Oil and gas Markets Where to from Here? Shale Gas and an Interplay with Coal
|
|
- Pearl Anna Lawson
- 5 years ago
- Views:
Transcription
1 Oil and gas Markets Where to from Here? Shale Gas and an Interplay with Coal A Wood Mackenzie Presentation Prepared for the Platts Pipeline Development and Expansion Conference by Edward M. Kelly Vice President, N Am. Gas and Power September 23, 2010 Houston
2 The New Big Picture North American Gas Market Overview Gas is Available in Any Feasible Quantity at a Moderate Price But It s Not $4.50. Short-Term: Through early 2012 Weighted by sluggish economic recovery and supply strength; coal displacement continues to influence the gas market Mid-Term: Late With an increasing call on production as demand growth resumes, there is potential for growing pains as the market transitions from retrenchment to expansion; prices rise to the $ $7 range. Long-Term: 2016 and Beyond Consistent demand growth appears likely, with the pace of growth shaped by coal retirements, potential carbon legislation and long-term US domestic resource strength. With the rebuilding of the upstream, pricing remains moderate: $ $7.50 Within this Base Case view of the North American market, policy and politics will become increasingly influential, and can shift the fundamentals Wood Mackenzie 2
3 Several Headwinds Will Inhibit Any Strong Gas Price Recovery Over The Next Two to Three Years Muted economic growth. Growth rates for 2011 and 2012 are expected to average only 2.0% and 2.5%; holding back power generation growth and also keeping industrial demand in check. Demand shifts back to coal. Gas displacement of coal accounted for about 2 bcfd of total power sector demand, but through 2010 and 2011, even a modest recovery in gas prices will shift that load back toward coal. Coal capacity additions Drilling incentives Favorable hedges, cost carry arrangements with joint-venture partners, hold-byproduction leases, and stock price support have supported drilling even as cash prices fall. North American GDP growth expectations GDP 8% 6% 4% 2% 0% -2% -4% -6% -8% US Canada Mexico Wood Mackenzie 3
4 $/mmbtu Setting the stage The next 18 months High storage, a looser global market, and non-economic drilling through 10 precludes a winter boost Flat supply, firmer global markets, and power demand supports price rebound from current lows Short-Term Price Outlook Oct-Dec price expected to average $4.53/mmbtu Prices below $4.00/mmbtu are short-lived For 2011, prices remain in the mid $4.00s ($4.58 nom) as the market remains well-supplied Drilling levels look vulnerable late in year Market support develops by winter 2011/2012 ($ price) Jan-08 Jul-08 Jan-09 Jul-09 Jan-10 Jul-10 Jan-11 Jul-11 Jan-12 CAPP Coal Henry Hub Resid Source: Wood Mackenzie Wood Mackenzie 4
5 bcfd million tons GW The coal/gas relationship remains pivotal through short-term Monthly Expected Coal Displacement Jan-10 May-10 Sep-10 Jan-11 May-11 Sep-11 Northeast South Atlantic Other 2009 Avg Mid Atlantic East North Central West North Central Mountain New Coal Capacity South Atlantic East South Central West South Central Source: Wood Mackenzie Wood Mackenzie 5
6 bcfd Global balances are also rounding out the North American supply story Changes in global fundamentals make any expectation extremely fluid Europe should pull additional cargoes Short-Term Global Dynamics Present North America with a Range of LNG Possibilities Demand from counter-seasonal markets such as Argentina and Kuwait is exceeding expectations Nigeria continues to produce well below capacity Expected flows from Algeria, Egypt and Indonesia are all down The North American role as world LNG sink introduces volatility 0.0 Jan-09 Apr-09 Jul-09 Oct-09 Jan-10 Apr-10 Jul-10 Oct-10 Jan-11 Apr-11 Jul-11 Oct-11 Source: Wood Mackenzie US Canada Mexico Source: Wood Mackenzie Wood Mackenzie 6
7 bcfde bcfde By 2013, demand growth accelerates as carbon supports gas and coal retirements outpace new construction Gas and Coal Demand Growth in Power Sector Power Sector Trends bcfd average growth 0.3 bcfd average growth 0.9 bcfd average growth % 25% % % % 5% % Coal Gas Coal Gas Gas's share Source: Wood Mackenzie Wood Mackenzie 7
8 Cumulative Domestic Production Pull (bcfd) Strength in power demand and declining LNG increases the call on US domestic supply Evolving Fundamentals Power demand shifts up, industrial growth continues LNG pulled into other markets Canadian supply declines continue Higher prices push a faster upstream development pace This higher pace of development and competition with oil for resources increases costs Industrial Power LNG Offset Piped Offset Source: Wood Mackenzie Wood Mackenzie 8
9 $/Barrel WoodMac s Long-term Oil Outlook Reflects Significant Supply Uncertainties In Contrast to US Gas With many economic uncertainties, oil demand has become a major uncertainty in the market. There are sufficient oil supplies for a moderate demand growth world, for 5+ years. But, beginning 2012, we expect a tightening in the supply/demand balance, driven by resumed demand growth and slowing supply investments, increasing the call on OPEC supplies. As a result, oil prices begin to rise, to $90 real and $100 in nominal terms by Yet-to-finds begin to enter the supply mix between 2015 and Long-Term WTI Price Forecast Nominal and Real WTI Real WTI Nominal Wood Mackenzie 9
10 $2010 / mmbtu In Relative Terms Gas Remains Cheap Oil and Gas Diverge and Stay Apart Average price WTI: : $ : $ : $ Plentiful exploration risk, and reservoir performance risk in this oil outlook, in contrast to US gas Oil and Gas Commodity Price Forecasts Average price Henry Hub: 2010: $ : $ : $ : $6.91 Average WTI to Henry Hub Differential $2010/mmbtu WTI 1% GC No. 2 HH Wood Mackenzie 10
