US weekly LNG exports climb to 24 shipments

US liquefied natural gas (LNG) exports rose in the week ending March 1, while the Henry Hub spot price increased as well when compared to the week before, according to the Energy Information Administration.

The EIA said in its weekly natural gas report that 24 LNG carriers departed the US plants between February 23 and March 1, two shipments more when compared to the week before.

According to the agency, the total capacity of LNG vessels carrying these cargoes is 88 Bcf.

Overall natural gas deliveries to US LNG export terminals decreased by 3.1 percent (0.4 Bcf/d) week over week to 12.7 Bcf/d, data from S&P Global Commodity Insights shows.

Natural gas deliveries to terminals in South Louisiana decreased by 5.1 percent (0.5 Bcf/d) to 8.5 Bcf/d, while deliveries to Texas terminals increased by 1.9 percent (0.1 Bcf/d) to 3.0 Bcf/d.

Natural gas deliveries to terminals along the East Coast were unchanged week over week, the agency said.

Cheniere’s Sabine Pass plant shipped six cargoes and its Corpus Christi facility sent four shipments during the week under review.

Sempra’s Cameron LNG shipped four cargoes and Venture Global’s Calcasieu Pass LNG plant, the Cove Point plant, and the Freeport LNG facility each sent three cargoes, the EIA said, citing shipping data by Bloomberg Finance.

Elba Island LNG also sent one cargo during the week under review.

Freeport LNG restart

Freeport LNG is currently restarting the export plant following an incident at the facility that took place on June 8 last year.

The LNG terminal operator secured regulatory approval to launch commercial operations of two trains at its 15 mtpa liquefaction plant in Texas as part of the restart process.

Also, Freeport LNG recently asked the US FERC for approval to restart and launch commercial operations of Train 1.

LNG loadings at Freeport LNG have been below the carrying capacity of LNG vessels, based on feedgas data, as the terminal resumes operations and increases LNG production, the EIA said.

Henry Hub up to $2.59 per MMBtu

This report week, the Henry Hub spot price rose 51 cents from $2.08 per million British thermal units (MMBtu) last Wednesday to $2.59/MMBtu this Wednesday, the agency said.

Moreover, the March 2023 NYMEX contract expired Friday at $2.451/MMBtu, up 28 cents from last Wednesday.

The April 2023 NYMEX contract price increased to $2.811/MMBtu, up 51 cents from last Wednesday, the EIA said.

According to the agency, the price of the 12-month strip averaging April 2023 through March 2024 futures contracts climbed 42 cents to $3.527/MMBtu.

European and Asian prices dip

The agency said that international natural gas futures prices continued to decrease this report week.

Bloomberg Finance reported that weekly average front-month futures prices for LNG cargoes in East Asia decreased 58 cents to a weekly average of $14.76/MMBtu.

Natural gas futures for delivery at the Dutch TTF decreased 54 cents to a weekly average of $15.10/MMBtu, the lowest level since August 2021, the agency said.

In the same week last year (week ending March 2, 2022), the prices in East Asia and at TTF were $32.50/MMBtu and $40.28/MMBtu, respectively, it said.

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