China’s Liquefied Natural Gas Companies Increase LNG Sales to Europe
China’s state-owned Liquefied Natural Gas companies are making good money on liquefied gas surpluses, selling them to Europeans who are willing to pay anything for gas.
It makes sense: gas prices are going up, so Chinese energy companies are increasing their LNG sales to European buyers. It may seem that Moscow and Beijing have agreed on joint actions: Russia reduces gas supplies to the European market, which have become unpromising because of the Europeans’ desire to reject Russian gas, and thus raises the price of the “blue” fuel, and China takes advantage of the high prices to sell Europe the excess LNG that was formed because of the economic slowdown due to the outbreak of the pandemic and the energy crisis, and makes good money on it. Last year China became the main LNG importer on the planet, and this year demand from Beijing has already dropped by 20%.
Today, Europe has no alternative to liquefied natural gas. The scheme looks logical, but nevertheless it is erroneous, because Moscow and Beijing still act independently of each other in this matter and behave pragmatically.
According to Bloomberg, major Chinese energy state companies have been stepping up LNG sales to European buyers in recent weeks. The number of cargoes of American LNG for China, which Chinese companies resell to Europeans, is growing. Of course, it’s not just about American LNG. Now, for example, Chinese energy giant CNOOC has put up for sale a cargo of Australian oil from the Northwest Shelf field, due to arrive in November. There is no doubt that there will be plenty of buyers and they will all be from Europe, which has finally achieved its goal and is now virtually left without Russian gas.
Sinopec and PetroChina Co. also sell gas to Europeans. In the first eight months of this year, Chinese companies, according to the Financial Times, have already sold almost 4 million tons of liquefied gas, which amounted in the first half of the year to about 7% of Chinese consumption of “blue” fuel.
China has sharply increased its gas purchases from Russia this year. Over the last six months, the cost of importing Russian gas has increased by $15 billion: from $20 billion in March-August 2021 to $35 billion this year.
Thanks to growing supplies and LNG from Russia, the Celestial Empire has a surplus of it, which the Chinese do not need and can sell because of the slowdown in economic recovery.
We previously reported on the US economic slowdown in 2022.
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Turning to professionals can be more cost effective than doing everything yourself. Here are a few reasons it may be the best choice:
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Investors gravitate toward bear market after Fed decision
The consensus among investors is that the U.S. Federal Reserve will raise rates again before the end of the year and will not loosen its monetary policy until 2024, which is a bearish outlook for the stock market. So it’s important to be prepared for a drop in the S&P 500 and other indices.
That’s the prevailing view of about 350 respondents to the Instant MLIV Pulse survey after Wednesday’s Federal Open Market Committee meeting.
The findings contrast with the interest rate swap market, which is still struggling to gauge a rate cut this year. More than 70% of MLIV Pulse respondents said the Fed is not done raising rates yet. More than half said they expect the central bank to wait with its policy easing until next year.
The survey results are in line with Fed officials, but go against traders who estimated this year’s rate cut has led to lower Treasury yields.
Swap markets expect the Fed rate to peak at around 4.95% in May and then fall to about 4.2% in December.
Earlier we reported that the U.S. Department of Justice has begun investigating the collapse of Silicon Valley Bank.
Startups under threat worldwide after Silicon Valley Bank collapse
High-tech startups have been hit. Companies around the world are facing a fight for survival after the collapse of a major US investment bank, Silicon Valley Bank (SVB). There was a “huge disruption” in the industry globally, Bloomberg reported, citing market participants. The entire stock market, and the S&P 500 in particular, plummeted.
Startups under threat
The bankruptcy of the lending institution, in particular, affected the co-founder of startup Birdly Inc. Quang Hoang. The entrepreneur invested about $10 million in SVB and is still unable to repay the money four days after the bank was shut down by the California Department of Financial Protection and Innovation. However, the entrepreneur is far from the only one who has faced similar problems, the article specifies.
“Hoang was one of thousands of founders around the world this week trying to track down their money after days of chaos and who are completely rethinking the way they run their own businesses. Startups from Silicon Valley to London to Tel Aviv to tech hubs across Africa have depended on SVB as a one-stop store for everything from storing their fortunes to personal mortgages,” the story says.
Now investors and technology companies are predicting a complicated financial future for themselves, even if the bankrupt bank begins to attract deposits from customers under a new name. Many market participants faced a “financial payback” for their overreliance on the credit institution’s risky investment assets, the memo said.
On March 11, the California Department of Financial Protection and Innovation closed Silicon Valley Bank, a large investment bank based in Santa Clara County. All insured deposits from SVB were transferred to Deposit Insurance National Bank of Santa Clara. Depositors were expected to have access to their accounts by March 13.
Earlier we reported that the U.S. Department of Justice has begun an investigation into the circumstances of the collapse of Silicon Valley Bank.
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