11 bcfd Shale gas production set to grow steeply Haynesville benefits from lease related activity in the short term Marcellus set to see growth as gathering infrastructure improves Activity modestly picking up in Barnett Eagle Ford Montney Horn River Marcellus Haynesville Woodford Fayetteville Barnett Barnett Fayetteville Woodford Haynesville Marcellus Horn River Montney Eagle Ford Source: Wood Mackenzie NAGS and Upstream Service Wood Mackenzie 11
12 bcfd bcfd Led by these key shales, US supply growth continues Over the last six months, Haynesville, Fayetteville, and Marcellus production climbed by 1.5 bcfd Jan-08 Apr-08 Jul-08 Oct-08 Jan-09 US production Apr-09 Jul-09 Oct-09 Jan-10 Apr-10 Jul-10 Oct-10 Jan-11 Apr-11 Jul-11 Oct-11 Jan-12 Apr-12 Jul-12 Oct-12 Haynesville Marcellus Fayetteville Total Wood Mackenzie 12
13 Horizontal Shale Gas Rigs But current rig counts do not reflect a sustainable price-drilling equilibrium, due to several supportive, non-economic factors Steady increase during the last six months Hedge support Asset sales Hold-by-production clauses Cost carries Shale Rig Counts /4/08 7/4/08 1/4/09 7/4/09 1/4/10 7/4/10 Barnett Haynesville Marcellus Eagleford Woodford Fayetteville Wood Mackenzie 13
14 Gas rigs By 2012, though, more rigs will be needed, and significant cost pressure will ensue During 2010, drilling holds despite low prices Price uptick in 2011 offsets reduced hedge support Leases phase out Haynesville land rush was mostly in ,600 1,400 1,200 1,413 Rig Count 1,501 1,247 1,462 Cost carries continue 2012: A year of reckoning? Keeping pace with demand growth requires another uptick in drilling and price 1, Current supports erode 400 Competition with oil? Wood Mackenzie 14
15 And several onshore oil plays are now being targeted Oil plays Bakken Niobrara Eagle Ford Monterey Everything Permian Liquids-rich Barnett Combo Granite Wash Anadarko Woodford Wood Mackenzie 15
16 Marginal Cost bcfd This liquids focus could mean reduced gas production and higher costs Capital shifting away from gas could lead to lower drilling 10% lower capital directed to gas can lead to 1.5 bcfd lower production by 2015 Service-intensive shale oil puts upward pressure on costs Cost pressures could be strong in the medium term Increased IRR expectations depending on degree of success in shale oil plays US Lower-48 Gas Supply (bcfd) Increasing Costs Base 5% Shift 10% Shift Base 5% Shift 10% Shift Source: Wood Mackenzie Wood Mackenzie 16
17 Regional Coal Retirements Where is the Opportunity for Gas? The # below each bar set is existing coal generating capacity in each region. RFC is by far the most coaldominant region, with 104 GW of capacity. Of this amount, 18 GW is expected to be retired by Other coal-heavy regions include SERC VACAR, Central, and Southern, as well as ERCOT. SERC Gateway, leader in terms of percentage coal retirements, begins with 14,384 MW in 2010, but approximately 4,600 MW are assumed to retire by MRO Canada: 2 GW MRO US: 25 GW SPP: 21 GW ERCOT: 18 GW NPCC Ontario: 6 GW SERC Gatew ay: 14 GW SERC Delta: 9 GW SERC Central: 25 GW RFC: 104 GW NPCC Quebec: 0 GW NPCC ISO New England: 3 GW NPCC New York ISO: 3 GW SERC VACAR: 25 GW SERC Southeastern: 26 GW FRCC: 9 GW 22 GW NPCC Maritimes: 2 GW Legend Spring Total Retirements by 2030 No Carbon Case - Total Retirements by 2030 Wood Mackenzie 17
18 MMCFD Marcellus Flows: Vast Majority are Displacement 57% of 2027 flows go into NY, PA, and NJ 12,000 Destination Balance Marcellus 83% go into forward-haul markets generally, including storage. Evidence of backhauls is limited, but emerges in Ohio deliveries of Mmcfd after REX contracts roll off in ,000 8,000 6,000 Storage Pipe Use Lease & Plant Other DE RI OH Should Marcellus production exceed this outlook, there would be little alternative but to increase backhauls. 4,000 2,000 VA CT MA NJ PA NY Source: WoodMac c Wood Mackenzie 18
19 MMCFD Mid Atlantic Supplies: Marcellus and Appalachia Dominate Marcellus and the eastern US supply over 80% of Mid Atlantic demand by 2027 Mid Atlantic demand does grow by approximately 2 Bcfd, concentrated in the power sector. Gulf Coast area supplies (Barnett, ArkLaTex, Haynesville) remain positive on the margin, sustaining a basis floor at Gulf Coast plus fuel charges. Should Marcellus production exceed this outlook, there would be little alternative but to increase backhauls. 10,000 9,000 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 - Energy Balance MA Source: WoodMac c BaseCase.xls ELC IND LDC Other Deepwater Haynesville Gulf Coast Mid-Continent Rocky Mountains Barnett Shale ArkLaTex Eastern US Marcellus Wood Mackenzie 19
20 $/mmbtu MMCFD While Marcellus grows into Ohio, Appalachian Basis remain Positive 3,000 Energy Balance OH Marcellus supplies (red portion of bars) grow to the Mmcfd range into Ohio, as backhauls increase. Ohio Supplies 2,500 2,000 1,500 ELC IND LDC Other Gulf Coast Barnett Shale ArkLaTex Appalachian basis indices (bottom graph) decline into the $.07 $.20 range by 2011, implying Gulf Coast plus fuel on peak, less offpeak. 1, Source: WoodMac c BaseCase.xls 0.80 Marcellus Eastern US Haynesville Mid-Continent Rocky Mountains Appalachian Basis Dominion South Point Dominion North Appalachia Wood Mackenzie 20
