Extract from crude oil: Crude stocks fell by 7.2 mb w/w to 483.4 mb, taking the month-to-date draw across July to 19.5 mb—versus our full month expectation of a 13 mb draw. Stocks are now lower y/y by 7.1 mb, for the first time since November 2014. Total commercial inventories fell by 9.5 mb, ta..
June was a strong month for LNG imports in the main demand centres, with Asian demand strong as Chinese imports continued to rocket higher. China imported 3.04 Mt of LNG in June, higher y/y by a very strong 0.83 Mt (38%), while YTD imports are also 4.41 Mt (38%) higher y/y. Growth continued to be..
The Permian basin has seen incredible oil output growth in recent years, from an average of 1.3 mb/d in 2013 to around 2.0 mb/d in 2016. This growth corresponds to an uptick in associated gross natural gas production from an average of around 4.1 bcf/d in 2013 to over 7.2 bcf/d in early 2017. We..
Indicative data for June show Latin American LNG imports expanding by 0.40 Mt y/y to 2.04 Mt. Half of this growth was accounted for by the Dominican Republic, which imported 0.2 Mt more y/y. Of the major importers, Mexico posted the largest gains, taking 0.14 Mt more y/y on some domestic pipeline..
Energy Aspects expects tomorrow’s EIA storage number to be a 27 bcf injection. Our forecasts for the next three storage weeks are injections of: 26 bcf, 38 bcf, and 36 bcf. This forecast brings end-July stocks to 3.02 bcf, which is 103 bcf higher than the five-year norm and 263 bcf lower y/y. Fo..
Against a background of Northeast Asian LNG prices remaining stuck firmly in the 5–6 $/mmbtu range, as they have been since the end of February, some big developments were seen in the global gas market. Following on from last month’s diplomatic isolation by a number of other Arab states, led by..
Fundamentals is our monthly review of global oil data, this is the July 2017 edition. While the market’s focus remains on crude, it is products that continue to go from strength to strength. East of Suez, product markets have eased somewhat as refineries finally return from extended works, but u..
An outage that cut processing capacity at Norway’s Kollsnes plant by up to 26.5 mcm/d pushed up prompt and near-curve prices last week. Aggregate Norwegian supply dropped to just over 0.31 bcm/d when the outage began on 17 July, some 20 mcm lower than the day before. NBP D+1 prices reacted by ga..
Energy Aspects estimates that Chinese implied demand reached 12.38 mb/d in June, higher y/y by 0.73 mb/d. Actual demand (adjusted for stock changes) was likely lower than implied demand as we expect stocks to have built by more than the seasonal average of 1 mb. Implied gasoline demand reached a..
China imported 3.04 Mt of LNG in June, higher y/y by a very strong 0.83 Mt (38%). Growth continued to be driven by high volumes from Qatar and Australia, with the former up by 78% y/y to 0.32 Mt (despite being the highest priced source at 9.36 $/mmbtu) and the latter up by an impressive 73% y/y t..
As July comes to a close, the unexpected price rally appears to have come to an end. Prices fell by 21 cents (6%) last week, finally living up to our weekly refrain that they would revert to the 5 €/t level, closing at 5.09 €/t by Friday’s close. However, this does not disguise the fact that EUA..
The market’s focus is back on OPEC and the JMMC meeting in Russia today. While some may be disappointed that cuts were not deepened, OPEC members have maintained that they would like to see how the summer draws pan out first. Saudi Arabia’s promises to limit crude exports to 6.6 mb/d from August,..
MENA imports of LNG rose sharply m/m to 2.11 Mt, higher y/y by 0.37 Mt. This is the strongest y/y growth so far in 2017 and comes after a large y/y decline in May, but it is on a modest base from June 2016 when UAE imports were limited. The region will struggle to maintain the y/y growth through..
Korean oil demand grew y/y for the fourth consecutive month in June, by 78 thousand b/d to 2.48 mb/d, as strong exports offset weak domestic demand and led the Bank of Korea to revise upward its growth forecast for the country to 2.8% y/y from April’s projection of 2.6%. Growth was led by diesel,..
In early July, Pakistan’s Petroleum Minister announced that his country was setting a target to import 30 Mt of LNG by 2022. This is hugely ambitious for a country that only started importing LNG in 2015 and imported just 3.2 Mt in 2016. To meet this goal, Pakistan will need to add more regasifi..