April 5, 2021

April 5, 2021
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  • New COVID-19 infections in India surpassed 100k/d for the first time, spurring new lockdown measures
    • The new resurgence in infections has forced the capital city of Maharashtra, Mumbai, to impose new lockdowns as the western state accounts for nearly 60% of all India’s new cases
    • India is the world’s third-largest oil importer and consumer
  • Iran exports of crude, condensate, and oil products could easily reach 1.5 – 2.0 MMBbl/d in the coming months, according to Facts Global Energy Group (FGE)
    • China has been the primary buyer thus far, snapping up the heavily discounted crudes despite U.S. sanctions
    • China’s import statistics show very little volumes from Iran, but large increases in Oman are inconsistent with its export statistics, implying Iran may be circumventing crude through the country to avoid U.S. sanctions
  • Suez Canal authorities say the backlog of ships has been cleared (Bloomberg)
    • 422 vessels have passed through the canal since the downed tanker was cleared on March 29
    • AEGIS notes, prices have been undeterred by the Canal blockage. Since the vessel was freed, market participants have focused on the OPEC+ meeting, and increasing COVID-19 infection in Asia and Europe
  • Haynesville producers to gain access to the Gulf Coast market following the startup of Midcoast Energy’s CJ Express pipeline expansion project this week
    • The expansion adds over 100 miles of 36-inch greenfield pipeline
    • According to Midcoast, the project also improves gathering capabilities in the Shelby Trough area of the Texas Haynesville and increases capacity on Midcoast Energy’s East Texas Clarity Pipeline system to 1 Bcf/d
    • The additional pipeline capacity offered on CJ express could improve Carthage gas prices this summer, according to Platts
  • Venture Global LNG notified FERC that it is ready to flow gas on the pipeline that will supply its Calcasieu Pass LNG facility under construction in Louisiana
    • The company asked FERC to authorize it to place the pipeline in service by April 7, saying it needed the initial gas supply to commission the LNG terminal’s power generation facilities
    • The LNG facility has previously said it expects to ship its first LNG in late 2021, a year ahead of schedule

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