21 (0.17) 0.27 (1.08) Total Increase : 16.4 Lower 48 Increase: (1.09) (0.04) ( ) (1.93) (.97) 1.58 (0.31) 0.52 Can the Gas be Delivered? At the Macro Level, Largely Yes. At the Micro Level Arctic U.S. & Canadian Production Increase Producers are ensuring that their gas gets to a fair marketable point. Out of the Rockies: up to 2.3 Bcfd by Haynesville: 5 + bcfd of pipe build ; further need uncertain. BC production can stabilize WCSB, but more pipe needed out of BC Out of Eagle Ford: 1.3 Bcfd already in the works. Marcellus: 5 + bcfd by 2013 with shippers; more needed. Producer-Driven Hybrid Market-Driven 0.00 West Coast Horn River 2.01 WCSB San Juan Rockies Permian Williston MidCon Barnett Eagle Ford ArkLaTex Haynesville GOM Shelf Other Gulf Coast GOM Deep East US Utica 0.06 Marcellus 7.16 Source: WoodMac BaseCase East Canada (0.19) Wood Mackenzie 21
22 Longer Term: The Arctic, Marcellus, BC, Exports? AK gas competes in a $ $7.00/mmbtu market. Arctic 4.48 CA and FLA needs are largely intra- state; FLA would need some upstream capacity as well. Marcellus needs are ongoing if production is allowed to reach 8 bcfd. Backhauls are real possibility. Volatility in New England likely to attract storage and pipe, or just pipe. Exports to Mexico needed; LNG exports? Producer-Driven Hybrid Market-Driven West Coast (0.08) Horn River 1.43 WCSB (0.90) (0.56) Total Increase : 11.8 Lower 48 Increase: 5.7 Bcfd U.S. & Canadian Production Increase San Juan Rockies 1.76 Permian 1.28 Williston (0.02) ( ) MidCon 0.27 Eagle Ford (.25) Barnett (0.37).. ArkLaTex Haynesville GOM Shelf 0.38? Other Gulf Coast GOM Deep (0.85) East US (0.10) Utica 1.04 Marcellus 1.61 Source: WoodMac BaseCase East Canada 0.02 Wood Mackenzie 22
23 Long-term risks and uncertainties Resource Base is vast, but production levels and cost remain uncertain Ultimate shale/unconventional production performance By , we will know much more about how shale wells perform longer term, and will have a much better idea of ultimate recoveries and production potential for a given well Environmental resistance hydraulic fracturing regulations, for example. Environmental resistance, and political attention, is building Regulatory costs and permitting delays could slow development considerably Competition with oil for upstream dollars and services As companies move toward oil, gas shale plays must compete for horizontal rigs and crews A booming opportunity in oil could raise target IRRs on gas plays as producers seek the best margins Demand opportunities require major capital commitment or policy help Carbon and environmental policy Wide range of possibilities w. carbon depending on the targets, timing, price and investment focus EPA regulation and pressure on older coal units how many retire? New (or renewed) markets for gas Gas-intensive industries represent an opportunity, but depend on liquids and global dynamics NGVs? Difficult competition from plug-in hybrids for passenger cars and energy density issues for long haul heavy duty vehicles Wood Mackenzie 23
24 Wood Mackenzie Kintore House Queen Street Edinburgh EH2 4NS Global Offices Global Contact Details Europe +44 (0) Americas Asia Pacific Australia - Canada - China - Japan - Malaysia - Russia - Singapore - South Africa - United Arab Emirates - United Kingdom - United States Wood Mackenzie has been providing its unique range of research products and consulting services to the Energy industry for over 30 years. Wood Mackenzie provides forward-looking commercial insight that enables clients to make better business decisions. For more information visit: Wood Mackenzie 24
Availability, Economics and Potential of North American Unconventional Gas
Availability, Economics and Potential of North American Unconventional Gas Harry Vidas Vice President Natural Gas Consulting (703) 218-2745 hvidas@ ICF International INGAA Foundation Palm Coast FL November
More informationNG Good, CL Better. May 12, 2011
NG Good, CL Better May 12, 2011 1 Value of CL will drive NG production Market is working producers focused on the highest value BTU s Oil infrastructure is needed to relieve deep discounts NG Good, CL
More informationU.S. and Ohio Midstream Infrastructure Development
U.S. and Ohio Midstream Infrastructure Development Findings and Results from ICF s Study for American Petroleum Institute, April 2017, U.S. Oil and Gas Infrastructure Investment through 2035 An Engine
More informationOpening address for dinner-debate
Opening address for dinner-debate Mohammed Barkindo Acting for the OPEC Secretary General European Parliament Strasbourg, France 4 July 2006 1 Outline Importance of EU-OPEC Energy Dialogue Current oil
More informationNatural Gas Market Perspectives
Natural Gas Market Perspectives KIUC 2015 Annual Energy Conference James Beck Petroleum Economist March 19, 2015 1 Fully Integrated Downstream System As of Dec. 31, 2014 Marketing Area MPC Refineries Light
More informationPercent
Outline Outline Growth is picking up Percent 6 Advanced economies Emerging and developing economies 5 4 4.9 5.0 4.3 4.4 4.6 4.7 4.7 3.7 3.7 3 2 2.0 2.3 1.6 2.2 2.3 1.9 1.7 1 1.1 1.3 0 2012 2013 2014 2015
More informationU.S. Oil & Gas Industry Chartbook
U.S. Oil & Gas Industry Chartbook BBVA Research USA Houston, TX July 2015 DISCLAIMER This document was prepared by Banco Bilbao Vizcaya Argentaria s (BBVA) BBVA Research U.S. on behalf of itself and its
More informationSulphur Market Outlook
Sulphur Market Outlook Meena Chauhan Head of Sulphur and Sulphuric Acid Integer Research The Fertilizer Institute Outlook and Technology conference Fort Lauderdale, Florida Founded in 2002, Integer Research
More information4 th IEA-IEF-OPEC Symposium on Energy Outlooks. Riyadh, 22 January 2014
4 th IEA-IEF-OPEC Symposium on Energy Outlooks Riyadh, 22 January 2014 Spare or stranded?* mb/d 7.0 Medium-Term Oil Market Balance 6.0 5.0 4.0 3.0 2.0 1.0 0.0-1.0 2004 2005 2006 2007 2008 2009 2010 2011
