Natural Gas News- June 21, 2022

June 21st 2022

Shutdown Extended of Fire-Damaged Texas LNG Export Site

Freeport LNG expects partial operation to resume in early September at
its $13.5-billion liquefied natural gas plant and export terminal in
Freeport, Texas, following a June 8 gas leak-triggered fire and explosion
in its piping system. But the firm said it could take until the end of 2022
for all repairs and regulatory clearances to enable full operation of the
facility—which accounts for about 20% of total U.S. export capacity and
about 4% of global capacity. The shutdown has already generated
unease in key LNG supply markets, particularly in Europe. The gas
release at the plant, located on Quintana Island south of Galveston,
created a natural gas vapor cloud that exploded and set fire to nearby
piping insulation and cabling in the pipe racks that support gas transfer
from storage tanks to the dock on the interco… For more info go to
https://bit.ly/3QFNHro

U.S. LNG Exports Deliver Energy Security, Economic Stability in Europe

Despite challenges in securing reliable energy sources, Europe still plans
to meet net-zero 2050 goals outlined in the European Green Deal. The
journey to net-zero is filled with uncertainty as Russia continues to cut
energy supply to Europe and additional infrastructure becomes
necessary for LNG imports from allies. Stepping up to the plate to meet
this challenge, U.S. LNG has become a powerful stabilizing tool in
Europe as the region works to increase its supply of natural gas, lower
greenhouse gas emissions and wean itself off natural gas from
authoritarian regimes like Russia. Evident that U.S. LNG could deliver on
these goals, leaders from the United States and Europe announced a
deal in March that will see the U.S. commit to boosting LNG supplies to
Europe by winter, helping Europe r… For more info go to
https://bit.ly/3QFNHro

This Oil Giant Just Shipped Its First LNG Cargo

Iraq has entered the market for liquefied natural gas, with its first
shipment ever taking place this week. In a statement, the Iraqi Oil
Ministry said that the first shipment was an achievement and quoted the
managing director of Basra Gas Company, Malcolm Mayes, as saying it
was a “historic moment”. The international LNG market has heated up in
the past few months as Europe, a major importer of gas, seeks to
reduce and eventually eliminate its reliance on Russian pipeline gas.
LNG has emerged as the most convenient replacement, and the United
States as the biggest supplier so far. Europe has become the top
destination for U.S. liquefied natural gas, but the recent explosion at
Freeport LNG has compromised the security of future volumes. Looking
for diversification, the European Union also recently sealed a deal … For
more info go to https://bit.ly/3QFNHro

 

 

Market Condition Report - Disclaimer
The information contained herein is derived from sources believed to be reliable; however, this information is not guaranteed as to its accuracy or completeness. Furthermore, no responsibility is assumed for use of this material and no express or implied warranties or guarantees are made. This material and any view or comment expressed herein are provided for informational purposes only and should not be construed in any way as an inducement or recommendation to buy or sell products, commodity futures or options contracts.

Sign up for FUELSNews for daily market information and insights
Sign Me Up
Give Us a Call Today

We are happy to discuss your business challenges over the phone and answer any questions.

800.695.6626

Send Us an Email

Ask your toughest questions. We'll get back to you with the best answer humanly possible.

Send Email

Find a Mansfield Location

Need to contact a specfic office? View contact information for offices across the country.

View Locations

Get a Quote Today

Let us know what type of fuel or service you need and a team member will get a quote to you quickly.

Get a Quote