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Stephen Stapczynski Profile picture
@SStapczynski
Jan 30, 2022 • 7 tweets • 3 min read • Read on X
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New England is getting walloped by another snow storm, and the region is again depending on dirty oil-fired power 🇺🇸🛢️

Oil consumption has been way above normal over the last month as some generators switch from gas, which has surged in price

bloomberg.com/news/articles/… Image
New England power generation by source 👇

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 Image
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 Image
To understand why New England has to import expensive LNG, look no further than this picture of their pipeline system

Via @DoombergT

doomberg.substack.com/p/new-england-… Image
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

In conclusion:
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 Image

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More from @SStapczynski

Stephen Stapczynski Profile picture
Aug 30
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

A thread 🧵
bloomberg.com/graphics/2024-…
Image
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

How does Japan, a country with little resources of its own, spearhead a fossil fuel industry?

They agree to buy the gas. And a lot of it

Japan’s long-term purchase agreements underpinned many LNG export projects

The first LNG cargoes from Qatar to Australia went to Japan Image
Read 23 tweets
Stephen Stapczynski Profile picture
Aug 17
Malaysia founded the oil & gas giant Petronas 50 years ago today, adding to a wave of countries nationalizing lucrative fuel supplies 🇲🇾 🛢️

Here is a short thread of about the creation of Petronas, one of the most important and influential Asian fossil fuel producers🧵
Shell discovered Malaysia’s first oil well in 1910

(Shell first commenced operations in Malaysia in 1891)

“The Grand Old Lady” produced for decades, and put Sarawak on the map Image
Over the next 50 years, Shell was busy

👉 They Built Malaysia’s first refinery in 1914

👉 Installed the first petrol pump in Kuala Lumpur in 1921

👉 And in the 1960s accelerated offshore exploration Image
Read 13 tweets
Stephen Stapczynski Profile picture
Aug 5
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

bloomberg.com/news/articles/…
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 Image
Read 13 tweets
Stephen Stapczynski Profile picture
Jun 27
The dark horse of US LNG 🇺🇸🐴

A decade ago, an ex-banker & lawyer were driving across Texas in a rental car trying to raise money for an LNG export project

Today, they're the billionaire owners of Venture Global ensnared by politics and angry customers
bloomberg.com/news/features/…
For nearly half a century, the LNG industry was dominated by petrostates and Big Oil

The shale boom upended that, shifting the advantage to the US and opening the door to entrepreneurs, like Venture Global

These outsiders propelled the US to become the world's top LNG exporter Image
First on the scene was Charif Souki, a little-known name at the time who founded Cheniere, the top US LNG exporter. He was ousted in 2015

Souki then founded Tellurian but struggled to capture lightning in a bottle a 2nd time. Now he owes lenders millions
bloomberg.com/news/articles/…
Read 20 tweets
Stephen Stapczynski Profile picture
May 5
How US sanctions are strangling Putin’s ambitions to grow LNG exports
🇺🇸 🥊🇷🇺

Arctic LNG 2 has been ready to start exports for months

And yet it sits virtually idle, the first piece of Russia’s energy complex to be halted by US restrictions

A thread 🧵

bloomberg.com/news/articles/…
Some background:

🚢 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 Image
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 Image
Read 20 tweets
Stephen Stapczynski Profile picture
Mar 3
HOW LNG IS MAKING QATAR RICH 🇶🇦🚢

The Gulf nation of Qatar is setting itself up to control about a quarter of all liquefied natural gas production by the end of the decade -- and with it, a growing share of the world's wealth and influence

A thread 🧵

bloomberg.com/news/features/…
Image
Qatar unveiled last week plans to boost LNG export capacity another 13% on top of previously announced projects, together lifting production from 77 million tons/year to 142 million tons by 2030

This will make the rich nation (with a population of just 2.7 million) much richer Image
So how did Qatar even get here?

Time for a (simplified) history lesson…

Fifty years ago, Qatar was largely seen as a fossil-fuel backwater compared with its Persian Gulf neighbors Kuwait, Saudi Arabia and the UAE
Image
Image
Read 47 tweets

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