Oil is trading around $78.60 after falling more than 30c yesterday
The Brent prompt spread has climbed, reaching the highest level since October
Sanctions denting Russian oil trade to India (BBG)
Increased enforcement of US sanctions on Russian oil has forced some Indian refiners to look elsewhere for cargo
Russia is still the county’s primary supplier, but shipments from Saudi Arabia have jumped 22% this month compared to January
According to a refinery executive and a government official, Russia has been seeking payment in Yuan due to higher scrutiny by banks over trade in Dirhams
More Russian crude has been shipped to China as exports to India have fallen
Oil prices expected to remain near $80 (Reuters)
A Reuters survey of analysts and economists found that the median expectation is for Brent prices to average $81.13/Bbl in 2024, with WTI expected to average $76.54/Bbl
This is lower than last month's survey, which showed an expectation for WTI to average $77.26/Bbl
Natural gas prices trade modestly lower ahead of storage data amid a mild March outlook
April ’24 Henry Hub is down 2.7c this morning to trade around $1.858/MMBtu
The Summer ’24 strip is down 0.7c to $2.361, and the Winter ‘24/’25 strip is down 0.9c to $3.421
Today's Euro Ens indicates widespread cooling across nearly every region, maintaining the overall Lower 48 pattern, with next week expected to be the warmest since early winter
Lower 48 natural gas production rose by 0.14 Bcf/d overnight but fell sharply today by 0.84 Bcf/d to 100.86 Bcf/d, reaching a new winter low, with significant drops in the South Central and Appalachia (Criterion)
Sempra delays FID on Cameron LNG to 2025 amid US regulatory uncertainty (S&P)
Sempra Infrastructure postpones FID for Cameron LNG and Port Arthur expansions amid permit uncertainties
Cameron LNG terminal's fourth train expansion is now targeted for 1H 2025, diverging from the original 2024 goal to cut costs with CEO Bird expecting an FID
Whereas, the Port Arthur LNG project's phase two expansion lacks a clear timeline after the recent DOE freeze on permits, despite its potential to double the initial project's capacity by 13.5 Mtpa
The permits at issue for US LNG exports to non-Free Trade Agreement countries are suspended until the DOE updates its impact assessments, with the pause expected to last at least through the November presidential election
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