Natural Gas News – November 8, 2022

Natural Gas News – November 8, 2022

EU, US Commit to Working to Keep High Level of US LNG Exports to EU

The EU and US have committed to working to keep up a high level of US LNG supplies into Europe in 2023 as part of their alliance on energy security, they said Nov. 7. In a joint statement following a meeting of the EU-US task force on energy security in Washington on Nov. 3, the two sides also said they would look to ensure gas supply at prices that reflected market fundamentals. The EU and US in March agreed to a joint declaration on energy security that laid out plans for the delivery of an additional 15 Bcm of US LNG to the EU in 2022 compared with 2021, and a further 50 Bcm/year in the following years. As part of the pact, a task force was also established to meet regularly to discuss progress. “This year alone, in January through October, approximately 48 Bcm of LNG was exported from the US to the EU, which is 26 … For more info go to https://bit.ly/3UBFwNK

U.S. NatGas Futures Jump 9% on Colder November Forecasts

U.S. natural gas futures jumped about 9% to a one-month high on Monday on forecasts for colder weather and more heating demand in mid to late November than previously expected. Traders also said futures gained support from a drop in output so far this month and expectations the Freeport liquefied natural gas (LNG) export plant in Texas would return to service soon.  Freeport LNG submitted a draft Root Cause Failure Analysis to the Department of Transportation’s Pipeline and Hazardous Materials Safety Administration (PHMSA) on Nov. 1, according to sources familiar with the filing. By the end of last week, however, Freeport LNG had not yet submitted a request to… For more info go to https://bit.ly/3UF1fEx