Like the classic tune, “Rock the Boat,” U.S. LNG feedgas demand hit choppy water last week, slipping as intake dropped at Sabine Pass, Corpus Christi, Cameron, and Plaquemines.
Last week, U.S. LNG Feedgas demand averaged 15.41 Bcf/d, down 0.84 Bcf/d from the previous week. Despite the drop, most terminals are now sailing at near or full capacity, with Cameron, Cove Point, and Calcasieu Pass even running above capacity. Sabine Pass and Freeport held their own at full utilization while Elba Island and Corpus Christi hovered just below.
Corpus Christi was hit with pipeline maintenance, which began on April 21 and will run through April 25. The newest player, the commissioning Plaquemines LNG terminal, saw its intake swing as low as 1.3 Bcf/d and as high as 2.2 Bcf/d. (see chart below). This type of volatility with a new terminal is typical and doesn't necessarily signal any issues.
We’ve written extensively about how the fleet of U.S. LNG terminals is poised to catch the next wave. For more details on all of the LNG players, check out our LNG Voyager Weekly Report. In this week's report, we also discuss the saga with Venture Global, which has begun signing long-term contracts at Calcasieu Pass, but the drama with the project's offtakers and the ongoing arbitration cases isn't over yet.
