Market Report Sneak Peak

U.S. LNG feedgas demand held at record levels last week as terminals ramped up winter peak operations and Golden Pass continues increasing intake. With the peak demand season just beginning, further records are likely in the coming months as Golden Pass moves closer to full operations. Meanwhile, global gas prices surged as colder weather hit. Exceptionally low European storage inventories and ongoing disruptions to Middle Eastern LNG supplies will set the stage for fierce competition for cargoes this winter. On the commercial front, QatarEnergy signed a major long-term LNG supply agreement with Cheniere and is reportedly pursuing additional deals with other U.S. exporters.