President Trump calls out OPEC in U.N. assembly speech Global...

President Trump calls out OPEC in U.N. assembly speech

Global benchmark crude futures notched another settlement at a four-year high Tuesday, as U.S. crude prices rise for third consecutive session but eased back from the session's best levels.

U.S. crude prices posted a gain for a third consecutive session, but eased from the session highs as President Donald Trump at the United Nations assembly reiterated calls on the Organization of the Petroleum Exporting Countries to lower oil prices and said the U.S. would take action if it didn’t.

Trump’s U.N. address partly explains the move in WTI, said Alfonso Esparza, senior market analyst at Oanda, pointing out this line in the president’s speech: “The United States stands ready to export our abundant, affordable supply of oil, clean coal and natural gas.”

Natural gas ended at its highest since January. October natural gas settled at $3.082 per million British thermal units, up about 1.5%.

www.marketwatch.com/story/brent-oil-extends-climb-to-4-year-high-while-us-crude-set-for-longest-streak-of-gains-in-2-months-2018-09-25


China’s Sinopec Corporation has completed the first construction phase at its Tianjin LNG terminal with the addition of a third storage tank.

The facility was put into operation in February with a capacity to handle 3 million tons of the chilled fuel which is equivalent to 4 billion cubic meters annual supply capacity.

During the year, the facility has already received 22 cargoes totaling 1.46 million tons of LNG.

The company delivered 1.46 billion cubic meters of gas via pipeline so far, adding that further 339,000 tons via trailer trucks. Tianjin LNG facility is connected to the Shandong natural gas pipeline network.

The addition of the third storage tank comes following the government’s call to the industry to boost storage capacity in order to cope with the upcoming winter demand.

Sinopec has two more terminals in operation, the Beihai LNG terminal and the Qingdao facility.

www.lngworldnews.com/sinopec-completes-third-tank-at-tianjin-lng-terminal/


Production of liquefied natural gas (LNG) in Russia could jump to 83 million tons per year by 2035, according to the energy ministry’s Alexander Gladkov.

Speaking during an energy conference, the head of the energy ministry’s oil and gas production and transportation department, said the country’s production capacity could be increased from the current 21 million tons per year, TASS reports.

He added that the ministry is focused on providing incentives to aid the industry’s development, saying that potential approaches are being considered in order to stimulate the industry.

Currently, the country has a 4 to 5 percent share in the global LNG market. He noted that by 2035 this share could be bumped significantly up to 15 to 20 percent.

The 21 mtpa of LNG Russia currently exports are produced by two projects, the Sakhalin II project operated by Sakhalin Energy, a joint venture between Gazprom, Shell, Mitsui and Mitsubishi, and the Novatek-operated Yamal LNG.

www.lngworldnews.com/russias-annual-lng-production-capacity-to-hit-83-mtpa-by-2035/