A roundup of news and commentary from NGI’s LNG Insight
- Despite low prices, record high 74 vessels departed U.S. LNG terminals in January, the fifth consecutive record-setting month for exports, according to RBN Energy.
- Cheniere Energy Inc. subsidiary Sabine Pass Liquefaction takes out storage capacity at Pine Prairie Energy Center in Louisiana beginning Wednesday (March 18) through March 31. Sabine Pass took out short-term storage last month and in 2019 when heavy fog prevented ships from entering the terminal.
- The Gulf Coast remained under dense fog advisories on Thursday.
- Schneider Electric: Industrial gas and power demand expected to take hit as more countries roll out emergency measures to stop coronavirus spread. Italian power demand has steadily declined as lockdowns reduce economic activity, with consumption dropping from 4% below long-term averages last week to 8% Wednesday.
- Schneider adds that Benchmark forward energy contracts have been trading lower across all markets, with year-ahead Dutch Title Transfer facility shedding 2.4% and German power declining by 2.1%.
- Europe is a major destination for U.S. cargoes: 215 of 538 total U.S. cargoes shipped to the continent in 2019, according to Department of Energy, NGI calculations.