Natural Gas News – January 4, 2024
LNG Exports Raise Natural Gas Prices for Americans
Natural gas production in the United States has spiked since the fracking boom of the mid-2000s, with about two-thirds of total production coming from Texas, Pennsylvania, Louisiana, and West Virginia— typically transported by pipeline to power plants and home furnaces throughout the country. Domestic natural gas supply and demand have generally tracked one another, and the relatively small amount of international trade has consisted primarily of imports via pipelines from Canada. But the boom in new liquified natural gas (LNG) export terminals has changed these economics and is increasingly tying domestic gas prices to global markets. As with crude oil, increasing LNG exports will cause U.S. natural gas prices to be set on the international market, meaning that domestic prices will
be subject to global price… For more info go to https://shorturl.at/jotLZ
U.S. Now World’s Largest LNG Exporter
The United States is now the world’s LNG exporter, after overtaking Australia and Qatar, according to new data compiled and shared by Bloomberg on Tuesday. The United States exported 91.2 million metric tons of LNG last year, after the country’s primary export facility, Freeport LNG, resumed operations after an eight-month hiatus following a fire in June 2022. Meanwhile, EU countries were looking to reduce their reliance on Russian gas and compensate for Russia’s curtailment of pipeline gas into Europe. Australia was the second-leading LNG exporter in 2023, while Qatar, the leading LNG exporter in 2022, reduced its exports by 1.9% in 2023, came in third.
This year is shaping up to be another banner year for U.S. LNG. Venture Global LNG Inc. is set to start up a new Plaquemines LNG facility… For more info go to https://shorturl.at/fwIV9