The Vitol-chartered vessel was shipping intermediate oil products including vacuum gasoil and fuel oil from Russia’s Taman port to New Orleans last week, according to a trading source and shipping data.
The loss of Freeport LNG has European LNG buyers and some U.S. shale producers reeling, while rivals Cheniere Energy and Sempra LNG rush to produce more LNG to offset the losses.
The fire that knocked out the Freeport LNG gas-processing and export terminal has not affected the increase in spot rates, he said. The plant is out of operation through at least month’s end.
Also on May 27, Iran summoned an envoy of Switzerland, which represents U.S. interests in Tehran, to protest against the Pegas oil seizure, the Iranian foreign ministry said.
Europe’s rejection of Russian natural gas could translate into a boom in infrastructure to meet demand.
An agreement to supply Europe with more LNG includes a pledge to reduce demand for oil and gas; but does it also mean a green light for Gulf Coast export terminals?
The changes come “in line with the significant growth in global trade, the improvement of ships’ economics, the Suez Canal waterway development and the enhancement of the transit service.”
Venture Global started producing LNG in January at Calcasieu, where it is installing 18 modular liquefaction trains to produce about 10 mtpa of LNG, equivalent to about 1.5 Bcf/d of natural gas.