From S&P Global Platts:
Carbon emissions reduction drive China's steel production cut campaign and the US' soybean oil demand. Also, oil supply risks loom while European gas price curve trades at record highs.
....4. European gas price curve at record highs
What's happening? The European gas price curve trades at record highs through this coming winter, both in absolute terms and relative to the oil complex. With gas now the premium commodity, "oil first" upstream economics are being challenged, as operators look for ways to at least temporarily prioritize gas production.
What's next? Platts Analytics expect a marginal increase in Norwegian gas exports of around 4 mcm/d this winter as gas injections to support oil production are reduced. This will conversely lead to a reduction in Norwegian oil production....
....MUCH MORE