More informationMIDDLE EAST ENERGY SITUATION AND OUTLOOK IRAQ ENERGY FORUM 2017
MIDDLE EAST ENERGY SITUATION AND OUTLOOK IRAQ ENERGY FORUM 2017 2017 1 OVERVIEW OF GLOBAL ENERGY MARKETS 2 Energy exports/imports (million tonnes) 1990 1995 2000 2005 2010 2014 2015 2020 2025 2030 2035
More informationSUMMARY. Natural Gas In The World 2017 Edition
CEDIGAZ, the International Association for Natural Gas SUMMARY Natural Gas In The World 217 Edition CEDIGAZ, October 217 NATURAL GAS IN THE WORLD 217 SUMMARY Worldwide proven natural gas reserves grew
More informationMarket Report Series. Spanish Energy Club, Madrid, 3 May 2018
Market Report Series Oil 2018 Spanish Energy Club, Madrid, 3 May 2018 Neil Atkinson, Head of Oil Industry and Markets Division Toril Bosoni, Senior Oil Market Analyst, Oil Industry and Markets Division
More informationUnited Nations Conference on Trade and Development
United Nations Conference on Trade and Development 11 th MULTI-YEAR EXPERT MEETING ON COMMODITIES AND DEVELOPMENT 15-16 April 2019, Geneva Saudi economic growth strategy on the face of oil price uncertainty
More informationTrade Growth - Fundamental Driver of Port Operations and Development Strategies
Trade Growth - Fundamental Driver of Port Operations and Development Strategies Marine Terminal Management Training Program October 15, 2007 Long Beach, CA Paul Bingham Global Insight, Inc. 1 Agenda Economic
More informationU.S. Oil & Gas Industry Chartbook
U.S. Oil & Gas Industry Chartbook BBVA Research USA Houston, TX August 2015 DISCLAIMER This document was prepared by Banco Bilbao Vizcaya (BBVA) BBVA Research U.S. on behalf of itself and its affiliated
More informationSNG Gas Supply Update. August 8, 2018
SNG Gas Supply Update August 8, 2018 1 Forward Looking Statements This presentation contains forward-looking statements. These forward-looking statements are identified as any statement that does not relate
More informationRebalancing Global Crude Flows
Rebalancing Global Crude Flows John R. Auers Executive Vice President AIChE Dallas Chapter April Section Meeting April 28, 2015 Page 1 TM&C North American Crude & Condensate Outlook TM&C began publishing
More informationEnergy Outlook Global and Domestic Trends and Challenges. Dr. John Caldwell Director of Economics, EEI 1
Energy Outlook Global and Domestic Trends and Challenges Dr. John Caldwell Director of Economics, EEI 1 World GDP Growth Other Economies are Outpacing the U.S. Other, 7996.16, 11% Africa, 3962.51, 6% Latin
More informationAnalyzing the Energy Economy Michael Plante Senior Research Economist
Federal Reserve Bank of Dallas Analyzing the Energy Economy Michael Plante Senior Research Economist Disclaimer Disclaimer: The statements in this presentation do not represent the official views of the
More informationOPEC MARKET SHARE 60% 50% 40% 30% 20% 10% ACTUAL DOE IEA PEL PIRA DBAB DRI-WEFA
2025 2030 OPEC MARKET SHARE 60% 50% 40% 30% 20% 10% 0% 22 1970 1975 1980 1985 1990 1995 2000 2005 2010 2015 2020 ACTUAL DOE IEA PEL PIRA DBAB DRI-WEFA PRICE OUTLOOK $60 $50 $40 1999$/BBL $30 $20 $10 $0
More informationU.S. Oil & Gas Industry Chartbook
U.S. Oil & Gas Industry Chartbook BBVA Research USA Houston, TX September 2015 DISCLAIMER This document was prepared by Banco Bilbao Vizcaya Argentaria s (BBVA) BBVA Research U.S. on behalf of itself and
More informationMarket Report Series Oil 2017
Market Report Series Oil 2017 Neil Atkinson, Head Oil Industry & Markets Division, IEA International Institute for Strategic Studies, Bahrain, 17 September 2017 Oil demand continues to grow but at a slower
More informationThe Houston Economy Jesse Thompson Regional Business Economist The Federal Reserve Bank of Dallas, Houston Branch February 2017
The Houston Economy Jesse Thompson Regional Business Economist The Federal Reserve Bank of Dallas, Houston Branch February 2017 Image from http://peoplesguidetohouston.wordpress.com/category/uncategorized/
More informationRebalancing Global Crude Flows
Rebalancing Global Crude Flows John Mayes Director of Special Studies AFPM Annual Meeting San Antonio, Texas March 24, 2015 TM&C North American Crude & Condensate Outlook TM&C publishes North American
More informationThe Houston Economy Jesse Thompson Regional Business Economist The Federal Reserve Bank of Dallas, Houston Branch January 2017
The Houston Economy Jesse Thompson Regional Business Economist The Federal Reserve Bank of Dallas, Houston Branch January 2017 Image from http://peoplesguidetohouston.wordpress.com/category/uncategorized/
More informationMarket Report Series Oil SIEW 2017 launch - 28 March 2017
Market Report Series Oil 2017 SIEW 2017 launch - 28 March 2017 Oil demand continues to grow but at a slower pace 2.0 Global oil demand growth 2014-2022 1.5 1.0 0.5 0.0 2014 2015 2016 2017 2018 2019 2020
More informationUK Energy Futures. Richard Smith Head of Energy Strategy & Policy
UK Energy Futures Richard Smith Head of Energy Strategy & Policy September 2012 Our 2012 scenario development Jan. Feb. Mar. Apr. May Jun. Jul. Aug. Sep. Oct. Nov. Dec. Stakeholder workshops (London &
More informationCanadian NGLs Outlook: Awash in Liquids
Canadian Energy Research Institute Canadian NGLs Outlook: Awash in Liquids Dinara Millington Canadian Energy Research Institute 24 th Williston Basin Petroleum Conference May 24-26, 2016 Canadian Energy
More informationGlobal Oil Supplies: Is Supply Constrained? Kevin Lindemer
Global Oil Supplies: Is Supply Constrained? Kevin Lindemer Is Supply Constrained? Signposts continue to indicate a supply constrained world is possible and could emerge, not-with-standing short-term easing.
