Subscribe free to our newsletters via your
. Space Industry and Business News .




OIL AND GAS
Benteck says gas demand could drive prices higher
by Daniel J. Graeber
Washington (UPI) Aug 27, 2014


Chinese economy slowing, oil demand declines
Singapore (UPI) Aug 27, 2014 - The decline in how much oil China needs is a reflection of a slowdown in its economy, analysis from Platts said Wednesday.

Apparent oil demand, a reflection of how much oil goes into domestic refineries combined with net oil product imports, decreased 2.1 percent in July year-on-year. From June, apparent oil demand dropped 6.2 percent to 9.61 million barrels per day.

"The weakness in China's oil demand reflects the ongoing slowdown in its economy," James Bourne, Platts associate editorial director for Asia news, said in an emailed statement.

That's in contrast to the Organization of Petroleum Exporting Countries, which said in its latest monthly oil market report Chinese oil demand should increase another 3.8 percent during the fourth quarter of the year.

Asian economies are growing at a faster rate than other major markets. OPEC said in a 97-page annual report published earlier this year that oil demand should increase most notably in China, Thailand and Indonesia.

OPEC said commercial oil inventories in China fell by 4.9 million barrels in June because of an 8 percent decline in imports and 1.4 percent decline in domestic oil production.

Emerging and recovering demand for natural gas in North American could translate to an end to the era of cheap energy resources, a forecast shows.

Bentek Energy, a forecasting unit of energy reporting group Platts, said non-traditional and recovering sources of gas demand could pass the 5 million cubic feet per day mark by 2019.

These new sources of demand, from new export facilities for liquefied natural gas to more gas-fired power plants, could be a driver in a future North American shale market.

Rocco Canonica, lead author of a 50-page report on demand, said the trends show an era where cheap energy reserves sourced from shale basins in North America may be drawing to a close.

"If demand growth reaches its full potential, we could expect a tighter U.S. market and upward price pressure," he said in a statement Wednesday.

The American Petroleum Institute, which represents the interests of the energy sector, said the U.S. economy would be better off with more natural gas production, particularly if producers could tap into export markets.

A 2012 report from NERA Economic Consulting said there would be "net economic benefits" from exports.

.


Related Links
All About Oil and Gas News at OilGasDaily.com






Comment on this article via your Facebook, Yahoo, AOL, Hotmail login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle








OIL AND GAS
Exxon agrees to $1.4 million oil spill settlement
Washington (UPI) Aug 27, 2014
ExxonMobil Pipeline Co. agreed to pay $1.4 million to resolve issues stemming from a 2012 oil spill in Louisiana, the Justice Department said. Around 2,800 barrels of oil spilled from the so-called North Line near Torbert, La., in April 2012. On top of costs incurred for cleanup and repairs, the company agreed to the payment to settle an alleged violation of the Clean Water Act. ... read more


OIL AND GAS
Photon speedway puts big data in the fast lane

New EIAST Primary Sat Fab Facilities Ready Soon

Russia to develop scavenger to collect cosmic debris by 2025

Laser makes microscopes way cooler

OIL AND GAS
Harris' tactical manpack radio gets NSA certification

General Hyten takes control of AFSPC

Saudis seek to upgrade AWAC planes

ADS will bid for USAF order for commercial satellite bandwidth

OIL AND GAS
Sea Launch Takes Proactive Steps to Address Manifest Gap

SpaceX rocket explodes during test flight

Russian Cosmonauts Carry Out Science-Oriented Spacewalk Outside ISS

Optus 10 delivered to French Guiana for Ariane 5 Sept launch

OIL AND GAS
Update on Galileo launch injection anomaly

Experts probe launch failure for EU's satnav project

Galileo navigation satellites lose their way in space

Arianespace serves the Galileo constellation

OIL AND GAS
China Southern swings to net loss in first half

MH370 may have turned south 'earlier' than thought

First of 3 upgraded aerial tankers returned to France

F-35 hanger construction work contracted by Navy

OIL AND GAS
Ferroelectric Materials Suffer Unexpected Electric Polarizations

Electrical engineers take major step toward photonic circuits

'Cavity protection effect' helps to conserve quantum information

Could hemp nanosheets topple graphene for making the ideal supercapacitor?

OIL AND GAS
NASA Rainfall Satellite Out Of Fuel, but Continues to Provide Data

Analyzing Snowfall Data for GPM

How much do climate patterns influence predictability across the United States?

NOAA analysis reveals significant land cover changes in US coastal regions

OIL AND GAS
Leading scientists call for a stop to non-essential use of fluorochemicals

Trash burning worldwide significantly worsens air pollution

Black carbon linked to cardiovascular health

Mexico closes 80 schools after chemical leak




The content herein, unless otherwise known to be public domain, are Copyright 1995-2014 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement All images and articles appearing on Space Media Network have been edited or digitally altered in some way. Any requests to remove copyright material will be acted upon in a timely and appropriate manner. Any attempt to extort money from Space Media Network will be ignored and reported to Australian Law Enforcement Agencies as a potential case of financial fraud involving the use of a telephonic carriage device or postal service.