Nous avons mis à jour notre politique de confidentialité. Cliquez ici pour consulter les détails. Cliquez ici pour consulter les détails.
Activez votre essai gratuit de 30 jours pour accéder à une lecture illimitée
Activez votre essai gratuit de 30 jours pour continuer votre lecture.
Télécharger pour lire hors ligne
We enter 2021 on a note of cautious optimism for global health, the world economy, and the oil and gas markets. The first weeks of December brought approval in the US and the UK of the first of several COVID-19 vaccines. The speed with which vaccine development occurred is unprecedented, but certainly welcome. In the weeks following the early November announcement of 90+% effectiveness by the manufacturer of the first approved vaccine, the price of WTI crude oil increased by US$10/bbl to US$48/bbl, the highest level since early March. Sustainability hasn’t returned yet, and whatever time it takes to get the world to normal, it will take even longer for normalization within the oil and gas markets. Inventories remain at historically high levels and, optimistically, it will take until April before inventory returns to levels observed in the preceding five years. That’s an estimate, and there has obviously been some difficulty properly calibrating the expectations of how balance will return and how long it will take. In late November, OPEC met to adjust its output plans because of the anemic rebound in demand. In mid-December, the IEA lowered its demand forecast for 2021 due mostly to continued sluggishness in aviation fuel demand.
A mild winter has interrupted a recovery in North American natural gas prices after a run-up motivated by curtailed capital expenditures, upstream activity and production. After an initial meltdown, with cargo cancellations and dramatic price reversal, LNG markets have made a remarkable comeback, and the spread between Asia and Henry Hub has reached a level we haven’t seen in almost three years. It may be the case that interruption in FIDs has brought us to the cusp of a balance that can support reliable returns.
We enter 2021 on a note of cautious optimism for global health, the world economy, and the oil and gas markets. The first weeks of December brought approval in the US and the UK of the first of several COVID-19 vaccines. The speed with which vaccine development occurred is unprecedented, but certainly welcome. In the weeks following the early November announcement of 90+% effectiveness by the manufacturer of the first approved vaccine, the price of WTI crude oil increased by US$10/bbl to US$48/bbl, the highest level since early March. Sustainability hasn’t returned yet, and whatever time it takes to get the world to normal, it will take even longer for normalization within the oil and gas markets. Inventories remain at historically high levels and, optimistically, it will take until April before inventory returns to levels observed in the preceding five years. That’s an estimate, and there has obviously been some difficulty properly calibrating the expectations of how balance will return and how long it will take. In late November, OPEC met to adjust its output plans because of the anemic rebound in demand. In mid-December, the IEA lowered its demand forecast for 2021 due mostly to continued sluggishness in aviation fuel demand.
A mild winter has interrupted a recovery in North American natural gas prices after a run-up motivated by curtailed capital expenditures, upstream activity and production. After an initial meltdown, with cargo cancellations and dramatic price reversal, LNG markets have made a remarkable comeback, and the spread between Asia and Henry Hub has reached a level we haven’t seen in almost three years. It may be the case that interruption in FIDs has brought us to the cusp of a balance that can support reliable returns.
Il semblerait que vous ayez déjà ajouté cette diapositive à .
Vous avez clippé votre première diapositive !
En clippant ainsi les diapos qui vous intéressent, vous pourrez les revoir plus tard. Personnalisez le nom d’un clipboard pour mettre de côté vos diapositives.La famille SlideShare vient de s'agrandir. Profitez de l'accès à des millions de livres numériques, livres audio, magazines et bien plus encore sur Scribd.
Annulez à tout moment.Lecture illimitée
Apprenez plus vite et de façon plus astucieuse avec les meilleurs spécialistes
Téléchargements illimités
Téléchargez et portez vos connaissances avec vous hors ligne et en déplacement
Vous bénéficiez également d'un accés gratuit à Scribd!
Accès instantané à des millions de livres numériques, de livres audio, de magazines, de podcasts, et bien plus encore.
Lisez et écoutez hors ligne depuis n'importe quel appareil.
Accès gratuit à des services premium tels que TuneIn, Mubi, et bien plus encore.
Nous avons mis à jour notre politique de confidentialité pour nous conformer à l'évolution des réglementations mondiales en matière de confidentialité et pour vous informer de la manière dont nous utilisons vos données de façon limitée.
Vous pouvez consulter les détails ci-dessous. En cliquant sur Accepter, vous acceptez la politique de confidentialité mise à jour.
Merci!