Updated Aug 30, 2024
8/30/24
Managing Editor, LNG
Pittsburgh, PA
NO. 1: The Freeport LNG Development LP terminal on the upper Texas coast remained offline on Thursday for the fifth day in a row since it was shuttered on Sunday ahead of former Hurricane Beryl.
Freeport LNG Development LP’s export facility on the upper Texas coast was still offline on Wednesday, four days after it was shut down ahead of former Hurricane Beryl as the region continued to grapple with the effects of the storm.
Hurricane Beryl weakened after coming ashore in Texas early Monday and was downgraded to a tropical storm after it disrupted some LNG feed gas demand along the U.S. Gulf Coast.
Abaxx Technologies Inc. has seen active trading of its physically settled Gulf Coast LNG futures contracts since they were launched June 28 in what the company said is a strong sign of the market’s interest.
The flood of LNG poised to hit the global natural gas market later this decade is widely expected to push prices lower, potentially broadening the super-chilled fuel’s appeal in a way that could stoke more demand and help absorb the projected supply glut.
Hot weather in Asia continues to attract LNG cargoes from the Gulf Coast, which has created a lopsided shipping market.
NO. 1: Chiyoda Corp. has asked a federal bankruptcy court to restart construction on the Golden Pass LNG export project in Texas, which has come to a near standstill since lead contractor Zachry Holdings Inc. filed for bankruptcy last month.
State-owned Saudi Arabian Oil Co., better known as Aramco, confirmed Wednesday that it’s working to finalize an agreement to take a 25% equity stake in the second phase of Sempra Infrastructure’s Port Arthur LNG export project in Southeast Texas.
Global natural gas prices continued to trade sideways on Monday as ample supplies were available and forecasts were largely unchanged.
A wave of new LNG supply that’s expected to push global natural gas prices lower later this decade is likely to spur additional investments in floating storage and regasification units (FSRU) that could ultimately help to balance any glut.