A roundup of news and commentary from NGI’s LNG Insight
- Freeport LNG remained offline late Wednesday, a spokesperson said. Electricity at the terminal isn’t expected to be restored until CenterPoint Energy Inc. completes repairs on its system. Tropical Depression Nicholas made landfall in Texas on Tuesday as a Category 1 hurricane and knocked out power at the terminal.
- When power is restored at Freeport, the facility is to begin the cool-down and restart of all three liquefaction trains.
- The outage helped to continue propelling European natural gas prices higher. Both the Title Transfer Facility in Northwest Europe and the National Balancing Point in the UK set records for a 13th consecutive day Wednesday. The front-month contracts smashed through the $22/MMBtu barrier on Tuesday.
- Prices were buoyed after National Grid plc reported a fire on a 2 GW interconnector linking France and the UK. French power exports to the UK were cut, which is likely to increase the need for more gas-fired power generation there.
- European natural gas prices have rallied more than 40% over the last month, according to Goldman Sachs Commodities Research.
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