More informationU.S. Crude Exports Where Would They Go?
U.S. Crude Exports Where Would They Go? 2 nd Annual Crude-by-Water Conference Houston, TX November 17, 2015 John R. Auers Executive Vice President TM&C Overview International consulting practice since
More information2014 DOE PRICE FORECAST SURVEY $180 $160 $140 $120 $100 $80 $60 $40 $20 $
THE US SHALE BOOM Institute for Energy Economics, Japan October 6, 2016 Michael C. Lynch 2014 DOE PRICE FORECAST SURVEY $180 $160 $140 $120 $100 $80 $60 $40 $20 $0 1900 1910 1920 1930 1940 1950 1960 1970
More informationThe Urgent Need for Unconventional Gas to sustain Canada s Natural Gas Production. Dave Russum, P.Geol. AJM Petroleum Consultants and Geo-Help Inc
The Urgent Need for Unconventional Gas to sustain Canada s Natural Gas Production Dave Russum, P.Geol. AJM Petroleum Consultants and Geo-Help Inc CSUG/PTAC Presentation, 18 th November 2004 The Reality
More informationIndex, nominal terms, 2010 = Energy. Agriculture Metals
Outline Broad commodity price trends Index, nominal terms, 2010 = 100 180 150 Energy 120 90 60 Agriculture Metals 30 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Source:
More informationGlobal economic cycle has slowed
Year-on-year % change Confidence index, 50= no change Global economic cycle has slowed 25% 70 20% International trade growth 65 15% 10% Industrial production growth 60 5% 55 0% 50-5% Business confidence
More informationEMERGING AUTOMOTIVE, CRUDE OIL, AND CHEMICALS SUPPLY CHAINS IN THE US SOUTHEAST
SEPTEMBER 2015 EMERGING AUTOMOTIVE, CRUDE OIL, AND CHEMICALS SUPPLY CHAINS IN THE US SOUTHEAST Presentation to the Southeast Association of Rail Shippers 2015 Fall Conference, Orlando, Florida Christopher
More informationThe Shale Gas Revolution and What It Means for Global Energy Markets
The Shale Gas Revolution and What It Means for Global Energy Markets Presentation at the Baker Institute Roundtable: Energy Market Consequences of an Emerging U.S. Carbon Management Policy Kenneth B Medlock
More informationOil Prices: Past, Present, & Future
Oil Prices: Past, Present, & Future Gulf Research Center November 23, 2005 A. F. Alhajji*, PhD Gulf Energy Program - Moderator Gulf Research Center Dubai, UAE *A. F. Alhajji, PhD is also George Patten
More information2019 Global Travel Forecast: Air, Hotel and Ground Prices
2019 Global Travel Forecast: Air, Hotel and Ground Prices Methodology 28 countries and 10 US cities Airlines, Hotel, Rental Car Forecast in USD, guidelines on currency exchange forecast Forecast projections
More informationLiquefied Natural Gas: Current Trends and Future Directions
Liquefied Natural Gas: Current Trends and Future Directions ASPO Boston World Oil Conference October 26, 2006 Ezra D. Hausman, Ph.D. What s in store with LNG? LNG Basics Current and Future Sources of LNG
More informationFuture Global Trade Trends - Risks & Opportunities. Pulse of the Ports: Peak Season Forecast March 21, 2013
1 Future Global Trade Trends - Risks & Opportunities Pulse of the Ports: Peak Season Forecast March 21, 2013 June 2012 Dr. Walter Kemmsies Chief Economist Summary Higher economic growth in 2013, possible
More informationShort and Medium-Term Oil Market Outlook. 13 th Shanghai Derivatives Market Forum - 25 May 2016
Short and Medium-Term Oil Market Outlook 13 th Shanghai Derivatives Market Forum - 25 May 2016 Oil world changed on Nov. 27 th 2014 $/bbl 120 Brent crude oil 100 80 60 40 Copyright 2016 Argus Media 20
More informationEngineering and Economic Challenges in Shale Gas Production
Engineering and Economic Challenges in Shale Gas Production 211 Gas/Electric Partnership Conference Feb 1 th, 211 Rob Sutton US Gas Well Locations Source: IHS MS Streets & Trips 2 3 U.S. Gas Well Gas Production
More informationCargo outlook Brian Pearce Chief Economist. 13 December 2018
Cargo outlook 2019 Brian Pearce Chief Economist 13 December 2018 1 Cargo revenue contribution stabilizing 2 % total revenues 82% 80% 78% 76% 74% 72% 70% 68% 66% 64% 62% 2008 2009 2010 2011 2012 2013 2014
More informationGlobal Construction Outlook: Laura Hanlon Product Manager, Global Construction Outlook May 21, 2009
Global Construction Outlook: Short-term term Pain, Long-term Gain Laura Hanlon Product Manager, Global Construction Outlook May 21, 2009 What This Means for You The world is set to be hit this year with
More informationFREIGHT DYNAMICS IN THE LOW PRICE CLIMATE METAL BULLETIN INTERNATIONAL IRON ORE SYMPOSIUM
FREIGHT DYNAMICS IN THE LOW PRICE CLIMATE METAL BULLETIN INTERNATIONAL IRON ORE SYMPOSIUM JUNE 216 PRESENTATION STRUCTURE year-to-date freight market in perspective 1q16 sees vessel earnings sink to historic
More informationGlobal Economic Outlook
Global Economic Outlook Mark A. Wynne Vice President & Associate Director of Research Director, Globalization & Monetary Policy Institute Federal Reserve Bank of Dallas Presentation to Vistas Conference
