Thursday, November 30, 2023
HomeGasU.S. LNG exports fall further after explosion, Europe takes bigger slice

Subscribe

To our FREE newsletter
Get all the latest maritime news delivered straight to your inbox.

U.S. LNG exports fall further after explosion, Europe takes bigger slice

U.S. exports of liquefied natural gas (LNG) fell for second consecutive month in July, weighed down by the processing halt at a fire-hit Texas plant, but Europe took a bigger slice of overall shipments, Refinitiv Eikon data showed on Monday.

Second-largest U.S. exporter Freeport LNG expects to return to partial service on Oct. 22, but its temporary closure has cut U.S. gas exports by about 1.9 billion cubic feet per day.

The fire has limited U.S. LNG exports amid strong demand in Europe, where buyers are seeking to replace Russian supplies. Prices last week rose to $57 per million British thermal units, up from $33 per million BTUs in March. The high prices have curbed demand from Asia and Latin America.

In July, 86 cargoes departed from U.S. ports carrying a total of 6.12 million tonnes of LNG, below the prior month’s 6.3 million tonnes and the lowest exports since September, according to the Eikon data, based on preliminary tanker tracking.

Cargoes heading to Europe climbed to almost 3.9 million tonnes – or 63% of the total – from 3.5 million in June, while shipments to Asian and Latin Americas clients fell, the data showed.

Confusion over Russian gas flows as Moscow insists on changes to payment methods, and the potential for new disruptions, are driving some analysts to say prices may yet reach new highs.

A month ago, President Vladimir Putin seized full control of Sakhalin-2 in Russia’s Far East, one of the world’s largest LNG projects, a move that could force out Shell Plc and Japanese investors.

The U.S. government is trying to fulfill a promise to European leaders that the world’s top LNG exporter through June will help secure supplies of the supercooled gas.

“With the uncertainty of Russian gas supply and resistance from some EU members towards gas consumption cuts, more U.S. LNG exports are expected to flow to Europe, although a downside is expected during the U.S. hurricane season,” Rystad analyst Karolina Siemieniuk said in a note last week.

Source: Reuters

Related Posts

Video

Finance & Economy
Shipping News
Ports

Euronav: Dividend Distribution For Q3 2023 & Business Update

Euronav NV provides a business and dividend update following the recent board and management changes. The Supervisory board has agreed to distribute USD 0.57 per...

A new chapter for Euronav

Euronav shareholders have approved strategic changes at the company ushering in a new era.

TEN Reports Earnings Results for Q3 & 9M2023

Tsakos Energy Navigation Limited reported earnings results for the third quarter and nine months ended September 30, 2023. For the third quarter, the company reported...

StealthGas posts near-record quarterly profit

STEALTHGAS INC. (NASDAQ: GASS), a ship-owning company serving the liquefied petroleum gas (LPG) sector of the international shipping industry, announced today its unaudited financial...

Golar LNG Reports Third Quarter Net Income of $114 Million

Golar LNG announced its interim results for the period ended September 30, 2023. Highlights include: Golar LNG Limited (“Golar” or “the Company”) reports Q3 2023 Net...

Baltic index extends rally on higher capesize rates

The Baltic Exchange’s dry bulk sea freight index rose on Tuesday for the fourth...

CLIA presents cruise industry’s Action Plan for Greeceto the Greek Government

Representatives of Cruise Lines International Association (CLIA), members of the Government, and key stakeholders...

Baltic index scales 1 and 1/2-year peak

The Baltic Exchange’s dry bulk sea freight index rose on Monday for the third...

Greek merchant fleet up in numbers, down in volume

The Greek merchant shipping fleet rose in numbers but fell in volume in September. More...

Celestyal unveils 3 new countries and 6 new ports for 2024 & 2025

Celestyal the award-winning, number one choice for cruise travelers to the Greek islands and...

Port Houston Breaks Export Record

October was the biggest month ever for loaded exports at Port Houston, up 6% compared to last October. Port Houston’s loaded exports are up...

Port of Piraeus working on first shore power connection slots for 2024

The Piraeus Port Authority (PPA), which manages the largest and busiest port in Greece, announced the first five shore power connection slots for ferry...

Two major US cruise operators interested in buying Lavrio port

The tender for the concession of Lavrio port is set to begin in the next few weeks. Sources tell Kathimerini there are at least two...

Biden Administration Invests Over $650 mln in US Ports to Strengthen Supply Chains

The U.S. Department of Transportation’s Maritime Administration (MARAD) announced over $653 million to fund 41 port improvement projects across the nation under the Port...

APM Terminals & DP World spearhead roadmap for accelerating electrification of port operations in bid for net-zero

APM Terminals and DP World announced an initiative to accelerate decarbonisation of the world’s terminals through the widespread electrification of container handling equipment (CHE)....