as proposals for crediting schemes spark debate and even heckling at the event currently in its second and final week in Sharm El Sheikh, Egypt.
The threat of sharply rising gas prices and supply failures increases as Europe heads into winter without the reassurance of abundant cheap gas from Russia. Such gas supplies may halt completely if the European Union (EU) gives the final approval to a cap on gas prices from Russia at its meeting on 24 November. Russia’s state-owned gas behemoth, Gazprom, has stated that if the EU introduces this gas price cap, it will suspend all exports of its gas to EU countries.
This year’s average U.S. gasoline prices on Thanksgiving are expected to be at their highest level ever for the holiday and beat the previous record from Thanksgiving of 2012, according to estimates from fuel-savings app GasBuddy.
Crude prices fell on Tuesday ahead of official inventory data as traders continue to focus on demand risks in China.
A week ago, the U.S. Energy Information Administration cut its crude oil demand outlook for 2023 by 320,000 bpd, with supply also falling, by 300,000. This week, OPEC also revised down its oil demand forecast for next year by 100,000 bpd, citing economic challenges on the global oil scene. It also warned supply might become more problematic.
Rising from decreased oil production output in August and September, Nigeria’s oil production in October rose above 1 million barrels per day.
The Secretary of Energy directed by Flavia Royón, extended for two years the offshore exploration period granted to the Tullow, Pluspetrol and Wintershall companies in two areas of the West Malvinas Basin, on the Fuegian coast of the Argentine Sea.