More informationGlobal Containerboard Outlook
Global Containerboard Outlook European Conference March 2018 Gleb Sinavskis Economist, European Paper Packaging Copyright 2018 RISI, Inc. Proprietary Information Gleb Sinavskis Economist, European Paper
More informationMajor Issues and Trends Facing the Port and Marine Transportation Industry
Major Issues and Trends Facing the Port and Marine Transportation Industry Presented to: AAPA Marine Terminal Management Training Program April 24, 2006 Charleston Riverview Hotel Charleston, SC - USA
More informationOil Markets. Kevin Lindemer Executive Managing Director, Energy Markets Group
Oil Markets Kevin Lindemer Executive Managing Director, Energy Markets Group 2008 Outlook Downside risks in demand are increasing due to weaker economic outlook Upside supply risks still present but balance
More informationGlobal growth prospects
Global growth prospects Percent 6 Advanced Economies Emerging Markets and Developing Economies 5 4.9 5.0 4.7 4.7 4.5 4 4.3 4.3 3.7 3.7 3 2 2.3 2.3 2.2 2.0 2.0 1.7 1.7 1 1.1 1.3 0 2012 2013 2014 2015 2016
More informationMexico LDC Forum Mexico s Natural Gas Market Outlook. Ross Wyeno, Senior Energy Analyst
Mexico LDC Forum Mexico s Natural Gas Market Outlook Ross Wyeno, Senior Energy Analyst Gas Market Liberalization Progressing Rapidly This year-to-date Feb 20 th : May 8 th : Jun 16 th : J/A 10 th : Mexico
More informationSteel: A Buyer s Market for the Worst of Reasons. John Anton Director, IHS Global Insight Steel Service August 2009
Steel: A Buyer s Market for the Worst of Reasons John Anton Director, IHS Global Insight Steel Service August 2009 The U.S. Recession Is Bottoming Out This recession has been the most severe of the postwar
More informationMarket Update. Randy Tinseth Vice President, Marketing Boeing Commercial Airplanes. Copyright 2016 Boeing. All rights reserved.
Market Update The statements contained herein are based on good faith assumptions are to be used for general information purposes only. These statements do not constitute an offer, promise, warranty or
More informationHow is Natural Gas Availability Curtailing the growth of DRI production in the MENA region?
How is Natural Gas Availability Curtailing the growth of DRI production in the MENA region? 29 April 2014 World DRI & Pellet Congress Abu Dhabi Robert Smith 1 The Issues Natural gas availability in the
More informationAlaska s Natural Resource Commodities: A 10-Year Outlook
Alaska Resources Development Council November 14-15, 2018 Alaska s Natural Resource Commodities: A 10-Year Outlook David R. Hammond, Ph.D. Principal Mineral Economist Hammond International Group Commodities
More informationThe World and U.S. Economy and San Pedro Bay Container Trade Outlook Forecast Review
The World and U.S. Economy and San Pedro Bay Container Trade Outlook Forecast Review Michael Keenan Harbor Planning and Economic Analyst Port of Los Angeles October 5, 2009 Review of 2007 Container Trade
More informationWill 2016 Be the Last Hurrah for Commercial Real Estate? Presented By: John Chang First Vice-President Marcus & Millichap Research Services
Will 2016 Be the Last Hurrah for Commercial Real Estate? Presented By: John Chang First Vice-President Marcus & Millichap Research Services Rising Uncertainty Creating Headwinds for Commercial Real Estate
More informationOutlook for the North American Softwood Lumber Industry
Outlook for the North American Softwood Lumber Industry North American Conference October 2017 David Fortin Director, Wood Products Copyright 2017 RISI, Inc. Proprietary Information Quick Bio Master s
More informationOutline. Overview of globalization. Global outlook for real economic activity & inflation. Risks to the outlook
2017 International Economic Outlook Everett Grant Research Economist Globalization & Monetary Policy Institute Federal Reserve Bank of Dallas October 2017 The views expressed are those of the author and
More information2005 EUROPEAN GAS LEADERS CONFERENCE- MERRILL LYNCH
G&P Business Trends Luciano Sgubini Chief Operating Officer Gas & Power Division London, June 23 rd 2005 EUROPEAN GAS LEADERS CONFERENCE- MERRILL LYNCH Disclaimer This presentation contains forward-looking
More informationThe Texas Gulf Coast Overview and Outlook
The Texas Gulf Coast Overview and Outlook Jesse Thompson Federal Reserve Bank of Dallas Houston Branch 06/2018 The views expressed in this presentation are strictly those of the presenter and do not necessarily
More informationEnergy Security: Markets and Policy
Energy Security: Markets and Policy Pierre Noël EPRG, University of Cambridge Critical Infrastructure Conference, London, 20 April 2011 Contents Global Oil and the Middle East European Gas and Russia Japan
More informationDECLINE IN COMMODITY PRICES GCC OUTLOOK NOVEMBER 22 ND, 2015
