India’s Liquefied Natural Gas (LNG) imports declined nine.1% from a 12 months earlier to sixty eight million metric trendy cubic meter consistent with day (mmscmd) in February 2019, consistent with a record by using India Ratings and Research (Ind-Ra).

This came about regardless of a reduction in Henry Hub costs. “The Henry Hub fees reduced steadily to $2.7 in line with metric million british thermal unit (mmbtu) in February 2019 from $4.Zero according to mmbtu in November 2018. This is in assessment to the historical trends visible in which LNG imports have accelerated on a reduction in Henry Hub costs,” the report stated.

According to the studies and rankings enterprise, the marginal improvement in domestic natural gasoline (NG) manufacturing inside the past few months coupled with a discount in consumption call for became probable responsible for the trend of LNG imports.

Henry Hub charges once more expanded in March 2019, that may have in addition caused a discount in LNG imports in the month. LNG charges moderated in January and February 2019, because of a reduction of the winter season call for which usually peaks within the months of November and December.

Crude oil manufacturing in India decreased 6.1% from a year earlier in February 2019. During the identical month, the manufacturing volumes of ONGC and Oil India declined five.1% and six.5% yr-on-year, respectively, and that of fields underneath manufacturing-sharing contracts fell eight.3% yr-on-12 months.

According to the report, in February 2019, LNG production increased three.Three% yr-on-year. During the equal month, Oil and Natural Gas Corporation (ONGC) registered an eight.5% year-on-year upward thrust in NG manufacturing extent, whilst Oil India and personal/joint challenge fields recorded a fall of two.7% and 14.Zero% 12 months-on-12 months, respectively.

“The NG intake reduced 2.2% 12 months-on-year and turned into consistent with the nine.1% yr-on-year decrease in LNG import volumes. On a cumulative foundation, LNG imports were up four.3% 12 months-on-12 months in the course of April-February 2019. In March 2019, the common Henry Hub herbal gasoline charge elevated 14.5% 12 months-on-yr and 14.6% month-on-month,” the enterprise said.

In February 2019, crude oil import volume reduced 2.Nine% y-o-y and India’s crude oil import dependency was eighty four.4%. “Petroleum Planning & Analysis Cell estimates crude imports at 229 million metric tonnes (mmt) for FY19. The average Brent charge extended 7.7% m-o-m to $sixty four.0/bbl due to a 1.2 million bbl/day production cut announced via OPEC, effective from January 2019,” the document said.

India’s petroleum product output decreased 0.7% 12 months-on-year to 20.Three mmt in February 2019. On a cumulative basis, manufacturing became up 3.Zero% yr-on-yr during April-March 2019.