Title : The Market, Energy, And Political Page, T+19 -- June 19, 2018
link : The Market, Energy, And Political Page, T+19 -- June 19, 2018
The Market, Energy, And Political Page, T+19 -- June 19, 2018
Venezuela: tick, tick, tick:Tracking Venezuela here.
Reuters via Rigzone is reporting that the big Venezuelan refinery is operating at minimum capacity while waiting for new crude shipments to arrive:
The 335,000-barrel-per-day Isla refinery operated by Venezuela's state-run PDVSA in Curacao is working at minimum capacity while awaiting new crude shipments and as a tanker backlog in the country's ports began to ease.
PDVSA's operations this year have been mired by problems ranging from fast-declining crude production and poor refining due to a lack of equipment, to obstacles for exporting oil amid port congestion and financial sanctions.
Only a few units at the Curacao refinery have been operating during U.S. producer ConocoPhillips' moves to seize PDVSA's inventories, cargoes and facilities following a $2 billion arbitration award by the International Chamber of Commerce in April.
No shipments of Venezuelan oil have been sent to Isla since late April and none were planned this month.Much more at the link. By the way, every Reuters news story about Venezuela imploding seems to imply that Venezuela's government can blame ConocoPhillips as the cause of their problems.
The trade war. The other day I posted a graphic that told me all I needed to know about the trade war with China. From Bloomberg via Rigzone:
In punching back against U.S. tariffs, China included almost all energy-related commodities on a list of its retaliatory actions. The exception: liquefied natural gas.
That’s not surprising, according to a report Monday by Wood Mackenzie Ltd., a U.K.-based research firm. After an aggressive coal-to-gas switching policy was put in place by China’s government last year to fight the country’s smog issues, U.S. LNG supplied 4 percent of that country’s demand.
U.S. President Donald Trump announced $50 billion in tariffs against China on June 15, and China retaliated with a $34 billion list. Oil was included, but not LNG. The reason: China’s LNG demand will grow by 10 million tons this year, and 9 millions tons in 2019, the Wood Mackenzie report said. The U.S., meanwhile, is set to generate 30 percent of incremental supply growth in LNG.
"In the event of an escalation, LNG is likely to remain outside the bounds of any additional tariffs," Nicholas Browne, head of Asia-Pacific gas and LNG at Wood Mackenzie, wrote in a note to clients. "Tariffs on U.S. LNG would increase costs and potentially limit availability of LNG."
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