Gas prices at the hubs (May 11)
Day change: $0.023, up 0.8% | Settle: $2.955 | June 2021
Day change: $0.291, up 3.2% | Settle: $9.277 | June 2021
Day change: $0.005, down 0.1% | Settle: $9.115 | June 2021
Rystad Energy: with the likelihood for significant Mozambique LNG project delays, global LNG market balances could face annual deficits sooner this decade.
Rystad estimates nearly 9 mtpa of would-be supply has been removed between 2026 and 2030, flipping expectations from that of a loose market to one of tightness.
Dry weather (lack of hydro) and new LNG-to-power projects are driving a record year for Brazilian LNG imports with YTD volumes up ~135% YoY.
As OPEC+ eases supply cuts this month, Saudi Arabia is planning to turn towards more natural gas-for-power as associated supplies become available.
In 2020, crude burned for power in the Kingdom peaked at 720,000 bpd, while that volume had dropped to 335,000 bpd as of Feb-2021, per JODI.
As the recent COVID-19 surge continues in India, Indian Oil Corp. (IOC) is making use of 14 LNG tankers to fill a dire shortage of oxygen supplies in the country.
IOC will convert the LNG tankers into medical grade oxygen carriers to boost India’s oxygen-carrying capacity to support COVID-19 patients
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