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2018-04-23 14:30:00

GLOBAL LNG IMPORTS UP 10%

GLOBAL LNG IMPORTS UP 10%

PLATTSGlobal LNG imports in 2017 increased by nearly 10%, the highest annual growth rate since 2010, reaching 289.8 million mt, while expectations of an LNG surplus failed to materialize as rising imports into China contributed to balancing the market, an industry report showed.

Given significant demand growth prospects and the recent slow-down in FIDs, the risk of a potential tightening of demand and supply must not be minimized for the medium term, the International Group of LNG Importers' 2018 report showed.

Spot LNG import, defined by GIIGNL as LNG deliveries which occurred less than three months from the transaction date, reached approximately 20% of total volumes delivered in 2017, representing about 59 million mt of LNG.

Spot imports were facilitated by LNG contracts with destination flexibility, by increased contracts for portfolio trade and by the growing volumes handled by traders. Asia received about 60% of spot LNG (35.4 million mt), followed by Europe (9.0 million mt), the Americas (8.6 million mt) and the Middle East (5.5 million mt).

The largest growth in spot imports came from China and South Korea, which imported 21% and 22%, respectively, of their LNG supplies on a spot basis last year.

The rise of spot and short-term volume, which combined accounted for 27% of total trade, was underpinned by the development of US exports, which accounted for 10.4% of LNG volumes delivered under contracts of four years or less in 2017.

Mirroring the 2016 situation, spot LNG prices followed a seasonal profile last year, although the increase in the last few weeks of 2017 was stronger than a year earlier because of much higher than expected Chinese demand, and colder than normal weather in northeast Asia.

The main additions to LNG supply came from Australia and the US, where production from trains commissioned in 2016 continued to ramp-up, and a total of five new liquefaction trains -- Gorgon Train 3, Wheatstone Train 1 in Australia, Sabine Pass Train 3 and Train 4 in the US and Yamal LNG Train 1 in Russia - started-up in 2017. Malaysia's Floating LNG Satu, the world's first FLNG project, also began producing during the year.

Most of the demand growth occurred in Asia, where LNG imports grew by 19.6 million mt. Mainly influenced by energy policy orientation in China, Korea and Taiwan, demand from northeast Asian buyers experienced a strong rebound, which was not the case at the beginning of the year.

The LNG industry experienced an accelerated change in 2017. Driven by US LNG exports, the significant supply build-up on the horizon could further transform our industry and bring on new evolutions, including a rise in market liquidity and flexibility, GIIGNL president Jean-Marie Dauger said.

"New commercial instruments are implemented to adapt to the new realities of the markets as some traditional ones - such as destination restrictions - tend to be progressively shelved. As aggregators and traders take a greater share of the market, the break-up of the traditional value chain is gathering pace," Dauger added.

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Earlier:

 GLOBAL LNG DEMAND UP TO 293 MT
2018, February, 27, 13:45:00

GLOBAL LNG DEMAND UP TO 293 MT

SHELL - The global liquefied natural gas (LNG) market has continued to defy expectations of many market observers, with demand growing by 29 million tonnes to 293 million tonnes in 2017, according to Shell’s annual LNG Outlook. Such strong growth in demand is consistent with Shell’s first LNG Outlook, published in 2017. Based on current demand projections, Shell sees potential for a supply shortage developing in mid-2020s, unless new LNG production project commitments are made soon.

 

 LNG INVESTMENTS WILL UP
2018, January, 5, 23:35:00

LNG INVESTMENTS WILL UP

BLOOMBERG - Energy companies will approve investments for more than 150 million tons a year of new supply capacity over the next four years, according to the report. By comparison, global consumption was 286 million tons in 2017. Projects in Qatar, Papua New Guinea, Russia and the U.S. are most economically appealing, followed by Mozambique, Australian expansion projects and an Alaskan mega-project.

