LNG Market Snapshot
February saw 1 new addition to the global LNGC fleet, now at 366 vessels in total and the order book expanded by 2 vessels to 107 units. The bulk of new vessel deliveries is scheduled for 2Q and 3Q 2014. Atlantic and Pacific LNG demand remains exceptionally strong , resulting in LNG prices up to US$20.5/mmBtu for April deliveries. Spot charter rates continue to soften as limited spot cargo availability reduces activity; the situation is likely to endure in 2014.Oil Market Snapshot
Brent SPOT hit the $110/bbl level in February mainly on low inventories and weaker supply, but these factors may ease a little through the year as non-OPEC production improves. We still look for solid growth in global oil demand this year, 90% driven by non-OECD countries. OECD oil demand growth will increase slightly in 2014, on our projections, and accelerate in 2015 in line with the IMF’s economic outlook. We revise our Brent price upwards for 2014 and 2015, reflecting the supportive global demand.Hopes For an Easter Miracle in Mexico
Pemex’s oil production from ageing onshore and shallow water fields continues to decline due to lack of financing and fresh investments. Oil exports to the US are also in decline. Deepwater Mexico offers realistic and significant potential as new energy reforms come into effect in April this year. A number of IOCs are already queuing up.
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