Commodities and financial markets spent the past week watching for progress in US-China trade talks, but there was no firm outcome ahead of a May 10 deadline, leading to a further escalation of US-imposed tariffs. Without a resolution, a scheduled hike in tariffs kicked in on US imports of $200 billion worth of Chinese goods, from 10% to 25%. Talks were expected to resume on Friday, May 10, but China is now mulling the details of its promised response. The US LNG sector could be hit hard by the ongoing dispute between the world’s two biggest economies. Export project developers in the US had previously looked to China as a key driver of demand growth – and a source of financing – but the deterioration in trade relations means marketers are having to search for other buyers. Nevertheless, the US’ largest LNG exporter, Cheniere, said on May 9 that it remained confident it could commercialize its 9.5 million mt/year Corpus Christi Stage 3 project “with or without China”. Aside from these issues, global gas markets continue to monitor new LNG project start-ups. The Cameron LNG facility was expected to start production within days, an executive at co-owner Sempra Energy said… continue reading
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Source: CTRM Center