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The U.S. Becomes World’s Top LNG Exporter
Posted on 7/25/22 at 8:09 pm
Posted on 7/25/22 at 8:09 pm
quote:
High demand in Europe, high natural gas prices, and increased export capacity made the United States the world’s largest exporter of liquefied natural gas (LNG) in the first half of 2022, the U.S. Energy Information Administration said on Monday.
U.S. LNG exports rose by 12% in the first half of 2022 compared with the second half of 2021, and averaged 11.2 billion cubic feet per day (Bcf/d) between January and June 2022, the EIA said, citing data from CEDIGAZ.
Thus, the United States beat Australia and Qatar, the other two major LNG exporters.
quote:
The United States is shipping record volumes of LNG to Europe to help EU allies in their efforts to fill gas storage ahead of the winter amid growing uncertainty about Russian gas supply. For the first time ever, the European Union imported in June more LNG from the United States than gas via pipeline from Russia, as Moscow slashed supply to Europe in the middle of last month.
quote:
U.S. LNG exports are set to decline in the second half of 2022 because of the outage at Freeport LNG, the EIA said in its latest Short-Term Energy Outlook (STEO) for July. U.S. LNG exports are forecast to average 10.5 Bcf/d in the second half of 2022, which is 14% less than the forecast in the June 2022 STEO. The EIA expects LNG exports will jump in 2023, averaging 12.7 Bcf/d on an annual basis, or 17% higher than in 2022.
LINK
This is good news. Means jobs in South Louisiana and Texas Gulf Coast.
9
Posted on 7/25/22 at 8:11 pm to ragincajun03
Are we actually obtaining more or just sending more of our reserves to other folks?
Posted on 7/25/22 at 8:14 pm to ragincajun03
Read that this morning on eia. Here’s another good article about refining capacity. China is all in while the US will only be boosting capacity by 260,000 bpd through upgrades at a Beaumont facility.
EIA Article
EIA Article
Posted on 7/25/22 at 8:15 pm to redstick13
quote:
China is all in while the US will only be boosting capacity by 260,000 bpd through upgrades at a Beaumont facility.
You saying you want government run oil refineries?
Posted on 7/25/22 at 8:16 pm to HailToTheChiz
68 rigs drilling in the Haynesville and 49 in the Marcellus and Utica. Activity is up.
ETA I would think we are selling more. The US is flush with NG.
ETA I would think we are selling more. The US is flush with NG.
This post was edited on 7/25/22 at 8:19 pm
Posted on 7/25/22 at 8:17 pm to fightin tigers
We won’t be getting refined products from China. We will also be exporting fewer refined products to China.
Posted on 7/25/22 at 8:18 pm to redstick13
quote:
We won’t be getting refined products from China.
In due time.
Also, doesn't really explain your first post about China expanding via government run businesses and the US private companies not investing.
This post was edited on 7/25/22 at 8:19 pm
Posted on 7/25/22 at 8:21 pm to redstick13
I've seen multiple pop up in south Caddo and Desoto. Wish they'd tap back in to the 3 on family land. Need that mailbox money.
Posted on 7/25/22 at 8:21 pm to redstick13
quote:
68 rigs drilling in the Haynesville and 49 in the Marcellus and Utica. Activity is up.
Not to mention that while these days the Permian is lauded because of its oil production, that basin produces a shite-ton of gas. In fact, back around 2018 when things were booming back in place, the lack of capacity in not only pipelines but facilities to handle and process all that gas was a huge concern.
Not so much now.
Posted on 7/25/22 at 8:29 pm to fightin tigers
quote:
Also, doesn't really explain your first post about China expanding via government run businesses and the US private companies not investing.
Because I was making no effort to insert politics into a statement about refining capacity.
Saudi is also increasing their refining capacity, just not at the levels that China is.
This post was edited on 7/25/22 at 8:30 pm
Posted on 7/25/22 at 8:31 pm to ragincajun03
quote:
Not to mention that while these days the Permian is lauded because of its oil production, that basin produces a shite-ton of gas.
That's right. Back around 2019 there was a lot of talk about this. The pipelines at that time didn't have the capacity to take the gas so it was being flared off. I still see lots of flares going in the Permian though.
Posted on 7/25/22 at 8:34 pm to HailToTheChiz
quote:
Are we actually obtaining more or just sending more of our reserves to other folks?
That’s not really how it works with LNG. The limiting factor for LNG (currently) isn’t natural gas supply, it’s export capacity.
Right now we produce about 117 billion cubic feet per day (bcf/d) of natural gas and we have about 13 bcf/d of LNG export capacity. Natural gas prices are considerably higher abroad than in the US, so most new capacity gets used as long as there’s an import terminal that can take it. The LNG market is nowhere near equilibrium.
The downside, of course, is that LNG exposes US gas prices to the global market. More LNG export capacity = more demand for US gas = higher prices. It’s a trade off but as I said, we are nowhere near a truly global natural gas market yet.
Posted on 7/25/22 at 8:36 pm to redstick13
It's hard not to be political when the ruling political parties are the ones investing capital into expanding the industries. Private capital isn't that interested at this point.
Posted on 7/25/22 at 8:38 pm to fightin tigers
quote:
It's hard not to be political when the ruling political parties are the ones investing capital into expanding the industries. Private capital isn't that interested at this point.
Thanks ESG
Posted on 7/25/22 at 8:39 pm to upgrayedd
Yeah, because no private money has ever invested in unethical ventures.
Posted on 7/25/22 at 8:40 pm to ragincajun03
HA spinnin and grinnin
Fight, frick, or trip pipe
Fight, frick, or trip pipe
Posted on 7/25/22 at 8:46 pm to redstick13
quote:
I still see lots of flares going in the Permian though.
State of New Mexico and BLM have passed restrictions curtailing that stuff on their lands. We'll see how long until EPA is able to force reductions on private lands in TX and NM.
Posted on 7/25/22 at 8:47 pm to fightin tigers
quote:
Private capital isn't that interested at this point.
I don’t think it’s a lack of interest so much as a long lead on significant expansion projects. We are less than a year into high gasoline/diesel prices. Major refinery expansions are planned years in advance. If there is significant interest in expanding, it’s unlikely that we see major activity before 2023 or (more likely) 2024. Most projects in the interim will be things that were either already underway or have been delayed for various reasons.
Posted on 7/25/22 at 8:51 pm to HailToTheChiz
quote:
or just sending more of our reserves to other folks?
I don’t think we sent any natural gas “reserves” to anyone
Posted on 7/25/22 at 8:55 pm to lostinbr
quote:
Most projects in the interim will be things that were either already underway or have been delayed for various reasons.
A lot are delayed for financial reasons.
O&G will still have it's moments of returns, but I think the days of guaranteed payback are done and that is scaring a lot of investment away. Maybe in 5-10 years it changes.
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