US weekly LNG exports down, Henry Hub drops

US liquefied natural gas exports dropped in the week ending June 22, as the Freeport LNG facility in Texas remains offline following a fire earlier this month.

The US has exported 18 LNG shipments between June 16 and June 22, down by three shipments when compared to the week before, the Energy Information Administration said in its weekly natural gas report.

The total capacity of LNG vessels carrying these cargoes is 68 Bcf.

Natural gas deliveries to LNG export facilities averaged 10.7 Bcf/d, or 0.1 Bcf/d higher than last week, the agency said.

Cheniere’s Sabine Pass plant shipped eight cargoes and its Corpus Christi facility sent four shipments. Sempra’s Cameron LNG dispatched three cargoes.

Venture Global LNG’s Calcasieu Pass, Cove Point, and Elba Island each sent one cargo during the week under review, EIA said, citing shipping data by Bloomberg Finance.

Freeport LNG did not ship any cargoes due to the mentioned shutdown.

To remind, Freeport LNG now expects to resume partial operation at its 15 mtpa liquefaction and export plant in Texas in about 90 days after an incident at the facility last week.

The LNG terminal operator said it does not expect completion of all necessary repairs and a return to full plant operations until late 2022.

Henry Hub down to $6.59/MMBtu

During the week under review, the Henry Hub spot price fell $1.13 from $7.72/MMBtu last Wednesday to $6.59/MMBtu this Wednesday, the agency said.

Prices along the Gulf Coast declined this week, even as temperatures remained above normal.

Natural gas deliveries to LNG export terminals in South Texas were unchanged at 2.3 Bcf/d, while deliveries to LNG export terminals in South Louisiana increased slightly by 0.1 Bcf/d to 7.2 Bcf/d, it said.

Spot LNG, TTF up

EIA said that international natural gas spot prices increased this report week.

Bloomberg Finance reported that the weekly average swap prices for LNG cargoes in East Asia increased $9.20 to a weekly average of $32.29/MMBtu.

At the Dutch TTF, the day-ahead price rose $9.38 to a weekly average of $37.07/MMBtu.

In the same week last year (week ending June 23, 2021), the prices in East Asia and at TTF were $11.88/MMBtu and $10.52/MMBtu, respectively, the agency said.

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