Updated Sep 25, 2024
9/25/24
Prompt month natural gas futures fell for a second day Wednesday as the market stayed focused on shifting autumn supply/demand balances, sidestepping a broad rally sparked by the Federal Reserve’s (Fed) aggressive start to an interest rate-cutting cycle.
Hurricane Francine had little impact on U.S. LNG export facilities when it made landfall Wednesday as a Category 2 storm in a remote part of Louisiana.
Venture Global LNG Inc. is expecting to hit a major milestone for its CP2 LNG project in Louisiana next month while it mounts a defense against challenges to the Plaquemines export facility, also nearing a new stage of development.
While U.S. LNG supply is poised to skyrocket by the end of the decade, little new export capacity will come online this year, and additional volumes are expected to climb slowly through next year and into 2026 as projects work through various setbacks.
The Plaquemines LNG terminal under construction in Louisiana is a step closer to bringing its terminal into service after federal regulators authorized it to re-export cargoes it would need to import to cool down its facilities.
Higher production and lower demand outlooks supported more losses for August Nymex natural gas futures as weather forecasts softened heat for later in July amid storm fears stoked by the formation of the earliest Category 5 hurricane on record.
NO. 1: Chiyoda Corp. has asked a federal bankruptcy court to restart construction on the Golden Pass LNG export project in Texas, which has come to a near standstill since lead contractor Zachry Holdings Inc. filed for bankruptcy last month.
Afforded little support from the latest storage data for a definitive move in either direction, August Nymex natural gas futures meandered near unchanged through midday trading on Thursday.
Venture Global LNG Inc.’s CP2 export facility has received the final federal approval, ending a more than 10-month wait for authorization.
July natural gas futures moved decidedly lower in early trading Wednesday as the market took profits ahead of the contract’s expiration at the close of business.