Global demand for liquefied natural gas is set to fall 2.7 per cent year on year, or three million tonnes, in its first seasonal crunch since 2012, according to Woods Mackenzie.
Lockdown measures to contain the coronavirus pandemic have dealt a blow to demand for LNG, a cleaner fossil fuel increasingly used to power Asian economies such as China.
“Covid-19 will drive a global contraction in LNG deliveries through summer 2020 compared to the previous year," Robert Sims, Wood Mackenzie research director, said.
"This will be the first seasonal contraction in eight years. The coming winter season [2020 to 2021] could [result in] a modest five million tonne improvement in global LNG demand compared to the previous winter season.”
Demand in Japan, the world’s largest LNG importer, fell in the first quarter, with the decline continuing in April.
While the country has not enforced a full-scale lockdown, school closures, strict social distancing and remote working are expected to dent demand through the second quarter.
Japan’s second-quarter demand is expected to fall 3 per cent to 15.8 million tonnes compared to the second quarter of 2019.
China, which is pushing to revive economic growth, will now focus on industrial demand recovery. While the country reduced pipeline imports, its LNG demand remained sound.
"Coupled with a low spot price environment, the temporary waiver of US LNG import tariffs and industrial recovery, China managed to increase LNG imports in the first three months of 2020,” Wood Mackenzie said.
China’s second-quarter consumption is set to increase by 12 per cent year on year to 15 million tonnes as it focuses on economic recovery.
Consumption of the super-chilled fuel in India, another top importer, grew at record 19 per cent year on year, driven by low spot prices in the first quarter.
However, India's strict lockdown measures, which brought the country to a standstill, are expected to reverse this.
Demand is projected to fall to four million tonnes in the second quarter, a 24 per cent decline compared to the same period last year.
Meanwhile, LNG capacity utilisation in the US, the world’s largest producer for gas, fell to 65 per cent by mid-May, making the country a swing producer, according to IHS Markit.
A swing producer is a supplier of a commodity with significant spare capacity and the ability to respond to price volatility by increasing or decreasing supply rapidly in response to market conditions.
Wood Mackenzie anticipates that US terminals will be underutilised as margins for several energy companies remain negative.
"What is new is that our balances and price outlook suggest that some degree of underutilisation will now also happen through [the] summer [of] 2021,” Mr Sims said.
The decline in LNG demand will affect Australia and Qatar, the world's two largest exporters.
Australia became the largest exporter of LNG last year, shipping out about 77.5 million tonnes.
Qatar shipped 75 million tonnes while the US exported 34.3 million tonnes.
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Section 375
Cast: Akshaye Khanna, Richa Chadha, Meera Chopra & Rahul Bhat
Director: Ajay Bahl
Producers: Kumar Mangat Pathak, Abhishek Pathak & SCIPL
Rating: 3.5/5
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UAE squad
Esha Oza (captain), Al Maseera Jahangir, Emily Thomas, Heena Hotchandani, Indhuja Nandakumar, Katie Thompson, Lavanya Keny, Mehak Thakur, Michelle Botha, Rinitha Rajith, Samaira Dharnidharka, Siya Gokhale, Sashikala Silva, Suraksha Kotte, Theertha Satish (wicketkeeper) Udeni Kuruppuarachchige, Vaishnave Mahesh.
UAE tour of Zimbabwe
All matches in Bulawayo
Friday, Sept 26 – First ODI
Sunday, Sept 28 – Second ODI
Tuesday, Sept 30 – Third ODI
Thursday, Oct 2 – Fourth ODI
Sunday, Oct 5 – First T20I
Monday, Oct 6 – Second T20I
Most sought after workplace benefits in the UAE
- Flexible work arrangements
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Indoor cricket in a nutshell
Indoor Cricket World Cup - Sept 16-20, Insportz, Dubai
16 Indoor cricket matches are 16 overs per side
8 There are eight players per team
9 There have been nine Indoor Cricket World Cups for men. Australia have won every one.
5 Five runs are deducted from the score when a wickets falls
4 Batsmen bat in pairs, facing four overs per partnership
Scoring In indoor cricket, runs are scored by way of both physical and bonus runs. Physical runs are scored by both batsmen completing a run from one crease to the other. Bonus runs are scored when the ball hits a net in different zones, but only when at least one physical run is score.
Zones
A Front net, behind the striker and wicketkeeper: 0 runs
B Side nets, between the striker and halfway down the pitch: 1 run
C Side nets between halfway and the bowlers end: 2 runs
D Back net: 4 runs on the bounce, 6 runs on the full
LIGUE 1 FIXTURES
All times UAE ( 4 GMT)
Friday
Nice v Angers (9pm)
Lille v Monaco (10.45pm)
Saturday
Montpellier v Paris Saint-Germain (7pm)
Bordeaux v Guingamp (10pm)
Caen v Amiens (10pm)
Lyon v Dijon (10pm)
Metz v Troyes (10pm)
Sunday
Saint-Etienne v Rennes (5pm)
Strasbourg v Nantes (7pm)
Marseille v Toulouse (11pm)
Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
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What are the influencer academy modules?
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Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
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THE BIO
Favourite holiday destination: Whenever I have any free time I always go back to see my family in Caltra, Galway, it’s the only place I can properly relax.
Favourite film: The Way, starring Martin Sheen. It’s about the Camino de Santiago walk from France to Spain.
Personal motto: If something’s meant for you it won’t pass you by.
MATCH INFO
West Ham United 2 (Antonio 73', Ogbonna 90 5')
Tottenham Hotspur 3 (Son 36', Moura 42', Kane 49')
UAE v United States, T20 International Series
Both matches at ICC Academy, Dubai. Admission is free.
1st match: Friday, 2pm
2nd match: Saturday, 2pm
UAE squad: Mohammed Naveed (captain), Rohan Mustafa, Ashfaq Ahmed, Shaiman Anwar, Rameez Shahzad, Amjad Gul, CP Rizwan, Mohammed Boota, Abdul Shakoor, Ahmed Raza, Imran Haider, Sultan Ahmed, Zahoor Khan, Amir Hayat
USA squad: Saurabh Netravalkar (captain), Jaskaran Malhotra, Elmore Hutchinson, Aaron Jones, Nosthush Kenjige, Ali Khan, Jannisar Khan, Xavier Marshall, Monank Patel, Timil Patel, Roy Silva, Jessy Singh, Steven Taylor, Hayden Walsh
Sheer grandeur
The Owo building is 14 storeys high, seven of which are below ground, with the 30,000 square feet of amenities located subterranean, including a 16-seat private cinema, seven lounges, a gym, games room, treatment suites and bicycle storage.
A clear distinction between the residences and the Raffles hotel with the amenities operated separately.
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