Friday, February 1, 2019
Energy, Petrochemicals and Plastics 3
1 Exclusive: Qatar, Exxon to proceed with $10 billion Texas LNG project https://www.reuters.com/article/us-global-lng-golden-pass-exclusive-idUSKCN1PQ4OZ
Qatar Petroleum and Exxon Mobil Corp are expected to announce plans next week to proceed with a $10 billion project that will expand a liquefied natural gas (LNG) export facility in Texas, three people familiar with the transaction said.
2 Oil Price Fundamental Daily Forecast – OPEC-led Cuts Underpinning Prices; China Deal Will Spike Prices Higher
https://www.fxempire.com/forecasts/article/oil-price-fundamental-daily-forecast-opec-led-cuts-underpinning-prices-china-deal-will-spike-prices-higher-550313
The price action clearly indicates that the next major move in crude oil will be fueled by the outcome of U.S.-China trade relations. Simply stated, a deal has to get done by the self-imposed March 1 deadline or President Trump is likely to impose stiffer penalties on China. This is likely to lead to further weakness in China’s economy, which could eventually spread to the global economy.
3 OPEC oil output drops on Saudi cut, outages and sanctions
https://ca.finance.yahoo.com/news/opec-oil-output-drops-january-saudi-cut-outages-124114858–finance.html
OPEC oil supply has fallen in January by the largest amount in two years, a Reuters survey found, as Saudi Arabia and its Gulf allies over-delivered on the group’s supply-cutting pact while Iran, Libya and Venezuela registered involuntary declines.
The 14-member Organization of the Petroleum Exporting Countries has pumped 30.98 million barrels per day (bpd) this month, the survey showed on Thursday, down 890,000 bpd from December and the largest month-on-month drop since January 2017.
4 Mexican Oil at a Crossroads | Rigzone
https://www.rigzone.com/news/mexican_oil_at_a_crossroads-29-jan-2019-158030-article/
Having taken office, President Andres Manuel Lopez Labrador has both challenge and opportunity with regards to setting policy for the Mexican oil industry. Historically, policy has been driven by nationalist sentiments and a preference for government over private ownership, both of which have had some negative consequences. Recent reforms have already achieved significant results and should be furthered, but it appears he will not do so.
5 Natural Gas Price Fundamental Weekly Forecast
https://www.fxempire.com/forecasts/article/natural-gas-price-fundamental-weekly-forecast-mixed-forecast-for-feb-5-9-keeping-traders-guessing-549361
Forecast: The hang-up for traders is the forecast for a milder trending pattern February 5 to February 9, which sees less cold air across the northern U.S. The European model see colder temperatures during this time period.
Next week’s direction will be determined by how this time period plays out. We’re likely to see a sideways, choppy trade if the forecasts continue to clash. The market is likely to turn bullish if the forecasts point to increased demand. We could revisit recent lows if both forecasts turn bearish.
6 East Med Energy: Restoring Squandered Opportunities
https://www.naturalgasworld.com/east-med-energy-opportunities-67121
At beginning of this decade, natural gas prospects in the Eastern Mediterranean generated geopolitical optimism about potential new patterns of regional cooperation that might catalyze a Cyprus settlement, improve Arab-Israeli relations, and provide new gas supplies for Turkey and the EU. Natural gas projects do indeed appear to be reinforcing new strategic triangles among Israel, Cyprus, and Egypt as well as Israel, Cyprus and Greece. Turkey, however, risks being left out of the strategic mix. By using energy as a uniting factor, the European Union has a chance to play a catalyzing role in resolving the Cyprus Question and improving Turkey-EU relations, similar to the role of the US in the Southern Corridor.
7 Pemex to hold restricted tender for $8-bln refinery
https://www.theoilandgasyear.com/news/pemex-to-hold-restricted-tender-for-8-bln-refinery/
Mexican NOC Pemex will hold a restricted tender to choose a company to build the 340,000-bpd Dos Bocas refinery in the state of Tabasco, local media reported Tuesday.
“It will be a restricted tender because we are going to invite serious specialist companies,” local newspaper Excelsior cited Secretary of Energy Rocío Nahle as saying to audiences at an oil and gas conference in Mexico City. “We are avoiding international companies that have a history of corruption.”
