A roundup of news and commentary from NGI’s LNG Insight
- Chevron Corp. said Friday it would move ahead with a $4 billion project to boost compression from its Jansz-Io field in Australia. The project would take about five years to complete and is aimed at maintaining supplies to the three liquefaction trains at the company’s Gorgon export project. Chevron said the work is its largest investment in Australia since sanctioning the next stage of Gorgon in 2018.
- Dutch front month futures declined Friday, but the contract finished nearly 12% higher this week to lead a global rally. Both the Japan Korea Marker and Henry Hub benchmarks were up about 6% on the week amid a gas supply crunch and solid demand. Henry Hub gained for a ninth day and JKM spot prices held strong near $14/MMBtu Friday as buyers in Asia elevated bids to compete for LNG cargoes.
- UK LNG sendout was down to 7.5 million cubic meters Friday on the competition, with no cargoes scheduled for delivery in the near term, according to Schneider Electric.
- The Panama Canal Authority will conduct maintenance on the east lane of the gatun locks between July 4 and July 14. The work will limit the number of available slots for vessels to traverse the canal, a vital link to move LNG from the Atlantic Basin to Asia.
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