US weekly LNG exports drop to 22 cargoes

US LNG exports dropped in the week ending February 2, while the Henry Hub spot price logged a rise when compared to the week before, according to the Energy Information Administration.

The agency said in its weekly natural gas report that the US has exported 22 LNG shipments between January 27 and February 2, down by three cargoes when compared to the week before.

Natural gas deliveries to LNG export facilities averaged 12.1 Bcf/d, or 0.6 Bcf/d lower than last week.

Five US terminals exported the 22 cargoes during the week under review. The total capacity of LNG vessels carrying these cargoes is 81 Bcf.

Cheniere’s Sabine Pass plant dispatched nine cargoes, while its Corpus Christi plant sent four shipments. The Freeport terminal sent four shipments, Cameron three, and Cove Point and two cargoes.

In January, 103 tankers departed the US, compared with 102 in December 2021. Vessel departures recorded for these two months were the highest to date, EIA said.

Henry Hub spot price surges

This report week, the Henry Hub spot price rose from $4.37 per million British thermal units (MMBtu) last Wednesday to $6.44/MMBtu this Wednesday.

The increase was due to anticipation of winter storms sweeping across the country and colder-than-average temperatures throughout much of the Southeast and Texas, EIA said.

This Wednesday’s increase was the biggest single-day rise in price since February 11, 2021, when prices rose in advance of a major winter storm that affected much of the Gulf Coast, the agency said.

Starting Friday, delivery of feed gas to Venture Global’s Calcasieu Pass LNG terminal began to rise above the approximate 30 million cubic feet per day (MMcf/d) average they reported for the first four weeks of January.

Nominations on the TransCameron Pipeline rose to almost 110 MMcf/d on Saturday, and reached an all-time high of 133 MMcf/d on Tuesday.

Venture Global LNG said in a report on Thursday it had launched production at Calcasieu Pass on January 19.

IHS Markit estimates feed gas deliveries to other LNG terminals in Southern Louisiana fell this report week, resulting in an aggregate decline of 0.7 Bcf/d this week to 6.7 Bcf/d.

Heavy fog led to temporary closures of major waterways serving LNG export terminals, which may have contributed to lower LNG exports this week compared with last week, EIA said.

LNG prices rise, TTF down

According to the agency, international natural gas prices were mixed this report week.

Bloomberg Finance reported that swap prices for LNG cargoes in East Asia for the balance of February rose $3.82 to a weekly average of $26.29/MMBtu from $22.46/MMBtu last week—the lowest weekly average since mid-September 2021.

At the Dutch TTF, the day-ahead prices fell $1.08 to a weekly average of $27.64/MMBtu.

In the same week last year (week ending February 3, 2021), prices in East Asia and at TTF were $8.65/MMBtu and $6.68/MMBtu, respectively, EIA said.

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