RT @EnergyFluxNews
Spare a thought for all those European utilities that paid an eye to take Pakistan's LNG and refill EU gas storage facilities last year.
At ~5x today's spot price, that stocked gas is unburnable (especially for the unhedged buyers).
Comeuppance? https://twitter.com/ira_joseph/status/1654460385456521217
“Ladies & gentlemen, I present sub-$10 JKM for the 1st time since June 2021. Quite a ride down since Sept. Hard pressed to tell you why it cannot go lower at this time of year. Look for support once JKM drops below oil-indexed contracts, which are different for each buyer. #ONGT”
To put it another way, a spot cargo of US LNG last year cost upwards of $200m. Today it costs less than $30m.
Why crack open the expensive stuff when there's boatloads of cheap molecules on the water looking for a home?
Spare a thought for all those European utilities that paid an eye to take Pakistan's LNG and refill EU gas storage facilities last year.
At ~5x today's spot price, that stocked gas is unburnable (especially for the unhedged buyers).
Comeuppance?
---
RT @ira_joseph
Ladies & gentlemen, I present sub-$10 JKM for the 1st time since June 2021. Quite a ride down since Sept. Hard pressed to tell you why it cannot go lower at this time of yea…
https://twitter.com/ira_joseph/status/1654460385456521217
“Ladies & gentlemen, I present sub-$10 JKM for the 1st time since June 2021. Quite a ride down since Sept. Hard pressed to tell you why it cannot go lower at this time of year. Look for support once JKM drops below oil-indexed contracts, which are different for each buyer. #ONGT”
Big news: India amends power policy draft to halt new coal-fired capacity
Existing projects in the pipeline unaffected, but this is still a major shift. It also puts China's outlier position in starker contrast.
India plans to stop building new coal-fired power plants, apart from those already in the pipeline, by removing a key clause from the final draft of its National Electricity Policy (NEP), in a major boost to fight climate change, sources said.
“Not many people realise that 15% of energy-related GHG emissions come from the process of getting oil and gas out of the ground and transported to consumers. If those emissions were a country, they would be the second largest emitter, after China. How do we reduce them?🧵”
Good summary of the EU's joint gas purchasing platform, AggregateEU, which launched last week @KiraTaylor15
'A little like online dating for Europe’s energy needs'
Not sure about the metaphor - it's more like group dating, which sounds truly awful
Lots of LNG floating on the water, nowhere to go. Spot prices low, demand growth is slow…
Modeller: 'So, we are trimming back our insanely continent-sized new forest and replacing it with an equally insane amount of CO2-sucking machines'
Exec: 'Great, so our E&P plans don't have to change?'
M: 'Er, well actually we need to stop drilling today...'
E: 'You're fired!'