NATGAS: Russia's Sakhalin-3 Production From 2028
Sep-25 13:09
Russia is expected to start natural gas production at the new Sakhalin-3 project in 2028 for supply domestically and for export to China, according to Reuters citing local news agencies.
- "We link the industry's prospects to the implementation of the Sakhalin-3 project. Its launch is scheduled for 2028. This gas is expected to be exported to China and also used for the needs of the Far East," the local governor Valery Limarenko said.
- Sakhalin-3 includes the Yuzhno-Kirinskoye field, which the US put under sanctions in 2015.
- Yuzhno-Kirinskoye's reserves amount to 711.2bcm of natural gas, 111.5m tonnes of gas condensate and 4.1m tonnes of oil, according to Gazprom data.
- Limarenko said Gazprom and the regional authorities are also seeking to build a refinery in southern Sakhalin to produce jet fuel, diesel and naphtha from gas condensate.
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US DATA: Solid Start To Q3 For Durable Goods Activity
Aug-26 12:57
Durable goods orders showed a pickup in July, with better revisions casting a slightly better light on goods production and business equipment investment this summer.
- Headline durable goods orders bested expectations at -2.8% M/M (-3.8% expected, -9.4% prior), weighed down once again by the extremely volatile nondefense aircraft orders category (-33% M/M, after -53% prior).
- A better signal came from durable orders ex-transportation, which rose 1.1% (0.2% expected) after 0.3% prior. And the key core capital goods orders (nondefense, ex-aircraft) category also rose by 1.1% M/M (0.2% expected), more than reversing June's decline (-0.6%, upwardly revised from -0.8%).
- Meanwhile, core shipments continued to hum along, rising by a 27-month high 0.7% M/M (0.2% expected, 0.4% prior rev from 0.3%).
- Zooming out, core capital goods orders are nor rising at a 3.8% 3M/3M annualized pace, the strongest since March at which point activity was seen to be heavily influenced by tariff front-running.
- The Y/Y NSA figure may tell a clearer story, and it's a positive one: core orders have risen 4.4% Y/Y by that measure for two consecutive months, the best seen since Q4 2022.
- Category-wise, there was strength pretty much across the board, with metal products, machinery, computers/electronics, and electrical equipment/appliances/ components, and motor vehicles and parts all seeing a rise in new orders (we exclude volatile aircraft).
- One note of caution here is that the figures are in nominal dollar terms and thus may be reflecting a bottoming out of goods / components prices in addition to orders volumes. But momentum appears to be headed back in a positive direction, at least tentatively.