DECLINE IN COMMODITY PRICES GCC OUTLOOK NOVEMBER 22 ND, 2015 1 EVERYONE HAS A PLAN UNTIL THEY GET PUNCHED IN THE FACE 2 HE WHO IS NOT COURAGEOUS ENOUGH TO TAKE RISKS WILL ACCOMPLISH NOTHING IN LIFE 3 IT
More informationPaul Bingham Managing Director, Global Trade and Transportation February 18, 2009
Economic Outlook and Ports Paul Bingham Managing Director, Global Trade and Transportation February 18, 2009 The Outlook for Trade Depends on Goods Demand Integrated international supply-chains offer efficiencies
More informationGlobal SURF (Subsea Umbilicals, Risers and Flowlines) Market: 2018 World Market Review and Forecast to 2023
Global SURF (Subsea Umbilicals, Risers and Flowlines) Market: 2018 World Market Review and Forecast to 2023 By Water Depth Shallow Water and Deep Water By Type- Umbilical, Riser and Flowlines By Umbilical
More informationManufacturers Continue Capacity Expansion as Technology Orders Grow
Contact: Penny Brown, AMT, 703-827-5275 pbrown@amtonline.org For Release: October 8th, 2018 Manufacturers Continue Capacity Expansion as Technology Orders Grow Manufacturing technology orders posted an
More information18 th May Global Steel Industry Trends: Is the perception the reality?
18 th May 2004 Global Steel Industry Trends: Is the perception the reality? Investors have perceived the steel industry negatively Poor returns over the long term, high volatility, relatively small size
More informationPresentation from the USDA Agricultural Outlook Forum 2017
Presentation from the USDA Agricultural Outlook Forum 2017 United States Department of Agriculture 93 rd Annual Agricultural Outlook Forum A New Horizon: The Future of Agriculture February 23-24, 2017
More informationTelling Canada s story in numbers Elizabeth Richards Analytical Studies Branch April 20, 2017
Recent Developments in the Canadian Economy: How have the decline in oil prices and a weaker Canadian dollar affected Canada s economy? www.statcan.gc.ca Telling Canada s story in numbers Elizabeth Richards
More informationTrade and Economic Trends
Trade and Economic Trends Marine Terminal Management Training Program Paul Bingham Managing Director, Global Commerce & Transportation IHS Global Insight Long Beach, CA September 21, 2009 The Global Recession
More informationU.S Cement Outlook IEEE. Ed Sullivan Group VP, Chief Economist
U.S Cement Outlook IEEE Ed Sullivan Group VP, Chief Economist 1 Construction Activity Billion Real $ 1,400 1,200 1,000 2014 = 2.5% 2015 = 5.6% 800 600 400 200 0 12 Year Peak-to- Peak Recovery 1998 2000
More informationGlobal Outlook for Agriculture Trend versus Cycle
Global Outlook for Agriculture Trend versus Cycle Michael Swanson Ph.D. Wells Fargo October 2017 Everything is connected we just don t see how. Connection corollary: Nothing natural moves in a straight
More informationGlobal Containerboard Outlook
Global Containerboard Outlook With a focus on the Asian market RISI Asian Conference May 2017 Ken Waghorne VP, Global Packaging Ken Waghorne VP Global Packaging kwaghorne@risi.com One of the original Resource
More informationShifts in Global Trade Patterns
Shifts in Global Trade Patterns Presented to: AAPA Shifting International Trade Routes and Planning for the Panama Canal Expansion January 23, 2008 Port of Tampa Presented by: Robert West Managing Director
More informationMexican Light Vehicle Outlook
Mexican Light Vehicle Outlook Presented to: LXXXVI Junta Automotriz 9 July 2008 Presented by: Guido Vildozo Senior Market Analyst, Latin America Copyright 2008 Global Insight, Inc. 1 Global Light Vehicle
More informationImpacts of the Global Economy on Asia Pacific Travel. 29 June 2007 John Walker
Impacts of the Global Economy on Asia Pacific Travel 29 June 2007 John Walker jwalker@oxfordeconomics.com Oxford Economics Founded in 1981 Over 300 clients including blue chip companies and government
More informationThe U.S. Economic Outlook
The U.S. Economic Outlook Presented to: Maquiladora Industry Outlook Conference September 29 2006 Presented by: Patrick Newport Principal, U.S. Macroeconomic Service 781-301-9125 patrick.newport@globalinsight.com
More information2017/18 Corn Outlook
217/18 Corn Outlook 217 Ag Econ In service Training Dr. S. Aaron Smith, Assistant Professor, Department of Agricultural and Resource Economics, University of Tennessee https://ag.tennessee.edu/arec/pages/cropeconomics.aspx
More informationGlobal Boxboard Market Review
Global Boxboard Market Review Sailing In A World Of Volatility And Uncertainty European Conference March 2018 Alejandro Mata Senior Economist, European Forest Products Copyright 2018 RISI, Inc. Proprietary
More informationSteel Market Outlook. AM/NS Calvert
Steel Market Outlook AM/NS Calvert Agenda Economic indicators Key steel consuming markets and forecasted demand Steel consumptions trends Global steel markets and raw materials Comments on trade 1 U.S.
