US LNG exports rise to 20 cargoes, Henry Hub continues to climb

The US exported more LNG cargoes in the week ending October 6 when compared to the week before, while the Henry Hub and the Asian spot prices continued to rise.

The Energy Information Administration said in its weekly natural gas report that the US has exported 20 LNG shipments between September 30 and October 6.

This compares to 17 LNG cargoes during the prior week.

Also, natural gas deliveries to US LNG export facilities averaged 10.0 Bcf/d, or 0.2 Bcf/d lower than last week.

Five US terminals exported the 20 cargoes during the week under review. The total capacity of LNG vessels carrying these cargoes is 74 Bcf, compared to 63 Bcf in the week before.

Cheniere’s Sabine Pass plant dispatched eight cargoes, while its Corpus Christi plant sent four shipments.

The Cameron LNG terminal also sent four cargoes, Freeport three, and Elba Island one.

Henry Hub continues to rise

This report week, the Henry Hub spot price rose from $5.63/MMBtu last Wednesday to $5.95/MMBtu two days ago.

The agency said Henry Hub spot price movements were volatile this week, first decreasing to a weekly low of $5.55/MMBtu on Thursday, September 30, and then increasing to a weekly high of $6.23/MMBtu on Tuesday, October 5.

Tuesday’s high hit the highest level since mid-February when prices rose as a result of a winter storm that impacted natural gas production and distribution across the Gulf Coast, it said.

Spot LNG price, TTF up

Prices are continuing to rise all over the globe. Bloomberg Finance reported that swap prices for November LNG cargoes in East Asia rose to a weekly average of $32.48/MMBtu this report week, the highest weekly average on record since January 2020 and $4.52/MMBtu above last week’s average of $27.96/MMBtu.

Platts also said Asian spot LNG price surged to $56.32/MMBtu on Wednesday due to the gas price crisis in Europe. However, the JKM for November dropped to $35.60/MMBtu on Thursday.

At the Dutch Title Transfer Facility (TTF), the most liquid European natural gas spot market, day-ahead prices averaged $32.28/MMBtu this report week, the highest weekly average on record since September 2007 and up $7.05/MMBtu from last week’s average of $25.23/MMBtu, EIA said.

In the same week last year (week ending October 7, 2020), prices in East Asia and at TTF were at $5.06/MMBtu and $4.39/MMBtu, respectively, the agency said.

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