Weekly natural gas market news summary (Dec 2-Dec 6)

sxcoal.com 2019-12-06 16:30:45

Gazprom's natural gas production up in Jan-Nov

Russian giant Gazprom said its natural gas production during the past eleven months of 2019 had hit an estimated 454.2 billion cubic meters.


Compared to the corresponding period in 2018, this represents an increase of three billion cubic meters or 0.7%.


Tough road ahead for LNG as China's demand decline continues

A slowdown in gas demand growth in China, the driver of global use over the past two years, is expected to slacken further, adding to investor concern as supply continues to build.


Consumption in 2021-2025 will grow at a slower pace than it has in the current five-year period, a researcher at China's economic planning department said at the BloombergNEF summit in Shanghai on December 4.


Russia expects slight increase in oil output this yr: ministry magazine

Russia still expects an increase in 2019 oil output to a record 556-560 million tonnes from 555.8 million tonnes produced in 2018, Energy Minister Alexander Novak told the ministry's magazine, in comments published on December 5.


That would mean production would reach between 11.17-11.25 million barrels per day, up from 11.16 million in 2018.


Gas supply hits record high from PetroChina's 23 underground storage facilities

Gas supply by PetroChina's 23 underground storage facilities hit 100.7 million cubic meters on December 3, some 390,000 cubic meters more than last daily peak on January 10, Economic Daily reported.


That would be enough to cover use by over 67 million households in a day, a strong support for meeting surging heating demand in cold winter.


Tianjin LNG terminal expansion on track, Sinopec

Oil and gas giant China Petrochemical Corp, or Sinopec, has completed the re-gasification capacity expansion work for the second-phase of its liquefied natural gas (LNG) receiving terminal in Tianjin in northern China, marking a step closer in the completion of the country's largest-to-be LNG terminal.


Following the expansion, the LNG terminal's re-gasification capacity has increased to 45 million cubic meters daily, including the newly added daily capacity of 30 million cubic meters, which became operational on November 30.


China, Russia launch massive joint gas pipeline

China and Russia launched on December 2 a gas pipeline that is more than 6,000 kilometers (3,750 miles) long, an outcome of their long-planned energy partnership.


As its relationships with Europe and the United States have grown more volatile, Russia is looking to bring its vast natural gas resources to the east. China is the world's largest energy consumer and needs new supply sources to meet domestic demand.


(Writing by Tian Zhang  Editing by Tammy Yang)
For any questions, please contact us by inquiry@fwenergy.com or +86-351-7219322.

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