US weekly LNG exports rise to 24 cargoes

US liquefied natural gas (LNG) exports rose in the week ending May 10 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 May 4 and May 10, one shipment more when compared to the week before.

The agency said that the total capacity of LNG vessels carrying these cargoes is 90 Bcf.

Moreover, average natural gas deliveries to US LNG export terminals decreased by 4.2 percent, or 0.6 Bcf/d, week over week to average 12.9 Bcf/d this report week, according to data from S&P Global Commodity Insights.

This is the third week in a row of declining natural gas deliveries to US LNG export terminals.

Demand for feedgas at US export terminals typically declines at this time of year, when exports are seasonally lower, the agency said.

Natural gas deliveries to terminals in South Texas decreased by 7.5 percent, or 0.3 Bcf/d, to 4.2 Bcf/d, and deliveries to terminals in South Louisiana decreased by 2.6 percent, or 0.2 Bcf/d, to 7.5 Bcf/d.

The agency said that natural gas deliveries to terminals outside the Gulf Coast were essentially unchanged at 1.2 Bcf/d.

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

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

Also, the Cove Point LNG terminal shipped one cargo during the week under review as well.

Henry Hub up

This report week, the Henry Hub spot price rose 9 cents from $2.03 per million British thermal units (MMBtu) last Wednesday to $2.12/MMBtu this Wednesday, the agency said.

Moreover, the price of the June 2023 NYMEX contract increased 2.1 cents, from $2.170/MMBtu last Wednesday to $2.191/MMBtu this Wednesday.

According to the agency, the price of the 12-month strip averaging June 2023 through May 2024 futures contracts declined 2.5 cents to $2.917/MMBtu.

TTF drops to $11.61/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 26 cents to a weekly average of $11.28/MMBtu.

Natural gas futures for delivery at the Dutch TTF fell 71 cents to a weekly average of $11.61/MMBtu.

In the same week last year (week ending May 11, 2022), the prices were $23.54/MMBtu in East Asia and $30.59/MMBtu at TTF, the agency said.

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