Natural gas futures continued to bounce around like a pogo stick, with bulls buying the early dip in Wednesday’s trading session and near-term heat fueling the rally. The July Nymex gas futures contract settled at $6.858/MMBtu, up 5.0 cents on the day. August futures climbed 8.9 cents to $6.872. Spot gas prices were mostly higher…
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Freeport LNG Out for Months, Stranding 2 Bcf/d and Rattling Global Markets
Freeport LNG Development LP said Tuesday it does not expect its Texas export facility to be fully repaired for months after an explosion knocked the plant offline last week. The company is now targeting late 2022 for a return to full service instead of the initial guidance of three weeks. Given that the explosion and…
Freeport LNG Out for Months, Stranding 2 Bcf/d and Rattling Global Markets
Representatives with the liquefied natural gas (LNG) facility in Texas that suffered an explosion last week, Freeport LNG, said early Tuesday that the company does not expect the export facility to be fully repaired for months. The company is now targeting late 2022 for a return to full service instead of the initial guidance of…
Natural Gas Forwards Plunge Following Freeport LNG News; Outage’s Duration Comes into Focus
An explosion at the Freeport liquefied natural gas (LNG) export terminal left market participants contemplating weeks of potential demand destruction and caused a price shockwave that reverberated through the natural gas forwards market during the June 2-8 trading week. For the Lower 48 as a whole, fixed price moves were mixed in terms of the…
Asia-Europe Price Spread Narrows on Asian LNG Tenders
The spread between the European TTF and the East Asia Index (EAX) further narrowed in the past two weeks, as Asian demand rose, especially in south Asia and Japan. The market saw a flurry of Asian tenders for summer deliveries, narrowing the price spread.
Kogas Inks Long-Term Deal for U.S. LNG with BP
Korea Gas Corp., aka Kogas, said Friday that it has signed a long-term contract to buy U.S. liquefied natural gas (LNG) from an affiliate of BP plc. The company agreed to purchase 1.58 million tons (Mt) annually from BP Singapore Pte. Ltd. for an 18-year term at prices linked to Henry Hub. Kogas is one…
Freeport LNG, Tellurian Chiefs Eyeing Uptick in Investments, but Short-Term Export Relief Unlikely
Executives developing liquefied natural gas (LNG) terminals on the Gulf Coast on Wednesday described a bittersweet situation, as Russia’s invasion of Ukraine has elevated the importance of export projects that up to now were fighting for capital. On the day traditionally devoted to natural gas, panels at CERAWeek by S&P Global shifted to what LNG…
TotalEnergies Gains in LNG Sales on Rising U.S. Output
TotalEnergies SE leveraged its globally integrated liquefied natural gas (LNG) portfolio last year to capitalize on soaring commodity prices and turn in what management said were historic financial results. “We went from I would say the historic bottom in terms of results last year…to record results and cash flows in 2022,” said CEO Patrick Pouyanné.…
Freeport LNG Train 2 Back Online After Valve Malfunction
The second liquefaction train at the Freeport liquefied natural gas (LNG) export terminal in Texas is back in service after going offline for about seven hours on Tuesday after a valve malfunction, according to regulators. The plant “experienced a trip due to a valve malfunction on the mixed refrigerant system,” leading to “unavoidable venting” to…
Freeport LNG Requests Three-Year Extension to Finish Train 4 Amid Weak Market
Freeport LNG Development LP has asked FERC for a three-year extension to place a fourth train online at its liquefied natural gas (LNG) export terminal on Quintana Island in Texas, citing a weak global economy and the need for a new engineering contractor. The Federal Energy Regulatory Commission authorized the fourth liquefaction train in May…