Hormuz LNG Flows Still Down More Than 75% Despite Rebound
Hormuz LNG Flows Still Down More Than 75% Despite Rebound What I Cover Tsvetana Paraskova is an energy and commodities journalist who has contributed to Oilprice.com for nearly a decade, covering global energy markets, commodities,… LNG traffic at the Strait of Hormuz appears to be ticking up despite increased threats to shipments in the chokepoint in recent days.
At least three LNG carriers have transited the Strait of Hormuz outbound since the end of last week, tanker-traffic data compiled by Bloomberg and Kplershowedon Monday.
The increase in LNG shipments extends the rebound in transits in September, but the flows of liquefied natural gas remain over 75% below the levels seen before the Iran war.
UK Maritime Trade Operations (UKMTO), which is affiliated with the Royal Navy,reportedan attack on a tanker in the Strait of Hormuz on Sunday, which was the eighth such report of a vessel hit by an unknown projectile in the past week.
In September, 21 LNG cargoes are estimated to have exited the Strait of Hormuz, thehighest monthly numbersince the Iran war began, yet well below pre-war levels, shipping data compiled byReutersshowed on Friday.
Shipment analytics firm Kpler has estimated that 21 cargoes managed to squeeze last month through the chokepoint, which handled one fifth of global LNG supply before the war.
In pre-war times, three LNG cargoes per day were regularly exiting the Strait of Hormuz.
Most LNG carriers are traveling in dark mode through Hormuz, making tracking trickier than ever and further complicating estimates about flows and global supply balances.
Qatari and UAE cargoeshave managed to transitthe Strait of Hormuz in recent weeks, but volumes are too low to move the needle of the global LNG balance.
The choked LNG flows from the Middle East in the past six months sent September gas prices in Asia and Europe to thehighest since the 2022-2023energy crisis, as buyers are competing for available supply that doesn’t need to move through the Strait of Hormuz.
Diesel Margins Slide as G7 Announces 100 Million Barrel Stocks Release What I Cover Tsvetana Paraskova is an energy and commodities journalist who has contributed to Oilprice.com for nearly a decade, covering global energy markets, commodities,… Saudi Arabia Cuts Europe Off From October Crude as Gulf Exports Surge White House Weighs Defense Production Act as U.S.
Refineries Maxed Out Saudi Arabia Discovers 110 Million Tonnes of Uranium-Bearing Ore Strait of Hormuz Shipping Traffic Falls Further as Saudi Oil Flows Rise Macron Calls for Another Emergency Oil Release as Europe Loses Supply Energy Giants Are Betting Billions on a World of Longer Oil Routes Oil Above $100 Pushes U.S.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
Comments
Post a Comment