• 4 mintues Texas forced to have rolling brown outs. Not from downed power line , but because the wind energy turbines are frozen.
  • 7 minutes Forecasts for oil stocks.
  • 9 minutes Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 13 minutes European gas market to 2040 according to Platts Analitics
  • 2 mins America's pandemic dead deserve accountability after Birx disclosure
  • 2 days Fukushima
  • 10 mins Simple question: What is the expected impact in electricity Demand when EV deployment exceeds 10%
  • 18 hours Today Biden calls for Summit with Putin. Will Joe apologize to Putin for calling him a "Killer" ?
  • 7 hours U.S. Presidential Elections Status - Electoral Votes
  • 2 days CO2 Mitigation on Earth and Magnesium Civilization on Mars – Just Add Water
  • 1 day Biden about to face first real test. Russia building up military on Ukraine border.
  • 2 days Joe Biden's Presidency
  • 10 hours New Chinese Coal Plants Equal All those in U.S.A
  • 4 days Oh the Dems!!! They cheer for helping people while stabbing them in the back!!! Enbridge asks Canadian government to support oil pipeline in dispute with Michigan
Is This The Most Exciting Commodity Play Of 2021?

Is This The Most Exciting Commodity Play Of 2021?

Helium supply is being exhausted…

Fracking Survives In California As Senate Blocks Bill

Fracking Survives In California As Senate Blocks Bill

The California Senate’s Natural Resources…

Editorial Dept

Editorial Dept

More Info

Premium Content

A Global LNG Crisis

Friday, August 9, 2019

1. LNG prices plunge to 3-year low

- Spot prices of LNG for September delivery in Northeast Asia plunged to just $4.10/MMBtu, the lowest price since April 2016.

- The supply glut has helped drag down prices, while demand has also softened. Reuters reports that at least two cargoes actually sold for less than $4/MMBtu recently. Indian Oil Corp. bought one shipment from Trafigura for $3.69/MMBtu, and CNOOC bought one from Vitol for $3.90/MMBtu.

- The issue is a global one, with natural gas prices in Europe and the U.S. trading at low levels, leaving few areas for producers to find higher prices. Traders are even beginning to look at booking ships for LNG storage, with the plan to offload cargoes in the winter when demand is higher.

- In Japan, average contract prices are double the spot price, and utilities are beginning to grow restless, looking to wiggle out of contract commitments and renegotiate prices. “Given the gas and power markets liberalization and intensifying domestic competition in Japan, it is very important for Japanese utilities to achieve competitive LNG prices so price review negotiations are becoming more intense,” Thanasis Kofinakos, head of gas and LNG consulting, Asia Pacific, at Wood Mackenzie, told Reuters.

2. Energy expenditures per dollar of GDP highest in energy-producing states

- In 2017, every U.S. state saw an increase in total energy expenditures and total…





Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News