March 29, 2021

March 29, 2021
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  • At around 4:30am CT, the Suez Canal Authority said the downed vessel in the Suez Canal, the Ever Given, had been partially re-floated
    • The ships’ stem (bow) is still stuck, and will be harder to free, according to the salvage team responsible for clearing the obstruction
    • Around 96 tankers carrying oil, LNG, LPG, and other fuels have been affected by the Suez Canal blockage, according to Vortexa
  • Russia supports holding OPEC+ output stead, seeks small rise for itself (Reuters)
    • According to Reuters, the group is expecting a decision like last month, where most members held production steady except for Russia and Kazakhstan
    • AEGIS notes, the recent sell-off has likely strengthened the need for caution moving forward by the group
  • The Baker Hughes oil rig count gained six rigs to bring the total gas rig count to 324
    • The Permian basin added five rigs, while the Eagle Ford lost one rig, and the Denver-Julesburg rig count remained unchanged
    • The recent rig additions have helped the total oil-directed drilling rig count to increase by 152, from a bottom of 172 rigs during the week ending August 14, 2020 to 324 rigs during the week ending March 26, 2021
  • Cheniere Energy announced a Substantial Completion of Train 3 at its Corpus Christi liquefaction
    • Cheniere’s contractor Bechtel has turned over care, custody, and control of Trian 3 to Cheniere
    • Train 3 at Corpus Christi adds to the seven other liquefaction trains Cheniere operates along the Gulf Coast
    • AEGIS notes that Train 3 has been liquefying gas for some time now and has helped flows into U.S. LNG facilities recently reach record rates of near 12 Bcf/d
  • The Suez Canal blockage has had minimal impact on the LNG market, according to shipping brokerage SSY
    • LNG vessels have only had minor delays due to the blocked ship Ever Given
    • “The favored LNG route that travels through the Suez originates in the Arabian Gulf to moves to Northwest Europe. An approx. two-day delay could be eliminated by a simple speed adjustment. So at this point in time, the LNG market remains relatively calm, “ said Toby Dunipace, Head of Gas shipping at SSY

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