Europe’s benchmark natural gas prices and supply and demand fundamentals have been reflected in the global and Asian prices of LNG in recent weeks, Rystad Energy said in a note on Wednesday.
LNG exports out of the United States fell in May to 7.66 million tonnes, according to shipping data cited by Reuters. That’s a 0.35 million tonne dropoff from the previous month.
Europe’s mad dash to build LNG import terminals could result in an excess number of regasification projects by the end of the decade if the EU manages to continue reducing natural gas consumption and accelerates the rollout of wind and solar power capacity.
Major Indian natural gas importers are discussing long-term supply deals with the biggest LNG exporting countries to lock in future supply and avoid volatility and uncertainty in case of spot price spikes, traders and executives tell Bloomberg.
Papua New Guinea’s Kumul Petroleum still has its sights on acquiring further equity in the ExxonMobil-operated PNG LNG project from largest shareholder Santos, again extending the deadline to complete the $1.4 billion deal as it has yet to secure the necessary financing.
Russian President Vladimir Putin belied that his invasion of Ukraine in 2022 would go largely unopposed by the U.S. and its allies for the same reason that he was able to invade the country in 2014 and annex Crimea.
Given its geographical positioning, with Saudi Arabia on one side of it and Iran on the other, Qatar has long played a delicate diplomatic balancing act between the two great Middle Eastern powers and their principal superpower sponsors.
South and Southeast Asia are tentatively returning to the spot LNG market as prices have dipped from record highs in August to the lowest in nearly two years.
The current optimism in Europe about future energy security is once again based on the wrong assessments. An increasing amount of reports published during the last couple of weeks are warning that if Europe is not getting its act together, it could be facing a possible new energy crisis or at the very least a repeat of very high prices during the winter of 2023-2024.
Europe’s benchmark natural gas prices rose on Wednesday morning for a third consecutive day of gains amid lower LNG supply due to the nationwide strikes in France and expectations of a colder start to April than usual.