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2018-05-16 12:05:00

LNG FOR EUROPE & CHINA UP

LNG FOR EUROPE & CHINA UP

BLOOMBERG- Europe is starting to steal some of the limelight from China's booming liquefied natural gas demand as imports pick up after several lackluster years.

Europe and China will be comparable in significance as importing regions in the coming years, Cheniere Energy Inc. said, citing data from Wood Mackenzie Ltd. That follows "absolutely phenomenal" growth in China last year, Andrew Walker, vice president for strategy at the company that pioneered the transformation of the U.S. shale boom into global exports, said in Amsterdam.

China's LNG consumption leapt 42 percent last year to almost match European imports, which climbed 20 percent. Whereas the Asian nation needs the fuel mostly to replace dirtier coal, Europe needs it to offset rapidly declining domestic production.

The re-emergence of Europe as an LNG market has caught the eye of the coming wave of U.S. fuel producers. Venture Global LNG, Inc., which is developing export terminals in Louisiana, sees Europe as "one of the biggest surprises," it said at the Flame conference in Amsterdam.

Europe's location may give it an edge over generally higher-priced markets in Asia when it comes to attracting the increasing volumes produced in the Atlantic. North America and Russia were seen providing most of the new supply from 2025 to 2030, according to a poll at Flame.

Demand growth in China and South Korea, the second and third biggest LNG importers, will cool during the rest of this year after continued expansion through April, according to Cedigaz, a Paris-based industry research group. With less appetite also from Japan, the biggest buyer, northern Europe will step in to balance the markets, Cedigaz's secretary general Geoffroy Hureau said at Flame.

U.K. supply this summer may be low but the Netherlands will see a pick up as it rushes to offset lower own production and higher demand for storage, Nick Boyes, a senior gas and LNG analyst at Axpo Trading AG, said by email. France will also need more for storage, he said.

The Netherlands is taking the lead also because of lack of storage demand in Britain after the closure of the Rough facility. The Dutch market is so hot that the country's Title Transfer Facility hub will be the main reference for LNG trading in the next three to four months, Ruben Tomas, lead LNG trader at Germany's Uniper SE's commodity unit, said on a panel.

"We see a well-supplied Atlantic Basin this summer" as Russia's Yamal LNG and U.S. projects fill the market with cargoes, Axpo's Boyes said. Trinidad & Tobago and Angola are also boosting supply, while demand in southern Europe and Egypt is declining, he said.

While the usage rate of LNG terminals in Europe was just 23 percent last year, things are looking up, according to Arturo Gallego Diaz, head of LNG trading and operations at Centrica Plc.

"There are more and more people looking at northwest Europe as an opportunity to deliver volumes that are produced in the Atlantic basin," he said.

Declining production in the North Sea and the Dutch Groningen field as well as the closing of coal plants in Europe have a "big impact on LNG production" and are "a very big demand surprise," Venture Global LNG Chief Commercial Officer Tom Earl said at Flame. The company recently signed a supply contract with Portugal's Galp Energia SGPS SA.

'Fairly Stable'

Creditworthy counterparts, liquid hubs and physical demand help make Europe attractive for LNG, according to Gallego Diaz.

Uniper expects "fairly stable" demand for gas in Europe, while seeing growth in gas-to-power and potentially transport, said Gregor Pett, executive vice president for market analytics.

Russia, Europe's biggest gas supplier, sees higher demand for its pipeline gas, undermining the region's efforts at diversification, according to Sergei Komlev, head of the contract structuring and price formation directorate at Gazprom PJSC's export unit.

While Russia will continue to pipe natural gas to Europe in competition with LNG, both can co-exist, the Centrica and Uniper executives said.

"I don't think they exclude each other," Uniper's Pett said. "Everyone has a place."

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Earlier:

 Gas
2018, May, 4, 15:20:00

GLOBAL LNG TRADE UP 10%

EIA - Global trade in liquefied natural gas (LNG) increased by 3.5 billion cubic feet per day (Bcf/d) to 38.2 Bcf/d in 2017, a 10% increase from 2016 and the largest annual increase in the history of LNG trade

 Gas
2018, April, 27, 11:05:00

GAZPROM - AUSTRIA COOPERATION

GAZPROM - According to estimates, Russian gas exports to Austria between January 1 and April 24 exceeded the amount exported in the same period of last year by 79.2 per cent, with 4.2 billion cubic meters of gas delivered to consumers.

 Gas
2018, April, 25, 09:55:00

ASIA'S LNG DEMAND

REUTERS - global liquefied natural gas (LNG) imports have risen 40 percent since 2015, to almost 40 billion cubic meters (bcm) a month. Growth accelerated in 2017, with imports up by a fifth, largely because of rising demand in China, but also in South Korea and Japan.

 Gas
2018, April, 23, 14:30:00

GLOBAL LNG IMPORTS UP 10%

PLATTS - Global 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.

 Gas
2018, April, 18, 13:06:00

U.S. GAS PRODUCTION UP TO 59%

EIA - U.S. dry natural gas production will increase through 2050 across a wide variety of alternative assumptions about the future. In the Reference case, which is based on current laws and regulations, production grows 59% from 2017 to 2050, starting at 73.6 billion cubic feet per day (Bcf/d) in 2017 and reaching 118 Bcf/d in 2050.

 Gas
2018, April, 16, 09:35:00

RUSSIAN GAS FOR EUROPE AGAIN

PLATTS - The EU's main challenge is in natural gas, as 76% of the EU's gas imports came from just Norway and Russia in 2016,

 Gas
2018, April, 16, 09:15:00

U.S. GAS INVESTMENT: $170 BLN

BLOOMBERG - Gas output will expand by 24 billion cubic feet, or 32 percent, through 2025 from last year, according to U.S. Energy Information Administration estimates. To support that growth, the country’s gas industry needs to spend $170 billion over the next seven years on pipelines, compressor stations, export terminals and other related infrastructure, said Meg Gentle, chief executive officer of gas exporter Tellurian Inc.

 

 

 

Tags: LNG, GAS, EUROPE, CHINA

Chronicle:

LNG FOR EUROPE & CHINA UP
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.

LNG FOR EUROPE & CHINA UP
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.

LNG FOR EUROPE & CHINA UP
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.

LNG FOR EUROPE & CHINA UP
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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