Drastic measures being taken by governments in Europe to stop the spread of the coronavirus are likely to impact natural gas consumption on the continent, which has been a major destination for liquefied natural gas (LNG) supplies, particularly those exported from the United States.
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In another sign of the impact on energy demand from the worldwide coronavirus, the Organization of the Petroleum Exporting Countries (OPEC) on Thursday recommended that members reduce global crude output through the end of the year, with an additional adjustment through June.
U.S. liquefied natural gas (LNG) exports bounced back during the week ending Feb. 26 as 18 vessels departed carrying 69 Bcf, according to the Energy Information Administration (EIA).*
Oil futures and stock markets fell sharply Monday as reports of new cases of the coronavirus outside of China raised fears over the potential impacts of the outbreak on global economic activity.
The coronavirus reasserted its influence over the Lower 48 oil price outlook Monday as reports of new cases of the disease outside of China stoked fears both at home and abroad over the outbreak’s impact on global economic activity.
China said Tuesday it would offer tariff exemptions for hundreds of U.S. goods, including crude oil and liquefied natural gas (LNG), as part of efforts to ease trade tensions.
The International Energy Agency (IEA) has cut its oil demand growth forecast for the year as the coronavirus outbreak in China continues to take a toll on the global economy.
The global natural gas market is grappling with demand loss in China that’s resulted from the coronavirus outbreak, as spot prices in Northeast Asia have continued to tumble, more ships are idling, and buyers and sellers are trying to find a place for deferred cargoes.
The effect of the spreading coronavirus has so far been “marginal,” according to U.S. Energy Secretary Dan Brouillette, and longer term impacts depend in large part on the actions of the Chinese government.
Global energy markets are struggling to gauge the potential impacts of the coronavirus, which has continued to spread rapidly, raising the specter of what could be a major demand disruption at a time when worldwide oil and natural gas supplies are abundant.