More informationGulf Container Trade Outlook for 2017 and Beyond
Gulf Container Trade Outlook for 2017 and Beyond Houston, May 15, 2017 Mario.Moreno@ihsmarkit.com Agenda Gulf coast imports: top sourcing regions, fastest growing commodities, demand drivers and outlook.
More informationBeyond Bullet Points: Statistics, Trends and Analysis
Beyond Bullet Points: Statistics, Trends and Analysis Vail R. Brown VP, Global Business Development & Marketing Vail@str.com @vail_str 5 THINGS TO KNOW www.hotelnewsnow.com Click on Data Presentations
More informationGlobal Economic & Truck-Market Overview: The Next Five Years
AUTOMOTIVE Global Economic & Truck-Market Overview: The Next Five Years 22 September 2016 Hannover, Germany Andrej Divis, Director, IHS Automotive +1 703 346 2331, Andrej.Divis@ihsmarkit.com 2 Index, over
More informationNorth American Timber Outlook: The Supply Overhang
North American Timber Outlook: The Supply Overhang October 2016 Peter Barynin Principal Economist, Timber Copyright 2016 RISI, Inc. Proprietary Information Presentation Outline Sawtimber 1. Price Forecast
More informationEconomic Outlook for Canada: Economy Confronting Capacity Limits
ECONOMICS I RESEARCH Economic Outlook for Canada: Economy Confronting Capacity Limits Presentation to the Responsible Distribution Canada 32 nd Annual General Meeting May 29, 2018 Paul Ferley (Assistant
More informationOverview of Assumptions
Overview of Assumptions 1 Assumptions Overview The following slides summarize the sources for key assumptions used in the analysis The NJ BPU and DEP specified the assumptions and scenario design for the
More informationMarket Outlook January,
Market Outlook 2004 January, 2004 www.teekay.com Forward Looking Statements This document contains forward-looking statements (as defined in Section 21E of the Securities Exchange Act of 1934, as amended)
More informationThe History of the Future Price of Oil
The History of the Future Price of Oil JJ Dooley, MA Wise and PJ Runci Joint Global Change Research Institute May 28, 2008 PNNL-SA-60763 Climate change is a long-term strategic problem with implications
More informationShifts in the Geopolitical Landscape and Their Impact on Petroleum Sector Capex Strategies
Shifts in the Geopolitical Landscape and Their Impact on Petroleum Sector Capex Strategies Golden, CO April 14, 2016 Thomas A. Petrie, CFA Chairman, Petrie Partners Figure 1 Chaos Prevails Russia Wins
More informationProducer - Consumer Dialogue - Rising to New Challenges -
Producer - Consumer Dialogue - Rising to New Challenges - Klaus Rehaag Head, Oil Industry & Markets Division Editor, Oil Market Report International Energy Agency Paris, France klaus.rehaag@iea.org Asia
More informationEdinburg June 26, 2013
Russia s Natural Gas Production & Export Policy Dr. Tatiana Mitrova Head of Oil and Gas Department Energy Research Institute of the Russian Academy of Sciences Edinburg June 26, 2013 1 GAS PRODUCTION IN
More informationU.S. Infrastructure Market: Will It Jump-Start the Economy? Scott Hazelton Director, Construction Advisory Services May 21, 2009
U.S. Infrastructure Market: Will It Jump-Start the Economy? Scott Hazelton Director, Construction Advisory Services May 21, 2009 Infrastructure Spending: Where Does it Go? Other Power, 6.9% 2008 Shares
More informationEnergy, Economy and Policy: A Glimpse at the 21 st Century
Gas Well Deliquification Workshop Denver, Colorado February, 2009 Energy, Economy and Policy: A Glimpse at the 21 st Century Scott W. Tinker Bureau of Economic Geology Jackson School of Geosciences The
More informationCommodity Endowment Funds
Commodity Endowment Funds Moscow March 9-10 Roberts L. Grava Jennifer Johnson-Calari World Bank rgrava@worldbank.org jjohnsoncalari@worldbank.org Challenges of managing commodity revenues Macro issues
More informationSession 4. Growth. The World Economy Share of Global GDP Year 2011 (PPP)
Session 4. Growth Stylized Facts on Standards of Living across Countries Characterizing Growth over 1 Years: The US Economy Growth Dynamics of the G7 Countries and the OECD Economies Characterizing Growth
More informationUS-China Trade Conflict: Dejavu or New One
US-China Trade Conflict: Dejavu or New One Lessons From US-Japan Trade Conflict in 1980s and 1990s Tamotsu Nakamura & Yoichi Matsubayashi Plan of Talk 1. US-Japan Trade Conflict in Retrospect 2. Similarities
More informationNorth American Forging Shipment Forecast (Using FIA bookings information through December 2013)
North American Forging Shipment Forecast 2014-2018 (Using FIA bookings information through December 2013) Percent Change Year Ago Best leading indicator combination for impression die bookings used to
More informationCyclical gains but structural challenges
Cyclical gains but structural challenges Brian Pearce Chief Economist www.iata.org/economics To represent, lead and serve the airline industry % change over year PMI index level, 50=no change Economic
More informationEconomy On The Rebound
Economy On The Rebound Robert Johnson Associate Director of Economic Analysis November 17, 2009 robert.johnson@morningstar.com (312) 696-6103 2009, Morningstar, Inc. All rights reserved. Executive
More informationEconomic & Financial Market Outlook
Economic & Financial Market Outlook BC Pension Forum March 1, 2013 Chris Lawless, Chief Economist Overview Global forces Recent economic performance ~ US, Europe, Japan, China ~ Other emerging markets
More information