Freeport LNG in Texas to restart one train this week after Hurricane Beryl
7/16/2024
Freeport LNG plans to restart one of three LNG trains this week at its Texas facility after the company repairs some damage from Hurricane Beryl. The plant, in Freeport, Texas, south of Houston, halted operations on July 7 before Hurricane Beryl hit the coast, causing widespread power outages and wind damage.
The LNG exporter plans to restart the remaining two trains shortly after the first resumes operation, but production will be reduced while it continues repairs. The second-largest U.S. LNG exporter said in a statement that output would "steadily ramp up to full rates as these repairs are completed."
Each of Freeport's three liquefaction trains can turn about 0.7 Bft3d of gas into LNG. One billion cubic feet is enough gas to supply about 5 MM U.S. homes for a day. Freeport is one of the most-watched U.S. LNG export plants because it has a history of hitting global gas prices when it shuts due to the decreased demand.
Since Freeport shut, U.S. gas futures have declined by about 2% to a two-month low of $2.26 per million British thermal units (MMBtu). The amount of natural gas flowing to Freeport was on track to reach about 0.1 Bft3d on Monday, up from near zero July 7-14, according to LSEG data. Energy traders, however, noted that Freeport was also on track to pull in similar amounts of gas late last week but ended up actually accepted almost no gas.
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