A roundup of news and commentary from NGI’s LNG Insight
- U.S. natural gas exports are needed across the world as buyers face shortages, the Biden administration said. “There’s a natural gas shortage around the world, hence the need for the United States to continue to export natural gas,” said White House Press Secretary Jen Psaki at a briefing Wednesday.
- Psaki’s remarks come as industrial output around the world is impacted by high energy prices. The remarks also follow recent calls to limit U.S. LNG exports as domestic prices have increased, notably by the Industrial Energy Consumers of America.
- In the UK, energy suppliers Pure Planet Ltd. and Colorado Energy went out of business this week. Twelve suppliers in the country have folded amid skyrocketing natural gas prices. The government will now appoint a supplier for the 250,000 customers impacted. Another 18 utilities are at risk in the UK after CNG Group Ltd. said it would exit the wholesale market and stop supplying clients with natural gas.
- After stabilizing following a chaotic stretch of trading last week, the Title Transfer Facility has gained more than $5 since Monday to finish above $30/MMBtu on Thursday. Concerns about supply shortages this winter are persisting. The UK’s National Balancing Point benchmark has followed a similar trajectory.
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