March 30, 2021

March 30, 2021
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  • OPEC expects the global stocks surplus to be mostly depleted in the next three month -Bloomberg
    • The group expects oil inventories will stand 3 MMBbl/d above their five-year average by the end of June
    • According to OPEC’s calculations, stockpiles will be 35 MMBbl/d below the five-year average by July
    • Those estimates assume the OPEC+ alliance increases production by 1.4 MMBbl/d in May. Still, the group is widely expected to maintain its output limits for another month
  • Traffic resumed through the Suez Canal on Monday, March 29, after the Ever Given vessel was successfully refloated
    • It may take four days for traffic to return to normal, according to Suez Canal authority officials
    • Around 90 tankers carrying oil, LNG, LPG, and other fuels are still stuck or delayed, according to Vortexa
    • AEGIS notes oil prices have retreated this morning as traffic has resumed. The closure was the longest since 1967
  • Iran exports to China reached a new high in March (Reuters)
    • Nearly 1 MMBbl/d of Iranian crude could arrive in China this month, in contrast with previous monthly import rates of 490 MBbl/d in February and a record 797 MBbl/d in January
    • AEGIS notes the increase comes at a peculiar time when demand worries are mounting, and OPEC members are vying for output increases. OPEC+ will meet to discuss its policy moving forward, and Iran will likely be a topic of discussion
  • The Driftwood Pipeline expansion offers Haynesville enhanced destination access (Platts)
    • The company announced on March 39 the start of a binding open season for its proposed Line 200 and Line 300 expansion projects
    • The expansion is planned to connect with 12 existing interstate and intrastate pipelines
    • Phase 1 of the project would originate at a proposed interconnect with TETCO near Ragley, Louisiana, moving gas 37 miles southwest to a termination point at Carlyss, Louisiana.
      • The 42-inch pipe would transport up to 2.4 Bcf/d with service expected to begin September 2024
  • U.S lawmakers from North Dakota are urging FERC to authorize WBI Energy Transmission’s North Bakken Expansion project by the regulator’s next monthly meeting
    • The senators are contending the 60-mile, 250 MMcf/d project has the potential to cut methane emissions
    • If the project is approved, it will provide incremental firm capacity from six gas processing plants to a proposed interconnect with Northern Border Pipeline Company (S&P Global)
    • According to the North Dakota Industrial Commission, Bakken flaring averaged 170 MMcf/d from November 2020 through January 2021


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