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Irrespective of price, long-term offtake commitments are risky today because the global LNG market is undergoing fundamental changes as it grows and increases liquidity. It needs to solve quandaries such as the pricing mechanism for LNG, traditionally linked to oil, and absorb new technology that shifts the commercial calculations of trading the gas. “The whole market is in an in-between phase,” LNG analyst Emma Richards at Fitch Solutions said. “LNG is becoming more akin to oil with greater spot and liquidity trading referencing benchmarks, but it’s a long process and it’s creating headaches.” buy gold cufflinks uk sale.
Partly as a result of these uncertainties, and because the market is gaining liquidity, the average duration of offtake deals has halved to less than eight years from almost 20 years in 2010 with volumes per contract falling to 0.75 mtpa from 2.25 mtpa, according to data from Shell’s 2018 LNG outlook buy gold cufflinks uk sale. Crucially, about 50 percent of such contracts have no credit rating at all compared to 100 percent in 2010 being A- or B-rated, Shell’s outlook showed. Shorter, smaller, less creditworthy contracts make financing multi-billion-dollar projects simply more difficult..
This makes projects by large portfolio players such as Shell, Total (TOTF.PA) and Exxon, which has promised FIDs in Mozambique and Texas next year, easier to finalize. For U.S. projects, the field is getting tighter – Qatar Petroleum, the world’s largest exporter of LNG, said an FID for the Golden Pass project with Exxon was due in the next few months. Qatar’s own huge expansion, expected to get FID next year, would increase capacity to 110 mtpa from current production rates of 77 mtpa buy gold cufflinks uk sale.
LONDON (Reuters) – European companies are delivering their most disappointing earnings in nearly three years as a sluggish economy and rising costs take their toll on bottom lines, dealing another blow to investor confidence shaken by Italy’s budget crisis and Brexit. Stocks have seen sharp swings on results days as firms reveal the damage wrought by higher trade tariffs and weaker global demand against a backdrop of sliding equity markets and rising volatility. Some of Europe’s biggest companies, from cement makers and car manufacturers to engineering firms and airlines, warned of weaker margins buy gold cufflinks uk sale.
“Macro momentum did roll over more than people had anticipated and I think that is coming through in the (earnings) numbers,” said Caroline Simmons, deputy head of the UK investment office at UBS Wealth Management buy gold cufflinks uk sale. The rate of earnings beats so far this earnings season is its weakest since the fourth quarter 2015 results, I/B/E/S Refinitiv data shows. Many investors had hoped a solid corporate earnings season would help offset a slew of political and macro economic challenges across the region from Rome’s budget crisis to London’s struggle to clinch a Brexit deal. The STOXX 600 is on track for its worst year since 2011..