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10 Key Power Developments To Watch for In 2017

Power traders received clobbered in 2015, and are hoping for things to turn positive as we head into the new 12 months.

What can we count on in 2016 Here’s a rundown of some key tendencies to look ahead to:
methanol installation1. U.S. oil manufacturing contracts. Oil output in the U.S. has declined by about 300,000 barrels per day to 9.Three million barrels per day (mb/d). Most energy prognosticators, including the EIA and the IEA, see U.S. production falling by round 0.5 mb/d in 2016. The decline could be steeper than that, nonetheless, given the plunging rig count, excessive depletion charges, and extraordinary capex cuts. Time will tell.

2. LNG supply up, prices down. While the oil market may very well be reaching for a bottom, LNG’s downturn may simply be getting began. JKM costs, a maker for supply in Asia, have fallen by two-thirds since the 2014 peak. February 2016 supply cargoes are going for $7 per million Btu (MMBtu). But extra crude oil price 52 week high low international liquefaction and export capability is set to hit the market in 2016, exacerbating the glut. The first export facility in the U.S. – Cheniere Vitality’s Sabine Go – will start up quickly. Australia will see a number of giant projects startup as nicely, together with Chevron’s Gorgon and Wheatstone LNG services as well as Inpex’s Ichthys LNG terminal. China just isn’t buying LNG at crude oil price 52 week high low the speed that developers expected. With supply set to jump sooner than demand, prices will remain low and will fall even additional.

3. Dividends on the rocks. For oil and fuel companies, dividends are sacrosanct. Companies have drastically reduced spending on new tasks and severely culled payrolls in an effort to stop the bleeding. But how long can they hold out earlier than reducing dividends Are dividends price defending if it means sacrificing future production progress Eni already slashed its dividend in 2015, the most important company to do so. Marathon Oil lately minimize its dividend as nicely. Might the oil supermajors be subsequent

Four. Renewables acquire ground. 2015 was one of the best yr but for solar power, with over 7 GW of installations within the U.S. a report excessive. But the subsequent few years may dwarf these numbers. The extension of the photo voltaic funding tax credit will lead to cumulative installations in the U.S. quadrupling to a hundred GW by 2020. Wind and photo voltaic now routinely capture most of the brand new electricity technology capacity put in within the U.S. and are quickly changing into mainstream choices for electricity in many parts of the world.

Associated: What Comes After The Commodities Bust
5. Iran returns. The historic nuclear agreement in 2015 will permit Iran to come back to the oil markets after over four years of isolation. Iran plans on bringing again 500,000 barrels per day virtually immediately after sanctions are lifted, which could come as quickly as January. Inside a number of months, Iran says it may carry another 500,000 barrels per day back. The extra supply will deliver OPEC’s output above 32 mb/d, and can add to the enormous world pool of oil.

6. Pure gasoline ranges off. Natural gasoline production continued to hit new document highs in 2015. But with storage ranges quickly filling up, having topped four trillion cubic ft in November, costs have dropped to their lowest levels in over 15 years. That’s forcing some wells to be shut in, and the prolific Marcellus shale may already be in decline in consequence. Absent a cold winter (with 70-degrees seen in New York City on Christmas Eve, the winter has gotten off to a heat start), storage ranges could remain elevated next 12 months, weighing on costs. There’s a rising consensus that Henry Hub pure gas prices may stay under $three/MMBtu for the following few years.

7. Geopolitical unrest. The fall in oil prices are sapping governments of much wanted revenue. That, in flip, may destabilize sure locations. Venezuela tops the record, with a default not out of the query in 2016. Foreign change is running low, and debt payments will come due. Iraq is another nation through which low oil costs have affected its safety situation. Looking across the global landscape at this level, it is tough to see governments falling due to oil revenues drying up, however the price collapse has weakened some particularly oil-dependent governments.

Eight. Defaults and bankruptcies. By way of mid-November, 36 oil and fuel corporations filed for Chapter eleven bankruptcy, encompassing $thirteen billion value of debt. That figure will rise in 2016. Reuters reported on a rising incidence of compelled bankruptcies, through which creditors take delinquent oil and gasoline companies to court docket over failed payments. With the additional destructive effects from the recent downturn into the mid-$30s per barrel nonetheless to be sorted out, the default charge ought to speed up in the next few months.

9. M&A. Royal Dutch Shell could have jumped the gun on purchasing BG Group in April, as it tried to get forward of an oil worth rebound. With a bit of hindsight, shareholders at the moment are wondering if Shell overpaid. In any event, because the market bottoms out and starts to rebound, there’ll possible be a flurry of consolidation as stronger players scoop up weaker ones. Many anticipated that to happen in 2015, however except for Shell’s landmark purchase of BG, there were only a handful of others. That may change in 2016.

10. Prices rise. Whereas everybody was fallacious about the price rebound in 2015, all eyes are on late 2016 for the correction. IEA says that crude oil demand elevated by 1.Eight mb/d in 2015. The world will add one other 1.2 mb/d next yr, serving to to erase most of the provision overhang. Rising demand will come as provides fall. That would allow costs to rise to $60 per barrel by late 2016.