DAILY ENERGY REPORT
US LNG exports, Russian and Saudi oil exports to China, Russia’s fuel exports and global demand, Asian buyers and long-term LNG contracts, IRENA’s view on renewables, and more
CHART OF THE DAY: US LNG Exports By Destination
Summary:
Figure (1) above shows US LNG exports by destination (region), and the upward trend in recent years as more LNG terminals came online.
EOA’s Main Takeaway:
The most important update is that US LNG exports to Europe have increased. As we discussed in recent reports, US LNG now makes up 50% of total EU LNG imports. The hurricane season in the US has started, and it remains to be seen how this will affect LNG exports from the Gulf of Mexico to Europe.
STORY OF THE DAY: The WSJ underestimated the cost of shipping and exaggerated the Russian price discount by using data from different periods.
WSJ: Russia Set to Overtake Saudi Arabia in Battle for China’s Oil Market
Summary:
The Wall Street Journal wrote today that Russia is on the verge of supplanting Saudi Arabia as the biggest oil supplier to China. However, the report noted that in April, Saudi crude exports to China were briefly overtaken by Russia, before Saudi Arabia reclaimed the first spot. "Now the two are roughly even again, and analysts say all signs point to Russia pulling ahead—and then extending its lead in China in coming months," WSJ wrote.