“The global gas market is still extraordinarily oversupplied,”....

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hindmost

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16/06/20

18:03

Post #: 45257620
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Originally posted by pureau: ↑

Brokers in general have had sxy at a higher price point, and i totally agree, however this will not change the facts and perceptions around oil and gas being subdued.
below is what people are reading and seeing...
exports of natural gas are being hit by a global supply glut and the coronavirus crisis destroying demand, with dozens of cargoes either anchored offshore or idling at sea as Asian buyers delay deliveries.While oil prices begin showing signs of recovering from historic lows, traders and analysts say the worst may be yet to come for the gas industry as demand collapses in key Asian markets and storage facilities approach capacity. Unlike the world’s major oil producers, many liquefied natural gas (LNG) exporters are yet to curtail output, meaning the fallout could be longer and more severe than oil’s crash.“The global gas market is still extraordinarily oversupplied,” said Graeme Bethune of Australian consultancy EnergyQuest. “And that pressure is now intensifying.”…Australian LNG exports fell by seven cargoes in May as Asian buyers delayed deliveries and sought to minimise contract purchases.It is estimated that 41 cargoes of Australian LNG were either anchored offshore, sailing around in circles or travelling at slower speeds while they await destination instructions..

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“The global gas market is still extraordinarily oversupplied,”. Hmmmm. There isn't a gkobal gas market. Gas has quite different prices in different places, depending on how those places are supplied. Falling demand in a part of Asia for example can adversely affect companies exporting LNG to that part of Asia, but it will have little or no effect on companies selling mainly to E coast Aus.

SXY Price at posting: 25.5¢ Sentiment: Buy Disclosure: Held
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