Natural gas futures rebounded early Wednesday as traders continued to mull the impact of an extended outage at the Freeport liquefied natural gas (LNG) export terminal in the context of storage deficits and a potentially hot summer ahead. After plummeting $1.420 in Tuesday’s session following news that the Freeport LNG facility won’t see a return…
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Protracted Freeport LNG Outage Sends Natural Gas Futures Freefalling
Natural gas futures plummeted Tuesday on news of a major long-term hit to U.S. export capacity. After an explosion and fire at its liquefied natural gas (LNG) facility in Texas, Freeport LNG said Tuesday repair work would take several months. It is now targeting late 2022 for a return to full service. The announcement dashed…
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…
Nord Stream 1 to Cut Flows on Maintenance Delays Caused by Sanctions – The Offtake
Gazprom PJSC said Tuesday that it can only ship 100 million cubic meters/day (MMcm) on the Nord Stream 1 pipeline, or 40% less than the system’s capacity.
Southwestern Energy, Uniper Clinch Agreement for Certified Natural Gas Supply, LNG Exports
Southwestern Energy Co. said Tuesday it has a deal with the North American subsidiary of Uniper SE to supply independently certified natural gas for domestic and international distribution. The agreement pairs Southwestern, the second largest U.S. natural gas producer, with an affiliate of Uniper, one of Germany’s largest energy supply companies, at a time when…
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…
Ukraine Banning Energy Exports, Collaborating with U.S. on LNG Imports
In the midst of a 100-day-plus war, Ukraine is preparing for the next heating season with proposed plans to secure large volumes of liquified natural gas (LNG) from the United States. Ukraine’s President Volodymyr Zelensky said the government has begun solidifying plans for winter storage and boosting electricity production. Ukraine also plans to end all…
June Heat Keeps Cooling Demand Outlook Strong as Natural Gas Futures Pare Losses
A robust cooling demand outlook offered support for natural gas futures in early trading Tuesday as the front month pared losses from the previous session. Coming off a 24.1-cent decline in Monday’s trading, the July Nymex contract was up 4.0 cents to $8.649/MMBtu at around 8:50 a.m. ET. Amid toasty temperatures in the forecast, this…
Natural Gas Futures Drop Again as Market Fixates on Freeport LNG Uncertainty
Natural gas futures hovered in a narrow range of modest gains and losses early Monday before cruising downward and ultimately finishing deep in negative territory, as traders assessed robust summer demand expectations against a shock last week to U.S. export capacity.
Mexico’s AMLO Aiming for 500 MMcf/d Jaltipan-Salina Cruz Pipeline To Be Built Within a Year
Mexico’s president said Saturday he hopes for construction of the Jaltipán-Salina Cruz natural gas pipeline to be complete within a year at the most. The proposed 500 MMcf/d pipeline would span the Tehuantepec Isthmus, from Chinameca, Veracruz, to Salina Cruz, Oaxaca, where the government is planning a 3 million metric tons/year floating liquefied natural gas…