U.S. LNG exports rise from coronavirus lows as global gas prices soar
U.S. liquefied natural gas exports were on track to increase for a second month in a row in September for the first time since hitting a record high in January as rising global gas prices prompted buyers to reverse some cargo cancellations. Gas prices surged over 60% in Europe and Asia last month, causing U.S. LNG exports to jump from a 21-month low of 3.1 billion cubic feet per day (bcfd) in July to 3.7 bcfd in August and an expected 3.8 bcfd
in September, according to federal data. Prior to that, U.S. exports fell every month from March to July as coronavirus demand destruction caused prices to collapse and buyers to cancel cargoes. Several U.S. LNG export plants stepped up to supply more of the super-cooled fuel even though Cameron LNG’s facility in Louisiana remains shut due to lingering power problems after Hurricane Laura slammed into the Gulf Coast in late August. For more on this story visit yahoo.com or click https://yhoo.it/3iuZU0j
Turkey looking to US and Qatar for LNG imports
Temptingly soft liquefied natural gas prices are prompting Turkey to turn its back on traditional pipeline suppliers Russia and Iran, which have lost out to the US and Qatar as the main source of gas to the lucrative Turkish market. Prioritizing the purchase of cheaper LNG has also played a
key role in diversifying Turkey’s energy supply sources. While pipeline purchases require long-term contracts on usually fixed prices, LNG
offers price flexibility and timely delivery when domestic energy consumption increases. Turkey is still expected to import most of its gas
needs through pipelines from neighboring Russia, Iran and Azerbaijan, but attention has turned to spot LNG while prices are low. For more on this story visit upstreamonline.net or https://bit.ly/3mklcjB
