Oil Market Snapshot
Key factors: Iran struck a temporary deal with P5+1 in Geneva, WTI-Brent spread continued to widen to c. $15 on 20th November and USD strengthened against EUR. Petrologica’s world oil demand growth forecast revised downward, to 877,000 b/d for 2013 and 1.1 million b/d for 2014 on weaker EIA GDP prospects.LNG Market Snapshot
November saw four new additions to the world LNGC fleet (+ 477,800m3), now 364 vessels in total.Global LNG supply growth only 1.4% over the first 10 months of 2013 and down by 9% m-o-m (19.2mmt in October vs. 21mmt in September). Global LNG imports up 2.5% y-o-y but flattish sequentially in October, reflecting tight market conditions.Bright Lights, Big Cities - The Dream of East African LNG
Australia, Mozambique and Tanzania all plan to bring significant LNG capacity to the market by 2018, not all of which seems completely realistic. Mozambique offers a relatively stable regulatory framework but government's ambitions overshoot even the most optimistic IOC outlook. Tanzania still munches on the long awaited Gas Master Plan, with seemingly more constraints than incentives in the pipeline for private stakeholders. Australia, facing spiralling costs, may be less competitive on prices, but clearly knows how to secure key buyers under long-term contracts.
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