U.S. LNG exports set to fall to six-week low on Corpus Christi maintenance
The amount of natural gas flowing to U.S. LNG export plants was on track to drop to a six-week low, due to planned work at Cheniere Energy Inc’s Corpus Christi project in Texas, according to analysts and Refinitiv.
LNG feedgas was on track to fall to 9.1 billion cubic feet per day (bcfd) on Thursday, according to Refinitiv data, its lowest since Feb. 26 when U.S. exports were recovering after several Gulf Coast LNG plants shut due to a shortage of gas and power during the Texas freeze in mid February.
Analysts said it was normal for LNG plants and gas pipelines supplying them to shut for maintenance in the spring when demand is low.
So far this month, the amount of gas flowing to U.S. LNG plants averaged 11.1 bcfd, which would top March’s monthly record of 10.8 bcfd.
Buyers around the world continue to purchase record amounts of U.S. gas because prices in Europe and Asia remain high enough to cover the cost of buying and transporting the fuel across the ocean.
Traders said it was unlikely feedgas in April would top March’s record due to the Corpus reduction and other maintenance later this month, including expected work at Cameron LNG in Louisiana.
Officials at Cameron were not immediately available for comment.
Reporting by Scott DiSavino; Editing by Marguerita Choy
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