U.S exports 74% of U.S. Liquefied Natural Gas to Europe

During the first four months of 2022, the United States exported 74% of its liquefied natural gas (LNG) to Europe, compared with an annual average of 34% last year, according to our recently released Natural Gas Monthly and EIA estimates for April 2022.Jun 7, 2022. Note:Europe includes Turkey. Source

Source

What does it do to our prices here at home? If Europe wants to go green, let them do it. One cold winter and they will happily tool back up their coal, oil, and nuke plants. Biden refuses to allow the U.S. to ramp up production thus the end game is to make Americans take the hit of rising prices. But I digress..

And while we are upset with Hunter more likely than not making some bucks off of our strategic oil reserve recently, we need to ask how much did he make when our first release occurred  September 10, 2021. Better yet the fall releases also ended up in Asia.  More about that later….

In April 2021 imports reached the highest monthly, amounting to 3.3 billion cubic meters.

“Experts say the U.S. would likely have to divert gas from other customers, to increase it to Europe.

“We could solve this problem tomorrow, we need to send a clear message to the marketplace that we’re going to support the oil and gas industry here in America that we’re going to come back to energy independence here in America,” said Sen. Bill Haggerty, R-Tenn.(Source)

Here in Pennsylvania the cost:

JUNE 2, 2022 | 5:46 PM

Pennsylvania natural gas prices have spiked to their highest level in the last decade.

A recent report from the Independent Fiscal Office shows natural gas prices hit an average of $4.10 per million British thermal units in the first three months of 2022.

That’s a 62 percent jump from the same time last year, when prices averaged $2.53 per MMBtu.

Prices averaged $3.97 per unit in the last quarter of 2021. Source

Earlier:

Democrats call for Biden officials to limit US natural gas overseas shipments … – CNN

New York (CNN Business)Nearly a dozen US Senators are calling for the Biden administration to curb overseas shipments of natural gas as Americans struggle with home heating sticker shock this winter.

“As families across the country continue to face steep residential energy and heating costs, we urge you to take swift action to limit US natural gas exports and examine their impact on domestic energy prices,” the lawmakers wrote in a Wednesday letter to Energy Secretary Jennifer Granholm.

Mike Sommers, the CEO of the American Petroleum Institute, told CNN in December that he’s “concerned” about the risk of a natural gas export ban. Sommers, whose group represents Cheniere and other gas exporters, pointed to how US allies in Europe and Asia have long-term contracts to buy US LNG and banning those shipments would force them to turn to Russia and China for energy.

“One really good way to ruin our standing in the world is to violate those contracts at a time of high energy costs,” Sommers said.

Then there is the old “drill baby drill” but that’s off the table.

Now about Hunter making some big bucks lately on Reserve oil shipments to China. While we have our knickers in a knot about this latest revelation, note the first draw down –  foreign shipment of our strategic reserve went out:

Drum Roll Please…….

US Crude Oil in the Strategic Petroleum Reserve Stocks

YCHARTS

September 10, 2021.

Date	Value
January 07, 2022	593.38M
December 31, 2021	593.68M
December 24, 2021	595.03M
December 17, 2021	596.38M
December 10, 2021	598.92M
December 03, 2021	600.87M
November 26, 2021	602.56M
November 19, 2021	604.50M
November 12, 2021	606.15M
November 05, 2021	609.40M
October 29, 2021	612.54M
October 22, 2021	614.19M
October 15, 2021	615.28M
October 08, 2021	616.97M
October 01, 2021	617.77M
September 24, 2021	618.69M
September 17, 2021	619.57M
September 10, 2021	620.77M
September 03, 2021	621.30M
August 27, 2021	621.30M
August 20, 2021	621.30M
August 13, 2021	621.30M
August 06, 2021	621.30M
July 30, 2021	621.30M
July 23, 2021	621.30M

According to Bloomberg/Quint:

(Bloomberg) — If the Biden Administration decides to tap U.S. emergency crude reserves to push down domestic energy prices, it may not help all that much. The supplies may just be exported away like last month.

American Thinker:

About 1.6 million barrels of crude from the U.S. Strategic Petroleum Reserve — a monthly record — was shipped out in October, according to data from market intelligence firm Kpler.

All three supertankers went to Asia.

“Given the ongoing pace of the current SPR release — 12 million barrels in the last two months and the biggest weekly release so far last week at 3.1 million barrels — it’s fair to assume more SPR barrels are going to leave U.S. shores in the weeks ahead,” said Matt Smith, an oil analyst at Kpler.

Check October 29 to November 5 when we drew down the 3.1. This was when Biden was saying he was “thinking about it.”

Is this an impeachable offense?

Biden noncommittal on a potential Strategic Petroleum Release … – CNN

Nov 6, 2021 — President Joe Biden on Saturday was noncommittal on ordering a Strategic Petroleum Reserve release in an attempt to address rising crude oil …

Oh how they lie… it continues

Indeed.

Energy Secretary Jennifer Granholm suggested last month that tapping into the SPR was under active consideration, something the department later walked back by clarifying that there was no “immediate plan” to do so.

Only the US president can order crude stored in those reserves to be released.

“There are other tools in the arsenal that we have to deal” with, Biden said, adding that he is dealing with other countries. The President said “at an appropriate time,” he will discuss how to “get more energy” flowing.

Where was he in it?

How about Hunter?

Then in April we learn more of our strategic oil is going to Europe.

According to Bloomberg, citing a person familiar with the matter, the Suezmax ship Advantage Spring – sailing for Rotterdam, according to ship-tracking data compiled by Bloomberg – received emergency SPR sweet crude from Energy Transfer’s Nederland oil facility around April 1 for export.

More at Sources from Bunker’s earlier post:

Biden ships U.S. Oil Reserve to Europe, Asia

April 19, 2022

And where are we with what is left of our Reserve?

US Crude Oil in the Strategic Petroleum Reserve Stocks

Basic Info. US Crude Oil in the Strategic Petroleum Reserve Stocks is at a current level of 492.03M, down from 497.87M last week and down from 622.49M one year …

Change from 1 Year Ago: -20.96%

Value from 1 Year Ago: 622.49M

Change from Last Week: -1.17%

Value from Last Week: 497.87M

And our man Hunter?

Biden administration sold a million barrels of oil from US Strategic Petroleum Reserve to Chinese state-owned firm where Hunter Biden is an investor: Report Source

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