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The U.S. Is Running Out Of Coal

1. US LNG Export Slowdown Couldn’t Have Happened at Worst Time


Source: Kpler.

- Netting another month-on-month decline, US LNG exports have been falling for four straight months already, just as Asian LNG prices started shooting through the roof.

- As of today, only 5.3 million tons LNG have departed from US liquefaction terminals, the lowest level since February 2021.

- Production issues have hampered the Freeport LNG terminal as a wax buildup in its pipelines still limits shipments, with Train 3 at Cheniere’s Sabine Pass LNG also down due to technical issues.

- December-delivery Henry Hub futures fell to $5.8 per mmBtu on the back of a temporary easing in European and Asian gas tightness.

2. Mexico Keeps on Dreaming Big

- Crude production of Mexico’s national oil company PEMEX averaged 1.75 million b/d in January-September 2021 and it is eyeing the 2 million b/d mark by 2024.

- At the same time, PEMEX remains the world’s most indebted oil company with overall debt of more than $110 billion and lost its investment-grade status this year, so the financing of such an upstream renaissance remains dubious.

- The Mexican government reduced the tax rate PEMEX ought to pay to 40% from 54% currently, arguing that the NOC still needs support after the liberalization drive weakened it.

- Interestingly, production figures from Mexico’s energy regulator CNH are 100,000 b/d lower than…





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