Freeport LNG in Texas to take in more natgas on Monday after train shut on Saturday
Freeport LNG's export plant in Texas was on track to take in more natural gas on Monday after one of its three liquefaction trains shut down on Saturday, according to a company report and data from financial firm LSEG.
Freeport is one of the world's most closely watched liquefied natural gas export plants because the shutdown and startup of the facility have previously caused massive price swings in global gas markets.
When Freeport shuts, U.S. gas prices usually drop because demand for the fuel from the plant declines, and when liquefaction trains at Freeport restart, U.S. gas prices usually rise as demand for the fuel increases.
That, however, did not happen so far on Monday. Gas prices were down about 3% so far on Monday due to factors not necessarily related to Freeport.
Officials at Freeport were not immediately available for comment.
On Sunday, Freeport told Texas environmental regulators that liquefaction Train 2 shut down late on Saturday due to an issue with a compressor system.
LSEG data showed that gas flows to Freeport were on track to rise to 1.7 Bft3d on Monday after dropping to 0.9 Bft3d on Sunday, down from 1.3 Bft3d on Saturday. That compares with an average of 1.2 Bft3d from May 14 to June 5 due to scheduled spring maintenance.
The three liquefaction trains at Freeport are capable of turning about 2.4 Bft3d of gas into LNG.
One Bft3 of gas is enough to supply about 5 MM U.S. homes for a day.
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