LNG Market Snapshot
There have been 2 new additions to the global LNGC fleet, now at 374 vessels in total. The order book expanded to 121 units whilst spot charter rates are still weak amid vessel oversupply and limited spot cargo opportunities, a situation that is likely to endure in 2014.Oil Market Snapshot
We have slashed our Brent price forecast to $107.11/bbl for 2014 and $104.83/bbl for 2015. Geopolitical developments did not impact the recent price movements, as market participants focus again on fundamentals. We have trimmed our oil demand growth forecast to 1.04 million b/d for 2014 and 1.29 million b/d for 2015. Global supply continued to rise and total output hit 93 million b/d in July. Inventories rose for the sixth month in a row to 2,671 million bbl.LNG Market Snapshot
At least five new vessels entered the global LNG fleet in May and June. LNG demand remains tepid in Asia and South America and in Europe remains largely unaffected by the situation in Ukraine. Despite continuing decline in tanker rates, LNG Containerisation could drive up future LNG demand further and slash LNG shipping cost within a few years.
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