Last updateMon, 19 Aug 2019 4pm

U.S. LNG Exports to Europe Increase Amid Declining Demand

U.S. exports of liquefied natural gas (LNG) have been growing steadily and reached a new peak of 4.7 billion cubic feet per day (cf/d) in May 2019, according to the latest data published by the U.S. Department of Energy’s Office of Fossil Energy. This year, the U.S. became the world’s third-largest LNG exporter, averaging 4.2 billion cf/d in the first five months of the year, exceeding Malaysia’s LNG exports of 3.6 billion cf/d during the same period. The U.S. is expected to remain the third-largest LNG exporter in the world, behind Australia and Qatar, in 2019–20.

U.S. LNG exports have increased as four new liquefaction units (trains) with a combined capacity of 2.4 billion cf/d—Sabine Pass Train 5, Corpus Christi Trains 1 and 2, and Cameron Train 1—came online since November 2018. Although Asian countries have continued to account for a large share of U.S. LNG exports, shipments to Europe have increased significantly since October 2018 and accounted for almost 40% of U.S. LNG exports in the first five months of 2019. LNG exports to Europe surpassed exports to Asia for the first time in January 2019.

Enterprise, Chevron Developing Offshore Crude Export Facility

Enterprise Products Partners and Chevron U.S.A. announce long-term agreements supporting the development of Enterprise’s Sea Port Oil Terminal (SPOT) in the Gulf of Mexico. Enterprise’s SPOT project consists of onshore and offshore facilities, including a fixed platform located approximately 30 nautical miles off the Brazoria County, TX coast in approximately 115 feet of water. SPOT is designed to load very large crude carriers (VLCCs) at rates of approximately 85,000 barrels per hour, or up to approximately 2 million barrels per day. The SPOT design also meets or exceeds federal requirements and, unlike existing and other proposed offshore terminals, is designed with a vapor control system to minimize emissions.

Chemical Activity Barometer Fell in July

The Chemical Activity Barometer (CAB) eased 0.2% in July on a three-month moving average (3MMA) basis following three months of gains in March-May and weak months in the winter. On a year-over-year basis, the barometer fell 0.2% (3MMA).

The unadjusted measure of the CAB rose 0.2% in July and fell 0.4% in June. The diffusion index rose to 65% in July. The diffusion index marks the number of positive contributors relative to the total number of indicators monitored. The CAB reading for June was revised downward by 0.39 points and that for May by 0.09 points.

$5.6 Billion Petrochemical Facility Planned in Canada

West Coast Olefins of Calgary has secured a 300 acre site in the BCR Industrial Area within the city of Prince George, British Columbia in preparation for the construction of a $5.6 billion petrochemical project at the site. The project would include a world-scale ethylene plant and polyethylene facility and the majority of the polyethylene product would be shipped to growing Asian markets.

The overall project will include an NGL recovery plant to recover ethane, propane, butane and natural gas condensate from Enbridge’s west coast pipeline; an ethylene plant to produce one million tons per year of polymer-grade ethylene; and a polyethylene plant to consume most of the ethylene produced.

U.S. Crude Oil Exports Reach New Highs

U.S. crude oil exports reached a new all-time high of 3.3 million barrels per day (b/d) in June 2019, a 1.1 million b/d year-over-year increase, according to the latest Monthly Statistical Report released by the American Petroleum Institute (API). This latest milestone came as the U.S. continued to sustain world-leading crude oil production of 12.2 million b/d, including 5.0 million b/d in West Texas’ Permian Basin. Increasing U.S. crude oil exports are a net positive for American consumers who have benefited from significant declines in energy expenditures since the rise of the shale revolution. U.S. petroleum demand reached its highest level for June since 2005.

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