Natural Gas News – April 28, 2022
Natural Gas News – April 28, 2022
Profits Skyrocket for US LNG Companies
The United States is poised to become the world’s leading liquefied natural gas (LNG) exporter by the year’s end. The US Energy Information Administration forecasts the country will export a whopping 12.2 billion cubic feet per day (Bcf/d) average to surpass Australia and Qatar for the top spot. Demand is high as Europe tries to reduce gas imports from Russia following its invasion of Ukraine. Europe was the top destination for US LNG for the fourth straight month, receiving 65% of total exports. The EU’s pledged to reduce its consumption of Russian natural gas by nearly two-thirds before the year’s end. Before this, the main American export market was Asia—Japan, China, and Korea. American shale producers and LNG exporters are already trying to take advantage of this surge and secure long-term contacts and… For more info go to https://bit.ly/3xXZhqQ
U.S. Natural Gas Market: Storage Surplus On The Horizon
Last week (ending Nov. 26), the number of heating degree days (HDDs) increased by almost 20% w-o-w (from 119 to 143). The total “energy demand” (as measured in total degree days or TDDs) was 22.0% above last year’s level but only 1% above the 30-year average. This week (ending Dec. 3), the weather conditions in the contiguous United States have been warming up. I estimate that the number of nationwide HDDs will drop by around 13% (from 143 to 124). The total average daily consumption of natural gas (in the contiguous United States) should be somewhere between 89 bcf/d and 91 bcf/d. The total “energy demand” (measured in TDDs) should drop by as much as 20% y-o-y, while the deviation from the norm will turn negative (-22.3%). Next week (ending Dec. 10), the weather conditions are expected… For more info go to https://bit.ly/3KmoY6Q
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