Energy Flux

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The home of thought-provoking energy writing | Sign up: http://www.EnergyFlux.News | Dispatches from the edge of the #energytransition | For independent thinkers

RT @LNG_Investor_
Big week for LNG last week

Sempra $SRE
♦️Lost HoA with Williams
♦️Delayed Cameron FEED

Cheniere $LNG
♦️Expects more projects to fall by wayside
♦️Announced 0.4 mtpa SPA

Energy Transfer $ET
♦️Lost 1 customer due to DOE denial

Tellurian $TELL
♦️Halts drillings

#LNG #ONGT

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

Ira Joseph on Twitter

“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”

Twitter

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

Ira Joseph on Twitter

“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”

Twitter

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.

https://www.reuters.com/business/energy/india-amends-power-policy-draft-halt-new-coal-fired-capacity-sources-2023-05-04/

Exclusive: India amends power policy draft to halt new coal-fired capacity

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.

Reuters
Until the energy industry makes significant progress on this, you know what we should make of their pronouncements on Scope 3 emissions
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RT @PZeniewski
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?🧵
https://twitter.com/PZeniewski/status/1653687951254081536
Peter Zeniewski on Twitter

“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?🧵”

Twitter

Good summary of the EU's joint gas purchasing platform, AggregateEU, which launched last week @KiraTaylor15

https://www.euractiv.com/section/energy-environment/news/to-buy-or-not-to-buy-europes-joint-gas-purchasing

'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

To buy or not to buy: Europe’s joint gas purchasing

EURACTIV

Lots of LNG floating on the water, nowhere to go. Spot prices low, demand growth is slow…

https://www.reuters.com/business/energy/high-lng-stocks-north-asia-weak-demand-leads-more-storage-sea-2023-04-21/

High LNG stocks in North Asia, weak demand leads to more storage at sea

Volumes of liquefied natural gas (LNG) stored at sea have increased on an annual basis this month, driven by more vessels in Asia amid high inventories and slow spot demand in Japan, China and South Korea, analysts say.

Reuters
RT @KartikeyaSingh
Wowza! Dutch Power Prices Turn Negative as Green Power Floods Grid
https://flip.it/7xrWIb
Dutch Power Prices Turn Negative as Green Power Floods Grid

Power prices in the Netherlands turned negative on Wednesday with the market so overloaded with green electricity that consumers are getting paid to use the excess supply.

Bloomberg

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!'