Natural Gas Daily: June 23rd, 2020
US Gas Deliveries for Export Down 60% Since March: EIA
After reaching a record 9.8bn ft3/day in March, US natural gas deliveries to export facilities fell to less than 4bn ft3/day in June, the US Energy Information Administration (EIA) said, citing data compiled by IHS Markit.
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The Big Picture:
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A mild winter – which built natural gas storage in both Europe and North America to near record levels – and economic measures to limit the Covid-19 pandemic have combined to push global natural gas demand lower, the EIA said, limiting the economic viability of US LNG exports.
China's LNG Imports Jump 19% in May
China’s LNG imports in May totalled 5.23mn metric tons, up 19% yr/yr, customs department data showed.
The Big Picture:
- Meanwhile, China’s pipeline gas imports in May were 2.61mn mt, down 16.6% yr/yr, the data showed.
UAE's Adnoc Sheds Stake in Gas Grid for $10bn
The UAE's Adnoc has struck a deal to sell a 49% interest in its gas pipeline system to a group of international investors for $10.1bn, the national oil company announced.
The Big Picture:
- Adnoc has sought to expand its midstream and downstream businesses in recent years by forging partnerships with foreign firms to attract the necessary investment.
BP Invests in Methane Leak-Detecting Software
BP's venture capital arm BP Ventures has invested $5mn in Satelytics, a cloud-based geospatial analytics software company, as part of efforts to halve the methane intensity of its operations, the UK major said.
The Big Picture:
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BP's drive to tackle methane emissions is part of plan to become a net zero emissions company by 2050. It plans to unveil a strategy for reaching this goal in September.
Tellurian Founder Takes Company Reins
Struggling US LNG developer Tellurian has named co-founder Charif Souki as its executive chairman, the company said, taking the opportunity to comment on the global LNG outlook.
The Big Picture:
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Driftwood LNG, near Lake Charles in Louisiana, aims to produce up to 27.6mn mt/yr of LNG.
- The project suffered a setback in May when a preliminary deal for India's Petronet to take its gas expired without the pair finalising a supply contract. Tellurian laid off 70% of its workforce in March and swung to a net loss of $40.7mn in the first quarter.
Samsung Heavy Delivers LNGC to TMS Cardiff
South Korean shipbuilder Samsung Heavy Industries delivered the first of a series of newbuild LNG vessels to Greek TMS Cardiff Gas on June 1, TMS said in a LinkedIn post.
The Big Picture:
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The vessel is the newest addition to the fleet managed by TMS and the second vessel of the company that has been chartered to Total Gas & Power, the company said.
