Overall feedgas last week averaged 12.82 Bcf/d, down 790 MMcf/d week-on-week. The drop was due to lower flows to Corpus Christi and Cameron. The drop at Corpus Christi was short lived and feedgas has since returned to full utilization but flows to Cameron will likely be reduced for some time as the terminal began maintenance on Train 2 on April 28. Sempra has not said how long the maintenance will take, but LNG terminal maintenance typically takes around three weeks. Twenty-eight LNG cargoes departed from U.S. terminals last week, three more than in the previous week. Nine cargoes left from Sabine Pass, four each from Corpus Christi, Freeport and Cameron, three each from Calcasieu Pass and Cove Point, and one from Elba.
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Better Days - U.S. LNG Feedgas Rebounds as Spring Maintenance Season Rolls Off
Global gas prices have had a record-breaking year so far, with JKM in Asia hitting all-time seasonal highs in spring, and TTF in Europe last week reaching the highest level since 2008. Prices have been spurred on by a global LNG market that is undersupplied and hunting for additional cargoes. If you were just looking at U.S. feedgas levels over the past several weeks, though, you would never know that we are in the middle of an incredible bull run. U.S. LNG feedgas deliveries have trailed below full-utilization levels for more than a month due to a combination of spring pipeline maintenance, LNG terminal maintenance, and operational issues. The reduced availability of pipeline and liquefaction capacity led feedgas deliveries in June to average 9.35 Bcf/d, or about 85% of full capacity. However, this was just a small and short-lived setback before what is likely to be a breakthrough summer for U.S. LNG. Feedgas demand is already back above 95% utilization and is poised to head even higher over the next few months both from new liquefaction capacity coming online and potentially from spot market cargo production. In today’s blog, we take a look at the impact of spring maintenance on U.S. LNG production and potential feedgas demand growth in the months ahead.
- Analyst Insight
U.S. LNG Feedgas Down Due to Pipeline Maintenance
LNG feedgas was down last week driven by lower flows to Sabine Pass because of maintenance.
- Analyst Insight
US LNG Feedgas Rebounds
US LNG feedgas demand and LNG exports bounce back as Cameron returns to full service and pipeline maintenance at Corpus Christi ends.
