U.S. rig count falls, LNG cargoes cancelled as global demand plunges

Monday, 04 May 2020

As markets reel from the coronavirus crisis, prices available to oil and associated gas producers have fallen to single digits in Western Canada and turned negative in parts of North America. Upstream companies are slow to shut in production even though up to 25 U.S. LNG cargoes, scheduled for loading in June, likely have been cancelled and FIDs for new liquefaction terminals are delayed.


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