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U.S. natural gas futures rose about 2% on Wednesday from a 10-month low in the prior session on forecasts for higher demand for liquefied natural gas (LNG) exports over the next two weeks than previously expected. Traders said the biggest uncertainty for the market remains when Freeport LNG will restart its LNG export plant in Texas. After several delays from October to November and then to December, Freeport now expects the facility to return in the second half of January, pending regulatory approvals. That is in line with what many analysts have long been saying – that Freeport would likely return during the first quarter of 2023 because the company still has a lot of work to do to satisfy federal regulators before restarting the plant. Whenever Freeport returns, U.S. demand for gas will jump. The plant can turn about 2.1 bcfd of gas into LNG, which is about 2% of U.S. daily production. Freeport shut on June 8 after a pipe failure caused an explosion due to inadequate operating and testing procedures, and human error and fatigue, according to a report by consultants hired to review the incident and suggest corrective actions. Several vessels, including Prism Diversity, Prism […]
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