With U.S. natural gas production levels near all-time highs and storage injections running strong, LNG exports will be a critical balancing item for the domestic gas market this year. Yet feedgas demand in recent months has been anything but stable; rather, it’s proving to be susceptible to volatility, driven by a combination of offshore weather conditions, maintenance events, start-up activity and global market conditions, among other factors. At the same time, timelines for the remaining 20 MMtpa (2.6 Bcf/d) of new liquefaction capacity still due online this year are moving targets as coastal weather, construction-related delays and other variables affect target completion dates. Today, we discuss highlights from our new Drill Down Report on the impacts of recent and upcoming LNG export capacity additions.
Before we get to that analysis, a quick reminder for those interested in hearing about export trends directly from the companies driving them — there’s still time to register for our xPortCon conference in Houston on May 21. You can download the full agenda here.
The RBN Energy U.S. Propane Infrastructure map provides a comprehensive view of the propane supply network in the lower 48 states.
In just over three years, U.S. LNG exports have gone from zero to a single-day peak of nearly 5.8 Bcf/d this past winter. In doing so, they have transformed the demand profile of the domestic natural gas markets, reshuffled physical gas flows along the Texas and Louisiana coasts and changed pricing relationships across much of the country. And those are just the domestic effects of the export phenomenon — the rise of LNG exports from the U.S. also has shaken up international markets. Figure 1 shows just how remarkable the growth in total U.S. gas exports (teal layer on the left axis) has been over the past five years relative to Lower-48 gas production (green layer on the left axis). Back in 2014, total exports — at that time, comprised entirely of pipeline exports to Canada and Mexico — were 6% of total Lower-48 gas production (burgundy line on the right axis); in recent months, exports have climbed to nearly 12% of total production. Moreover, with the rise in exports in recent years, the U.S. has become a year-round net exporter of gas.
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About the song
"Let It Flow," written and produced by Babyface and performed by Toni Braxton, was originally recorded for and featured on the soundtrack of the 1995 movie Waiting to Exhale. It was released in November 1995 as a double A-side single with "You're Makin' Me High." The single went to #1 on the Billboard Hot 100 and Hot R&B/Hip-Hop Songs charts. It was certified Platinum by the Recording Industry Association of America (RIAA) and has sold more than 1.5 million copies in the U.S.
The Waiting to Exhale soundtrack was produced by Babyface, and featured Braxton, Whitney Houston, Aretha Franklin and other big-name R&B singers. It went to #1 on the Billboard Top 200 Albums and R&B/Hip-Hop Albums charts. Along with "Let It Flow," another single from the LP, "Exhale (Shoop Shoop)," went to #1 on the Billboard charts. "Exhale (Shoop Shoop)" also won a Grammy Award for Best R&B Song in 1997. The soundtrack album has sold over 12 million copies worldwide and has been certified 7x Platinum by the RIAA.
Toni Braxton is an American singer, songwriter, pianist, record producer, actress, and television personality. She has released eight solo studio albums, one soundtrack album, one collaborative album (with Babyface), and 30 singles during her career to date. She has sold over 68 million records worldwide. Braxton has won seven Grammy awards, nine Billboard Music Awards, seven American Music Awards, five Soul Train Awards, and two NAACP Image Awards. She has appeared in seven movies and five television shows. As a side note, Braxton owns a microphone made of white gold and encrusted with 650 karats of diamonds worth a reported $1 million. She still acts, records, and tours to this day.
