• 3 minutes e-car sales collapse
  • 7 minutes Energy Armageddon
  • 11 minutes Russia Says Europe Will Struggle To Replace Its Oil Products
  • 8 hours America Is Exceptional in Its Political Divide
  • 17 hours Cummins showcases 15L fuel-agnostic engine platform; hydrogen, diesel, biogas 16 March 2023
  • 5 days Gazprom and Rosneft super result
  • 21 days How Many Wells From 1 Onshore Rig?
Editorial Dept

Editorial Dept

More Info

Premium Content

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…

Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News