Posted on 12/16/2022 6:50:01 AM PST by SpeedyInTexas
European natural gas inventories fell by -163 BCF over past week.
EU nat gas storage 86% full.
Current inventories at 3304 BCF.
(Excerpt) Read more at celsiusenergy.net ...
15% of US nat gas expected to go through the Freeport terminal. Feds seem to be slowing Freeport’s getting online demanding more and more safety info. Once Freeport starts moving gas to Europe then domestic prices should soar. LNG ships are already positioned offshore waiting to be filled.
Putards are crushed that Europeans are not freezing to death yet..
As long as europe continues to buy their Russian oil and gas through the middle east or asia, they should be fine.
“FSRU arrives in Wilhelmshaven ahead of opening of Germany’s first LNG terminal”
“A floating storage and regasification unit (FSRU) has arrived in Wilhelmshaven, marking an ‘important milestone’ shortly before the opening of Germany’s first LNG terminal.
On 15 December, German energy company Uniper confirmed the arrival of the Höegh Esperanza, the designated FSRU for the Wilhelmshaven LNG terminal which is scheduled for opening on 17 December 2022.”
Oil can be sent around the world and disguised.
Gas not so easily.
Most gas goes by pipeline.
Gas as LNG can’t be sent ship-to-ship to disguise it.
Correct; here’s another article on that (free link):
OilPrice.com reports: “Russia is shipping crude oil to India under the price cap mechanism on tankers insured by Western companies, in an early sign that Russia is not cutting off crude supply that complies with the G7 price cap of $60 per barrel, the Financial Times reported on Friday, citing its own analysis of insurance and shipping data.”
U.S. Begins SPR Repurchase Program As Oil Prices Crash
By Julianne Geiger - Dec 16, 2022 (https://oilprice.com/Latest-Energy-News/World-News/US-Begins-SPR-Repurchase-Program-As-Oil-Prices-Crash.html )
“The U.S. EIA reported that 4.7 million barrels of crude oil left the Strategic Petroleum Reserves in the week ending December 9 (they are still releasing), but now the United States has started the process of refilling the nation’s SPR.” (with a first purchase of 3 million barrels, for February delivery)
“While 3 million barrels is a far cry from the 211 million barrels released so far this year, the gesture could be seen by some in the industry as proof that the Biden Administration intends to keep its work (word?) to refill when prices fall below $70 per barrel”
Other fun facts: “U.S. oil drilling activity has fallen for two weeks in a row, according to the most recent Baker Hughes data, with 620 oil rigs in operation in the United States. It is about 100 rigs more than what was in operation when Russia invaded Ukraine earlier this year, but more than 220 rigs shy of what was in operation before the pandemic started in 2019.”
Germany is going through their reserves at a record rate. A dearth of wind and solar during a high pressure cold snap is causing them to have to use natural gas reserves to make electricity to keep the lights on. They did not count on this.
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