 

 IMPORTANT LNG MARKET
2017, January, 9, 18:45:00

IMPORTANT LNG MARKET

The LNG market has grown strongly in the last few years. In 2008 the global export capacity was 270bn m³/yr while in 2016 it was around 400bn m³/yr (+150%). The International Energy Agency in 2011 predicted that by 2015 gobal trade would reach 450bn m³/yr. These higher expectations resulted mainly from the aftermath of the Fukushima accident and Asian growth more generally, notably China.

 

 THE LARGEST LNG IMPORTERS
2016, August, 25, 18:35:00

THE LARGEST LNG IMPORTERS

Japan, South Korea, and China are the three largest importers of liquefied natural gas (LNG) in the world, accounting for more than half of global LNG imports in 2015. Combined LNG imports in these countries averaged 18.2 billion cubic feet per day (Bcf/d) in 2015, a 5% (0.9 Bcf/d) decline from 2014 levels and the first annual decline in these countries' combined LNG imports since the global economic downturn in 2009.

 

 INVERTED LNG MARKET
2016, August, 1, 18:45:00

INVERTED LNG MARKET

Low oil prices are expected to have a negative effect on the US LNG export industry. LNG export markets are tied to oil indexing. With crude oil prices decreasing by 50% over the past year and a half, the US Henry Hub market is losing its price advantage. This scenario not only minimizes projected LNG export revenues, but it also makes financing capital-intensive LNG facilities more difficult.

 

 GLOBAL LNG UP 2.5%
2016, April, 8, 21:35:00

GLOBAL LNG UP 2.5%

Europe became a low-priced ‘market of last resort’ for the global LNG trade, with most world supply growth absorbed by the region -- up 16% at 83.15mn mt, as net imports recovered thanks in part to a 31% fall in re-exports – but imports by the Middle East also grew.

 

 LNG CANNOT REACH
2016, February, 20, 21:00:00

LNG CANNOT REACH

LNG cannot reach every corner of Europe: there may be a lot of under-used capacity in import terminals in the Iberian peninsula but these are not useful for security of supply in mainland Europe except where they have reloading facilities. There is very little transport capacity overland into France.

 

 

Tags: LNG

Chronicle:

GLOBAL LNG IMPORTS UP 10%
2018, May, 21, 10:40:00

U.S. PETROLEUM DEMAND UP BY 750 TBD

API - American Petroleum Institute reported that the first four months of this year saw U.S. petroleum demand average 750 thousand barrels a day above the same period in 2017 despite higher prices, a sign of solid economic activity. April also saw the U.S. produce a record 10.5 million barrels per day (MBD) of oil.

GLOBAL LNG IMPORTS UP 10%
2018, May, 21, 10:35:00

IMF: EGYPT'S GROWTH UP

IMF - “Egypt’s growth has continued to accelerate during 2017/18, rising to 5.2 percent in the first half of the year from 4.2 percent in 2016/17. The current account deficit has also declined sharply, reflecting the recovery in tourism and strong growth in remittances, while improved investor confidence has continued to support portfolio inflows. In addition, gross international reserves rose to $44 billion by end-April, equal to 7 months of imports.

GLOBAL LNG IMPORTS UP 10%
2018, May, 21, 10:30:00

U.S. RIGS UP 1 TO 1,046

BAKER HUGHES A GE - U.S. Rig Count is up 1 rig from last week to 1,046, with oil rigs unchanged at 844, gas rigs up 1 to 200, and miscellaneous rigs unchanged at 2. Canada Rig Count is up 4 rigs from last week to 83, with oil rigs up 6 to 38 and gas rigs down 2 to 45.

GLOBAL LNG IMPORTS UP 10%
2018, May, 18, 09:20:00

OIL PRICE: ABOVE $79

REUTERS - Brent crude futures LCOc1 were at $79.57 per barrel at 0310 GMT, up 27 cents, or 0.3 percent from their last close. Brent broke through $80 for the first time since November 2014 on Thursday. U.S. West Texas Intermediate (WTI) crude futures were at $71.62 a barrel, up 13 cents, or 0.2 percent, from their last settlement.

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