Market

The Inpex-operated 8.9 mtpa Ichthys LNG plant in Darwin has withdrawn a tender to sell a cargo for delivery in June -July because of production problems, limiting available spot supplies amid planned and unplanned maintenance at other LNG plants.

Market

The market has erased all price gains that had followed the OPEC+ decision to cut supply last month – although it has only started to get implemented this month. The group’s export trends have not helped support prices in April, as their total level remained stable near 28 Mbd when excluding Iran and Venezuela. Higher exports from Saudi Arabia and Russia offset declines from Nigeria, Iraq and Kazakhstan, while the group’s crude inventories remained stable at 259 Mbbls.

Market

Nigeria LNG continues to operate its 22.2 mtpa plant on Bonny Island at a reduced rate as a force majeure declared in October on upstream supplies remains in place.

Market

The share of global LNG in the European Union’s gas import mix rose to unprecedented levels in 2022 as the bloc increasingly relies on LNG to replace most of the lost Russian pipeline supplies.

Market

Norwegian producer Equinor will invest in infrastructure upgrades to boost gas production. The firm has been trying to boost exports to Europe, its main export market, which is currently facing a severe gas shortage as it pivots away from Russian gas.

Market

A few laden Yamal LNG-chartered vessels that were earlier signalling their arrival at ports in France and Spain are waiting for orders to sail to new destinations suggesting a pre-emptive move by Yamal LNG ahead of a possible ban by the EU on Russian ships entering its ports.

Market

The Russian war in Ukraine is in its seventh day and financial sanctions on Russian individuals and banks are set to cripple the financial sector. Energy exports have not been the target of sanctions and even though the effect has made buyers and shippers wary, trade volumes have been unmoved so far as current loadings would have traded and had vessels fixed before the invasion. But, with Urals hitting a new record discount to Brent, finding buyers over the coming weeks is set to become increasingly difficult.

Market

With spot LNG prices trading at record highs and roughly three times higher than last winter, plant operators have had a financial incentive to push output at liquefaction plants this winter.