US weekly LNG exports down to 23 cargoes

US liquefied natural gas (LNG) exports dropped in the week ending May 31, while the Henry Hub spot price fell as well when compared to the week before, according to the Energy Information Administration.

The EIA said in its weekly natural gas report that 23 LNG carriers departed the US plants between May 25 and May 31, two vessels less when compared to the week before.

The agency said that the total capacity of these LNG vessels is 87 Bcf.

Moreover, natural gas deliveries to US LNG export terminals increased by 4.7 percent (0.6 Bcf/d) week over week to average 13.3 Bcf/d this report week, according to data from S&P Global Commodity Insights.

Natural gas deliveries to terminals in South Texas increased by 13.5 percent (0.5 Bcf/d) to 4.3 Bcf/d, while deliveries to terminals in South Louisiana increased by 1.6 percent (0.1 Bcf/d) to 7.9 Bcf/d.

Natural gas deliveries to terminals outside the Gulf Coast were essentially unchanged at 1.2 Bcf/d, the agency said.

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

The Freeport LNG terminal shipped four cargoes, while Venture Global’s Calcasieu Pass and Sempra’s Cameron LNG terminal each dispatched three cargoes, the EIA said, citing shipping data by Bloomberg Finance.

Also, the Cove Point LNG terminal shipped one LNG cargo. Elba Island LNG did not send any cargoes during the week under review.

Henry Hub drops

This report week, the Henry Hub spot price fell 14 cents from $2.24 per million British thermal units (MMBtu) last Wednesday to $2.10/MMBtu this Wednesday, the agency said.

Moreover, the June 2023 NYMEX contract expired Friday at $2.181/MMBtu, down 22 cents from last Wednesday.

The July 2023 NYMEX contract price decreased to $2.266/MMBtu, down 30 cents from last Wednesday to this Wednesday.

According to the agency, the price of the 12-month strip averaging July 2023 through June 2024 futures contracts declined 21 cents to $2.959/MMBtu.

TTF down to $7.98/MMBtu

The agency said that international natural gas futures decreased this report week.

Bloomberg Finance reported that weekly average front-month futures prices for LNG cargoes in East Asia fell 42 cents to a weekly average of $9.31/MMBtu.

Natural gas futures for delivery at the Dutch TTF fell $1.29 to a weekly average of $7.98/MMBtu.

In the same week last year (week ending June 1, 2022), the prices were $23.30/MMBtu in East Asia and $27.67/MMBtu at TTF, the agency said.

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