The yellow line is oil. In the last few weeks, it has often surpassed cleaner nuclear and is a hair below natgas
Oil generators were producing more than 4.2GW on Thursday, accounting for 25% of power supply. Thats the highest since 2018
Prior to the storm, the liquefied natural gas tanker Cadiz Knutsen anchored in Massachusetts Bay. New England relies on overseas LNG imports to meet heating needs
But LNG shipments are way way more expensive than pipeline gas. Like 10-times more expensive
To understand why New England has to import expensive LNG, look no further than this picture of their pipeline system
Snowfall in Boston equaled the one-day record of 59.9cm set in 2003, according to AFP. While the town of Sharon recorded the highest snowfall by 8.30pm on Saturday with more than 76cm
Meanwhile, these guys just looking for an open Dunkin
US natural gas prices jumped as much as 9% this morning in Asia as the blizzard increases demand for heating/power
The March-April spread, known as the widowmaker due to its volatility, surged to the highest since Dec. 1, signaling fear of a supply crunch when winter ends
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END OF AN ERA: Russia's oldest gas export route to Europe halted
For over five decades, Europe benefited from a steady flow of Russian gas via pipelines in Ukraine. That deal has now expired
While that won't trigger shortages in Europe, it does mark a historic shift
Thread🧵
In the midst of the Cold War, the first large-scale pipeline to export Russian gas via Ukraine was completed in 1967
The USSR wanted to trade/profit with the capitalist West, while also exerting soft power. Meanwhile, the West needed fuel to feed their growing industries
The first deal between the USSR and a Western Europe nation was with Austria's OMV in June 1968
This makes sense, given Austria's ties with the USSR and its neutral position during the Cold War. But the 23-year deal to buy Russian gas was the first of several dominos to fall
How Japan ignored climate critics and built a global natural gas empire
🇯🇵❤️🚢
Every six hours, somewhere in the world, an LNG shipment controlled by a Japanese company leaves a port. However, these tankers are only the tip of the iceberg
Japan began importing LNG in 1969 (see attached thread about that)
Over the last 50+ years, the Japanese government and its companies have worked together to unlock new supplies from Brunei and Malaysia to Indonesia and Russia
An LNG tanker docked at a sanctioned Russian facility has no insurer, is managed by a little known Indian company and is pretending to be somewhere else
🇷🇺🚢
This is how Russia is trying to circumvent US measures against its new Arctic LNG project 🧵 bloomberg.com/news/articles/…
Russian gas/LNG had largely avoided sanctions since the 2022 invasion of Ukraine
That changed in Nov 2023, when the US imposed sanctions against the new Arctic LNG 2 project
While the facility began production in December, no LNG has been shipped as restrictions kept foreign companies away and stopped delivery of the specialized, ice-ready carriers
This was a key area where Western sanctions actually had a tangible impact on Russia
🚢 Russia has long sought to increase its share of the global LNG market, but the war and the subsequent sharp drop in pipeline gas Europe have reinforced the importance of these ambitions
Moscow wants to expand LNG output three-fold by 2030
Enter Arctic LNG 2, a massive complex which would boost Russia’s LNG exports by 60%
The primary mission was to develop new LNG customers in East Asia by sending fuel across the Northern Sea Route, using enormous icebreaker vessels to traverse the frozen waters