Click Here for 150+ Global Oil Prices
Click Here for 150+ Global Oil Prices
Click Here for 150+ Global Oil Prices
Click Here for 150+ Global Oil Prices
Click Here for 150+ Global Oil Prices
Click Here for 150+ Global Oil Prices
Click Here for 150+ Global Oil Prices
Click Here for 150+ Global Oil Prices
Russia Keeps Oil Flowing but Brings No New Plan to OPEC+
Physical supply is still severely…
Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.
Chevron has restarted production of liquefied natural gas at its Wheatstone project in Australia after repairs prompted by cyclone damage in March.
The repairs took a while due to the severity of the damage. “Extreme winds associated with the cyclone damaged several hundred air-cooled heat exchangers, known as fin fans, making the repair programme a significant undertaking,” the supermajor’s head of operations and maintenance in Australia said in a statement, as quoted by Reuters.
Tropical Cyclone Narelle last month disrupted operations at a total of three LNG facilities in Australia, including Chevron’s Gorgon and Wheatstone, worsening an increasingly severe global LNG supply crunch. Gorgon only had to suspend operations at one of its three liquefaction trains.
The disruption came at the worst possible time as LNG supply from Qatar dried up amid Iran’s closure of the Strait of Hormuz and strikes on Qatari LNG infrastructure that prompted a force majeure declaration on exports.
Over the past month, Asia’s imports of LNG have plunged to their lowest level since the Covid pandemic crashed demand in June 2020, but this time it is because of prices, pushed significantly higher by the Qatari force majeure and the Australian outages.
The 30-day moving average of net shipments of liquefied natural gas to Asia plummeted below 600,000 tons this weekend, ship-tracking data compiled by Bloomberg showed earlier this month. This was the lowest one-month moving average of LNG arrivals into Asia since June 2020, according to the data.
Yet Asian buyers continue seeking LNG cargoes, with about a dozen tankers initially bound for Europe diverting to Asia over the past few weeks. Meanwhile, about 50 empty LNG tankers are sitting idle across Asia because of the Qatari production freeze. The number represents a loss of at least 3.456 million tons of LNG in carrier capacity.
By Irina Slav for Oilprice.com
More Top Reads From Oilprice.com
Join the discussion | Back to homepage
Strait of Hormuz Traffic Grinds to a Halt Again as Iran Fires on Passing Ships
HSBC Downgrades Indian Equities Again as Oil Shock Deepens
Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.
Chinese Oil Tankers Attempt to Exit the Strait of Hormuz
Japan’s JERA Cancels Long-Term LNG Deal With Commonwealth
Strait of Hormuz Faces Full Shutdown as Iran Escalates Standoff
U.S. Blockade of Hormuz Holds Firm Under Pressure
Kuwait Declares Force Majeure as U.S. Seizure of Iranian Ship Escalates Tensions
The Rare Earth Trap: How China Outmaneuvered the Entire Western Defense Industry
U.S. Is Most Resilient to the Energy Shock, Until It Isn’t
The Oilfield Service Crunch Is Here
Oil Slides but the Real Test Comes This Weekend
The materials provided on this Web site are for informational and educational purposes only and are not intended to provide tax, legal, or investment advice.
Nothing contained on the Web site shall be considered a recommendation, solicitation, or offer to buy or sell a security to any person in any jurisdiction.
Merchant of Record: A Media Solutions trading as Oilprice.com
Source: Oilprice
