- Exports of US liquefied petroleum gas(LPG) dropped in the ending week of August compared to previous week records Energy Information Administration.
- The agency also noted that the price of the 12-month strip averaging October 2022 through September 2023 futures contracts increased by 4 cents to $7.394/MMBtu.
- Natural gas futures also cite a surge in price.
According to the weekly report by the Energy Information Administration, 18 LNG carriers left the US plants between August 25 and August 31 which was a reduction of 3 shipments compared to the previous week, says an article published in LNGPrime.
Moreover, natural gas deliveries to US LNG export facilities decreased by less than 0.1 Bcf/d and averaged 11 Bcf/d.
Cheniere’s Sabine Pass plant sent three shipments while Sempra’s Cameron LNG also dispatched three. Venture Global LNG’s Calcasieu Pass terminal and the Elba Island facility each sent one each. Apart from the aforesaid shipments, an LNG vessel discharged a cargo of about 3 Bcf at the Everett LNG facility, near Boston managed by Constellation.
Slackening Henry Hub
The Henry Hub spot price fell 34 cents from $9.29 per million British thermal units (MMBtu) from the previous week to $8.95/MMBtu in the current week.
Also, the price of the September 2022 Nymex contract expired at $9.353/MMBtu on the opening day of the week while the October 2022 NYMEX contract price decreased to $9.127/MMBtu.
TTF Goes Through the Ceiling
As the international natural gas futures prices surged, record-high levels driven by natural gas supply constraints in Europe were reached owing to the gas supply crunch from Nord Stream 1 pipeline of Russia.
Natural gas futures for delivery at the Dutch TTF increased $6.01 to a weekly average of $83.62/MMBtu which is the highest average price weekly.
The price at TTF rose close to $100/MMBtu.
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