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First Look

September 13, 2019

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  • WTI is up 27c to $55.36/Bbl, and Brent is up 13c to $60.51/Bbl
  • Planned increase in US tariffs on $250 billion/yr of Chinese imports to 30% from 25% will be delayed by two weeks, President Trump said on Wednesday
    • Both the US and China each made small concessions on the planned tariffs
    • The delay could give negotiators some breathing room and also telegraph to the market that both sides are still working toward a solution
  • A new crude terminal on the Corpus Christi Ship Channel started the commissioning process that will add incremental export capacity on the Texas Gulf coast (Argus)
    • Plains All American Pipeline and Enterprise Product’s 50:50 joint venture called Eagle Ford Terminals Corpus Christi, received the first tanker at its new dock on September 10, according to the Port of Corpus Christi
    • AEGIS notes that the additional capacity comes as two new crude pipelines out of the Permian and headed to Corpus Christi have come online
  • Oil prices are set for the biggest weekly decline since July as the closely followed International Energy Agency (IEA) warned of a supply glut in 2020
    • The IEA said OPEC+ plus faces a significant challenge in managing the market in 2020 as production will surge from outside OPEC and its allies
  • Natural gas is down 0.2c to $2.572/MMBtu
  • The EIA reported a build of 78 Bcf compared to a 68-Bcf build for the corresponding week last year
    • Storage is now at 3.02 Tcf, a surplus of 393 Bcf compared to last year
    • Next week’s storage estimates are predicted to build by approximately 85 Bcf
  • Exelon’s Annova LNG has asked FERC to begin their Endangered Species Consultation
    • A Final Investment Decision is expected to be made in 4Q2019 for the 1.0 Bcf/d export facility
    • Commercial operation is anticipated sometime in 2024
  • LNG feed gas has maintained levels above the 6.0 Bcf/d threshold for the better part of the week
    • Flows were partially bolstered by Freeport exporting its second cargo from its first train