The potential first delivery of Russian LNG to U.S. shores is ruffling some feathers, due to sanctions in place on Novatek, one of the partners in the Yamal LNG terminal - the apparent origin of the LNG heading to the Everett LNG terminal in Boston. While sanctions may still be in place with certain Russian entities, the U.S. is a regular recipient of Russian oil and products.Continue Reading
In an effort to shore up dwindling reserves, Angola has decided to unpeg its currency, the kwanza, from the U.S. dollar - a peg which has been in place since April 2016.
Angola's foreign exchange reserves have halved since 2014, as the West African nation has attempted to defend the kwanza versus the U.S. dollar. Unpegging the currency has caused a swift 10 percent weakening in the currency,...Continue Reading
Last week, we discussed changing trends in Iraqi crude flows into Asia. Total deliveries of OPEC crude to China rose last year by 300,000 bpd, as cartel members looked to keep one of its key growth markets well supplied.
Even though Iraqi deliveries into China reached the highest on our records in November at a million barrels per day, arrivals in 2017 were actually down versus the prior year,...Continue Reading
It is both the best and worst of times for the current Iraqi oil market. Iraqi oil minister Jabbar al-Luaibi said this week that Iraqi oil fields in the south of the country had recorded an 'unprecedented' surge in daily exports from Basrah during the last month. All the while, loadings in Ceyhan, Turkey, of crude from the Kirkuk pipeline in the north of the country continue to remain in check...Continue Reading
This morning's appearance on CNBC Squawk Box was amusing, as we were supposed to do a segment on US natural gas amid the impending 'bomb cyclone', but anchor Joe Kernen didn't want to. Instead we discussed one of ClipperData's big concerns for this year - the impact of geopolitical tension on the oil market, now that we are closer to balance. Hark, click on the below mugshot to launch to the...Continue Reading
I got to chat with my buddy, the mighty Dan Murphy, on CNBC Asia last night, and we covered a fair bit of ground: US crude inventories and the role of exports in reducing them, the Forties pipeline outage and who will plug the gap, and how Saudi must be feeling about the oil market (spoiler alert: absolutely delighted). Hark, click on the below mugshot to launch to the clip:Continue Reading
Official data out this week show that Chinese natural gas consumption has surged through the first eleven months of 2017, up 19 percent year-on-year.
China is the third largest consumer of natural gas in the world, behind the U.S. and Russia, and is expected to show the strongest demand growth over the coming decades - propelling it into second place by 2040.Continue Reading
On the set of CNBC's Squawk Box this morning, I explained how US net imports of crude and products haven't been this low since Beverly Hills Cop was number one at the box office - in February 1985.
It turns out that Beverly Hills Cop is Andrew Ross Sorkin's favorite movie, Joe Kernen hated the sequels, and Becky Quick guessed the right year.Continue Reading
CNBC published an article late last week based on our ClipperData, highlighting how deliveries of U.S. crude grades into China climbed to a record in November.
As U.S. crude and product export markets evolve, new patterns in loadings, destinations, grades and purchasing present themselves in our granular data.Continue Reading
Mexican energy flows are reminiscent of Dr. Dolittle's mythical animal, the push-me-pull-you, as they are beckoned and ushered in contrasting directions.
U.S. imports of Mexican crude last month climbed above 800,000 bpd for the first time since November 2014. This is the result of a number of factors, but in large part due to hurricane disruptions in recent months.Continue Reading