Liquefied natural gas (LNG) capacity utilisation in the US, the world’s largest producer for gas, declined to 65 per cent by mid-May, pushing the country into becoming a swing producer, according to IHS Markit.
A swing producer is a supplier of a commodity, with significant spare capacity and hence the ability to respond to price volatility by increasing or decreasing supply rapidly in response to market conditions.
Deliveries of feed gas to liquefaction plants in the US fell to 6 billion cubic feet per day in mid-May from 9.5 bcf/d in late March, the consultancy said.
US LNG facilities were fully utilised prior to the pandemic, which led to a fall in energy demand as many countries enforced lockdowns.
“The inevitable has happened. US LNG capacity utilisation has begun a turndown in response to market forces exacerbated by Covid-19. We are witnessing an historic event where US LNG is taking on the new role of swing supplier,” said Terrell Benke, executive director at IHS Markit.
Before US oil plunged into negative territory in April, gas prices were trading in the negative in recent months. Gas prices fell below zero as infrastructure development such as pipeline capacity has been unable to catch up with the surge in output. The US shale boom has propelled the country to become the world’s top producer in hydrocarbons, with some of the cheapest available gas in the market. However, with prices falling, there is little economic viability in transporting gas to liquefy at a plant and then ship it to a far-off destination at such low prices.
Gas prices also dropped after US oil prices fell nearly 80 per cent in April from their recent peak in January. That had an impact on associated gas as drillers shut production to prevent further losses.
Some US LNG cargoes have been cancelled but production at liquefaction facilities continues due to the high cost of restarting a closed plant.
“The outlook for US LNG exports this summer is bearish. Current forward prices indicate that US LNG is out of the money through [to] at least September,” said Matthew Shruhan, senior analyst at IHS Markit.
"Additional cargo cancellations will follow. It all adds up to continued pressure and a new source of supply flexibility in the global gas market,” he added.
Utilisation of US LNG capacity is expected to fall below 50 per cent given summer price differentials, which could result in losses for the producers on a short-term basis as prices fall lower than costs, the consultancy said.
Cancellations of US LNG cargoes are expected to provoke greater price volatility as the market looks to balance supply and demand.
There is potential for cargo cancellations to overshoot, putting upward pressure on spot LNG prices and potentially putting US LNG back in the money at certain times, the report said.
Panipat
Director Ashutosh Gowariker
Produced Ashutosh Gowariker, Rohit Shelatkar, Reliance Entertainment
Cast Arjun Kapoor, Sanjay Dutt, Kriti Sanon, Mohnish Behl, Padmini Kolhapure, Zeenat Aman
Rating 3 /5 stars
In numbers: China in Dubai
The number of Chinese people living in Dubai: An estimated 200,000
Number of Chinese people in International City: Almost 50,000
Daily visitors to Dragon Mart in 2018/19: 120,000
Daily visitors to Dragon Mart in 2010: 20,000
Percentage increase in visitors in eight years: 500 per cent
'Ashkal'
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Test
Director: S Sashikanth
Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan
Star rating: 2/5
BUNDESLIGA FIXTURES
Friday (all kick-offs UAE time)
Hertha Berlin v Union Berlin (10.30pm)
Saturday
Freiburg v Werder Bremen (5.30pm)
Paderborn v Hoffenheim (5.30pm)
Wolfsburg v Borussia Dortmund (5.30pm)
Borussia Monchengladbach v Bayer Leverkusen (5.30pm)
Bayern Munich v Eintracht Frankfurt (5.30pm)
Sunday
Schalke v Augsburg (3.30pm)
Mainz v RB Leipzig (5.30pm)
Cologne v Fortuna Dusseldorf (8pm)
Thor: Ragnarok
Dir: Taika Waititi
Starring: Chris Hemsworth, Tom Hiddleston, Cate Blanchett, Jeff Goldblum, Mark Ruffalo, Tessa Thompson
Four stars
MATCH INFO
Arsenal 1 (Aubameyang 12’) Liverpool 1 (Minamino 73’)
Arsenal win 5-4 on penalties
Man of the Match: Ainsley Maitland-Niles (Arsenal)
UAE currency: the story behind the money in your pockets
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Killing of Qassem Suleimani
UAE currency: the story behind the money in your pockets
COMPANY PROFILE
● Company: Bidzi
● Started: 2024
● Founders: Akshay Dosaj and Asif Rashid
● Based: Dubai, UAE
● Industry: M&A
● Funding size: Bootstrapped
● No of employees: Nine
Duterte Harry: Fire and Fury in the Philippines
Jonathan Miller, Scribe Publications
ADCC AFC Women’s Champions League Group A fixtures
October 3: v Wuhan Jiangda Women’s FC
October 6: v Hyundai Steel Red Angels Women’s FC
October 9: v Sabah FA
360Vuz PROFILE
Date started: January 2017
Founder: Khaled Zaatarah
Based: Dubai and Los Angeles
Sector: Technology
Size: 21 employees
Funding: $7 million
Investors: Shorooq Partners, KBW Ventures, Vision Ventures, Hala Ventures, 500Startups, Plug and Play, Magnus Olsson, Samih Toukan, Jonathan Labin
Super Rugby play-offs
Quarter-finals
- Hurricanes 35, ACT 16
- Crusaders 17, Highlanders 0
- Lions 23, Sharks 21
- Chiefs 17, Stormers 11
Semi-finals
Saturday, July 29
- Crusaders v Chiefs, 12.35pm (UAE)
- Lions v Hurricanes, 4.30pm
Learn more about Qasr Al Hosn
In 2013, The National's History Project went beyond the walls to see what life was like living in Abu Dhabi's fabled fort:
Leaderboard
64 - Gavin Green (MAL), Graeme McDowell (NIR)
65 - Henrik Stenson (SWE), Sebastian Soderberg (SWE), Adri Arnaus (ESP), Victor Perez (FRA), Jhonattan Vegas (VEN)
66 - Phil Mickelson (USA), Tom Lewis (ENG), Andy Sullivan (ENG), Ross Fisher (ENG), Aaron Rai (ENG), Ryan Fox (NZL)
67 - Dustin Johnson (USA), Sebastian Garcia Rodriguez (ESP), Lucas Herbert (AUS), Francesco Laporta (ITA), Joost Luiten (NED), Soren Kjeldsen (DEN), Marcus Kinhult (SWE)
68 - Alexander Bjork (SWE), Matthieu Pavon (FRA), Adrian Meronk (POL), David Howell (ENG), Christiaan Bezuidenhout (RSA), Fabrizio Zanotti (PAR), Sean Crocker (USA), Scott Hend (AUS), Justin Harding (RSA), Jazz Janewattananond (THA), Shubhankar Sharma (IND), Renato Paratore (ITA)
More from Neighbourhood Watch:
TV: World Cup Qualifier 2018 matches will be aired on on OSN Sports HD Cricket channel
