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U.S. liquefied natural gas (LNG) exports were up slightly in the week ending Jan. 22, as 15 vessels departed carrying 54 Bcf, according to the Energy Information Administration.
Seven ships left from Sabine Pass, two from Corpus Christi, four from Cameron and one each from Cove Point and Freeport. Exports were up from 51 Bcf in the previous week, but down from 68 Bcf in the first week of the month. High temperatures along the Gulf Coast in recent weeks have created foggy conditions, impacting the departures of loaded vessels.
Warmer weather is weighing on global natural gas prices too. A mild winter in Northeast Asia and Europe, coupled with a flood of LNG as countries like Australia, Qatar and the United States have been steadily producing, has combined to push prices to multi-year lows.
Over the last week, the prompt month contract in the U.S. hit its lowest point since early 2016. Natural gas for February delivery was still stuck below the $2.00 mark on Monday -- even with a colder-looking forecast. In Asia, LNG spot prices fell to lows not seen since 2009, while benchmark futures contracts there and in Europe were stuck around $4.00/MMBtu.