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  "documentTitle": "ey og q3 2020 price point client deck",
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  "notes": "Slide uses a waterfall chart for supply/demand and a dual-axis line chart for price trends.",
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      "text": "LNG and Henry Hub prices move in opposite directions",
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      "text": "Oil markets continued to be undersupplied in the fourth quarter. Global oil demand grew 2% from the previous quarter, while OPEC, North American producers and others increased their production.",
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      "text": "Global oil demand increased during the start of the quarter due to robust gasoline consumption and easing international travel restrictions. As has been the case for the past two years, COVID-19 hangs over the marketplace, and the recent pause in market recovery was a direct result of the emergence of a new variant. The IEA, EIA and OPEC have lowered their demand projections for the rest of 2021 and early 2022. Those agencies expect global oil demand to expand by 3.3 million barrels per day (mmb/d), 3.5 mmb/d and 4.2mmb/d, respectively, in 2022.",
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      "text": "Natural gas prices are always strongly influenced by the weather. On a weighted-average basis, heating degree days in the US are 14% below normal. Historically, that translates to a roughly 7 Bcf/day reduction in natural gas demand from a base of about 100 Bcf/day. Production continues to come back from its pandemic lows. Output at the end of Q3 was 4 Bcf/day higher than in Q3 2020, which was 5 Bcf/day lower than Q3 2019.",
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      "text": "Supply uncertainty continues as well. OPEC+ has been remarkably disciplined in restoring output to pre-pandemic levels in step with demand, but analysts forecasted production could outpace demand. As this upward trend extends into 2022, the US, Canada and Brazil look set to pump at their highest-ever annual levels, lifting overall non-OPEC+ output by 1.8 mmb/d in 2022.",
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      "text": "European prices have skyrocketed after a brief reprieve. A colder-than-expected winter, low inventory, tight Russian supplies and the recent escalated tensions between Ukraine and Russia have conspired to keep traders nervous and prices high.",
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      "text": "LNG and natural gas markets have recently moved in opposite directions. After reaching US$6.32/MMBtu, at the beginning of the quarter, Henry Hub futures have fallen to US$3.75MMBtu while the international natural gas spot prices including JKM and Dutch TTF rose strongly at 2% and 8%, respectively, during the same period. European LNG prices reached US$42/MMBtu, which was the highest in four years.",
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