Natural Gas News- June 2, 2022

Natural Gas News- June 2, 2022

Traders Bet on Texas Natural Gas Discount

Natural gas exports from the US are soaring amid a global shortage of
the fuel, but traders are betting that producers in one of the biggest
shale basins will be selling their supply at a discount next year. The
culprit: A lack of pipelines. Companies including Kinder Morgan Inc.,
Energy Transfer LP and MPLX LP, which own and operate massive
networks of conduits stretching from coast to coast, are proposing or
moving ahead with projects that would collectively move almost 6 billion
cubic feet of additional gas to terminals shipping liquefied natural gas
from the Gulf Coast. That’s equivalent to nearly 6% of current US gas
production. The pipelines will lift US gas exports to a fresh record and
help tame prices in Asia and Europe, which have been running red-hot
since … For more info go to https://bloom.bg/3am6Bm4

May U.S. LNG Exports Reach 2nd Highest

The United States exported 7.29 million tonnes of liquefied natural gas
(LNG) last month, second highest on record, as sales to Europe and
South America expanded, according to Refinitiv Eikon data. The United
States is on track to become the world’s largest LNG exporter this year,
topping Australia and Qatar, as producers work to boost liquefaction
capacity. The volume exported in May was up from 6.93 million tonnes
in April, and 12% more than a year earlier, according to preliminary
Eikon data, based on vessel tracking. The record was 7.67 million
tonnes in March. LNG exports are getting a boost from additional
capacity from Venture Global LNG Inc’s new Calcasieu Pass terminal in
Cameron Parish, Louisiana, and higher production at top U.S. exporter
Cheniere… For more info go to https://reut.rs/3x14gVz

U.S. LNG Exports Stay Near Record Levels In May

Warmer than usual spring weather, expectations of a hotter summer,
and record LNG exports to help Europe reduce dependence on Russian
gas could send the U.S. benchmark natural gas prices to above $10 per
million British thermal units (MMBtu) in the coming weeks, analysts say.
Earlier this week, the front-month Henry Hub benchmark price hit a 13-
year high of over $8/MMBtu, as prices rallied amid increased demand
for air conditioning. As of 9:50 a.m. EST on Friday, the natural gas price
was at $8.693/MMBtu, down 1.02% on the day. Moreover, the levels of
natural gas in storage across the United States are well below average
for this time of the year. The southern U.S. will be … For more info go to
https://bit.ly/3ysupis