Spot LNG prices LNG-AS have nearly tripled since early November as freezing temperatures across North Asia boosted demand and depleted inventories. Since July, prices are up a dizzying 1,000%.

U.S. crude oil production will average 11.1 million b/d in 2021, down 0.2 million b/d from 2020 as result of a decline in drilling activity related to low oil prices.

U.S. marketed gas production for 2021 will fall 2% and average 96.2 billion cubic feet per day (Bcf/d).

U.S. commercial crude oil inventories decreased by 3.2 million barrels to 482.2 million barrels.

Assuming human behavior holds steady, a big transition to electricity will send demand skyrocketing. Making matters worse, this will all be happening as we transition away from easily scaled fossil fuel sources to more finicky renewables.

The modern grid, also known as the smart grid, is interconnected and automated, with many technologies involved, including artificial intelligence (AI), edge computing, and the Internet of Things (IoT).

China total oil imports over 2020 were up 7% year on year at 10.86 million b/d

The combination of a severe cold snap in Asia, supply outages and maritime congestion has propelled spot prices for LNG to previously unforeseen heights. The North Asian price benchmark has now risen 18-fold in less than nine months, outperforming other commodities

Brent crude oil spot prices to average $53 per barrel (b) in both 2021 and 2022 compared with an average of $42/b in 2020.

State-owned Qatar Petroleum is planning a to increase LNG production by 43% to 110 million mt/year by 2025, up from 77 million mt/year currently.

Over the past six weeks, the growth in US industrial gas demand has been fueled in large part by industries in the Northeast, Texas and the Southeast, which together account for over 60% of US industrial gas consumption.

The current trend suggests that Asia will remain the top destination for US LNG for months to come, following robust deliveries to the continent in 2020.

"The quick change in the market dynamics has taken Indian LNG buyers by surprise. A lot of Indian buyers can't afford to pay these prices. We will see demand destruction across various sectors,"

Chinese natural gas demand to reach 360 Bcm in 2021, up 8.4% from an estimated 332 Bcm in 2020. It was at 313 Bcm in 2019.

U.S. commercial crude oil inventories decreased by 8.0 million barrels to 485.5 million barrels.