Mexican liquids production edged slightly lower m/m to 2.31 mb/d in April, lower y/y by 0.17 mb/d, with annual declines easing due to an extremely low base. Crude output was fairly steady m/m at 2.01 mb/d (placing compliance at 87%), the lowest since October 1995 and 0.17 mb/d lower y/y, while NG..
UK liquids production dipped by 31 thousand b/d m/m to 1.00 mb/d in April, lower y/y by 58 thousand b/d. Output was impacted by an unplanned outage at the 0.18 mb/d Buzzard field, which shut in production for up to a week. Further curtailing April output, Dana’s Triton FPSO was partially shut for..
Extract from crude oil: Based on an analysis of Middle East crude loaded in April and May, alongside Arabian and Iraqi delivered crude values versus ASCI, we do expect continued moderation in imported volumes from the Middle East even as runs rise. As it pertains to stockdraws in PADD 3, the key..
Energy Aspects expects tomorrow’s EIA storage number to be a 70 bcf injection. Our initial forecasts for the next three EIA storage weeks are injections of: 69 bcf, 87 bcf and 80 bcf. Forecasts are showing warmer than normal temperatures concentrated in the western portion of the country in th..
Indian LNG imports remained strong last month, hitting 1.65 Mt (2.18 bcm) in April, which is up 2% y/y on an already-high April 2016 base and just a touch below September 2016’s record-high of 1.74 Mt (2.30 bcm). LNG prices for April delivery at 5.30 $/mmbtu were marginally higher than prices in..
Chinese LNG demand remained strong in April, with imports rising by 0.28 Mt y/y to 2.17 Mt, which is 15% higher y/y. The growth was driven primarily by stronger imports from Qatar and Malaysia, as Australian volumes unexpectedly fell y/y, for the first time since May 2015, by 6% to 1.0 Mt. Given..
This is the May 2017 edition of our North America Quarterly, covering all important aspects of the region, with a particular focus on the growth of US production and its impact on regional and global balances for both crude and products. The Quarterly is designed to be the most comprehensive guid..
Fundamentals is our monthly review of global oil data, this is the May 2017 edition. With demand starting to rise and OPEC set to extend the production deal for another nine months, we see significant stockdraws through H2 17, particularly in Q3 17 at 1 mb/d. Some of these draws will still not b..
In this Insight, we evaluate the Q1 17 results for a sample of US and Canadian producers. We have broadened our sample size to include an additional 23 US producers and 23 Canadian upstream firms. In Canada, our new sample covers over 8 bcf/d of production, while in the US, the 39 firms we analys..
Korean April oil demand grew for the second consecutive month by 75 thousand b/d y/y to 2.4 mb/d, although the increase was magnified by a low base last year. This April, naphtha once again led the rise, up by 0.13 mb/d y/y to 1.14 mb/d, following March’s 0.18 mb/d y/y growth (revised from 0.21 m..
Another month of strong pipeline and LNG imports into Mexico in March helped offset slowing domestic production, as aggregate demand edged up by 2% y/y to 7.56 bcf/d. LNG imports posted a 23% y/y increase to 0.45 bcf/d in March, but while pipeline supply increased its share of the total supply m..
China’s implied demand in April reached an estimated 11.9 mb/d, lower y/y by 0.1-0.2 mb/d as peak refinery maintenance curbed product output and as economic momentum is softening. But actual demand was likely higher y/y due to seasonal destocking. Implied gasoline demand totalled 2.99 mb/d in A..
Japanese LNG imports rose by 3% (0.19 Mt) y/y to 6.57 Mt in April, with colder weather than last year aiding the increase. Japan experienced 12% more HDDs y/y, though some of the rise was due to base effects, as April 2016 was especially warm. Lagged data show Japanese gas demand reached 8.6 Mt i..
Next week's edition of Panorama will be published on Tuesday 2nd May, owing to the UK bank holiday. NBP and continental prompt prices drifted lower last week as rising temperatures cut residential and commercial demand sharply y/y, while M+1 contracts firmed with rising coal prices. NBP D+1 pric..
Next week's edition of Panorama will be published on Tuesday 30 May, owing to the UK bank holiday. Last week’s price action was very much against the recent trend, with EUAs closing on Friday up by 8.7% w/w at 4.83 €/t. Given that the fundamentals had become less supportive—temperatures were sig..