South Korean LNG imports rose by 0.15 Mt y/y to 4.18 Mt in December 2017, as colder weather and sharply lower nuclear capacity pushed gas demand to a record high.Deliveries from Australia posted a 0.35 Mt y/y (61%) increase to 0.93 Mt, while imports from Brunei rose by 0.17 Mt (205%) to 0.25 Mt...
NBP and continental gas prices were volatile last week, as rising temperatures eased demand and weighed on prompt contracts on some days, while NAM’s proposal to cut Groningen output boosted spot and seasonal contracts on other days.For the coming week, forecasts for milder weather and lower powe..
Given the lack of expected upcoming policy decisions at an EU level focused on the ETS, 2018 will be more about watching out for state-level domestic energy and environmental policy developments. One of those to watch is Germany, where political parties are completing negotiations to form a coali..
To say that there has been a paradigm shift in sentiment in the oil market would be an understatement. The dramatic fall in crude inventories, particularly in the US, across Q4 17 has exceeded most expectations and the narrative has now shifted from infinite US shale production at $55 to how much..
Australian oil demand growth slowed to a seven-month low of 10 thousand b/d (1%) y/y in November 2017, taking demand to 1.06 mb/d, as high base effects have started to be felt since October. This trend was most apparent in diesel, which despite breaching 0.5 mb/d for only the second time in 2017,..
Within this report you will be able to review the latest figures published by Baker Hughes for the most important gas shale plays in the US.Fig 1: US total rig countFig 2: Appalachian shale plays gas rig countSource: Baker Hughes, Energy AspectsSource: Baker Hughes, Energy AspectsFig 3: US total..
Both Brent and WTI have rallied hard this week, leading the energy complex higher to start the new year. In fact, both Brent and WTI have outperformed the broader commodity space and the S&P so far in 2018. To say that the sentiment about oil has shifted is an understatement.But with oil now..
December 2017 gas demand in Europe was mixed owing to differing weather patterns. Across Northwest Europe and the Mediterranean, a cold first half of December raised LDZ demand, driving aggregate consumption higher y/y. In Germany and the Baumgarten region, LDZ demand shrank on warmer-than-normal..
Gasoline markets are facing a tough period that will only ease with the coming of spring. Demand is seasonally weak and refinery runs are high. Naphtha, a bright spot for light ends of late, has dimmed slightly as competition from LPG has picked up. Asian gasoline markets have plunged into contan..
Today’s report (week ended 5 January): EIA: -359 bcf, EA: -341 bcfToday’s reported withdrawal was much higher than the 330 bcf consensus estimate. The gap between the reported figure and the forecasts is a function of the unprecedented nature of the storage draw—a massive 10 bcf/d higher than the..
2018 starts in the aftermath of a mild but action-packed December, including a three-week outage at the Forties Pipeline System (FPS) that tightened the UK market and an explosion at Baumgarten that led to the shortest-lived gas supply ‘emergency’ we can remember. A mild start to Janu..
Extract from crude oil:US crude stocks drew counter-seasonally last week, by nearly 5 mb to below 420 mb, lower y/y by 64 mb and only 31.6 mb above the five-year average, once adjusted from 66 mb higher by taking into account linefill of 34 mb since 2014. Across December 2017, US crude stocks dre..
We use this 'In Focus' to identify and analyse 10 themes that we believe will shape the oil world in 2018Geopolitics – We Didn't Start the FireWith the inventory buffer largely depleted, the market is again sensitive to geopolitical supply disruptions. Supply losses are likely in 2018 given the f..
Thursday’s EIA report (week ended 5 Jan) – EA Final Estimate: -341 bcfWe project a record 341 bcf withdrawal, 53 bcf above the previous high recorded in January 2014.As low temperatures went below 0°F (-18°C) across the eastern US, total demand soared by 18.3 bcf/d w/w. A nearly 25% w/w increase..
Mild weather and strong Russian pipeline supply helped curb the stockdraw in the Baumgarten region last month, increasing the y/y storage surplus.HDDs in the Baumgarten region were between 5% and 15% lower y/y except for in Austria, where they were up by 7% y/y. But even the Austrian stockdraw wa..