U.S. - CHINA: COUNTERPRODUCTIVE

U.S. API - API emphasized the counterproductive effects of Section 301 tariffs on America's natural gas and oil sector, underscoring the damaging impact that Chinese retaliatory tariffs would have on U.S. LNG exports, and urged the Administration not to impose additional tariffs on Chinese products at today's hearing before the U.S. Trade Representative on Section 301.

"The U.S. is leading the world in the production and refining of natural gas and oil which is boosting our economy, keeping energy affordable for consumers and benefitting American workers," said API Director for Tax Policy Stephen Comstock. "Unfortunately, the current trade policies being pursued by this Administration run counter to enhancing our energy dominance throughout the world.

"We understand the need to curb discriminatory trade practices, but these broad, additional Section 301 tariffs currently being considered would likely slow US natural gas and oil production, threaten jobs in our industry and hurt consumers.

"China is currently the third largest importer of U.S. LNG and those export amounts have been increasing to match China's rising demand for natural gas. The US is one of the world's main LNG suppliers, but other countries are capable of supplying China – including Australia, Qatar, Malaysia and Russia. This trade dynamic suggests that additional tariffs by the Chinese on U.S. LNG will hurt the US more than it hurts China and naturally incentivize other LNG suppliers to fill this market."

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Earlier:

2018, August, 15, 11:00:00 U.S. OIL FOR CHINA REUTERS - Chinese oil importers are shying away from buying U.S. crude as they fear Beijing’s decision to exclude the commodity from its tariff list in a trade dispute between the world’s biggest economies may only be temporary.

2018, August, 13, 13:40:00 CHINA STOPPED U.S. LNG BLOOMBERG - Under the plan, PetroChina would boost buying of spot cargoes from other countries or swap U.S. shipments with other nations in East Asia to avoid paying additional tariffs, said the people, who asked not to be identified because the information isn’t public.

2018, August, 10, 10:50:00 U.S. - CHINA LNG DOWN REUTERS - U.S. exports of liquefied natural gas (LNG) to China in July fell to their lowest level in a year and are expected to decline further as the Sino-U.S. trade dispute forces utilities to seek alternative supplies.

2018, August, 8, 12:01:00 CHINA'S OIL IMPORTS UP REUTERS - Crude shipments came in at 36.02 million tonnes last month, or 8.48 million barrels per day, up from 8.18 million bpd a year ago, and just up on June’s 8.36 million bpd, data from the General Administration of Customs showed.

2018, August, 6, 13:30:00 CHINA - U.S. RETALIATION API - “China’s retaliation will hit America’s energy industry particularly hard,” said API Vice President for Regulatory and Economic Policy Kyle Isakower. “American natural gas and oil companies already hit by U.S. tariffs on industrial products and specialty steel essential to our industry will now be faced with Chinese tariffs on critical U.S. exports, impacting American jobs that rely directly and indirectly on the energy industry.

2018, August, 6, 13:25:00 CHINA - U.S. LIST PLATTS - China rattled investors in the US LNG export sector when it said Friday it may impose 25% tariffs on American cargoes if President Donald Trump follows through on his threat to escalate the trade dispute with Beijing that he initiated.

2018, July, 27, 12:45:00 U.S. OIL TO CHINA DOWN PLATTS - China's crude oil imports from the US for July have fallen sharply from June, and are expected to drop even further for August, vessel tracking data showed, as Beijing's tariffs on US crude imports get closer to implementation.