• 3 minutes Australian power prices go insane
  • 7 minutes Wind droughts
  • 11 minutes  What Russia has reached over three months diplomatic and military pressure on West ?
  • 2 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 14 mins Changing Gazprom ADRs to Russian shares
  • 2 hours Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 21 hours Is Europe heading for winter of discontent with extensive gas shortages?
  • 2 days "The Global Digital ID Prison" by James Corbett of CorbettReport.com
  • 5 days "How China Could Send LNG Prices Into The Stratosphere" by Irina Slav
  • 4 days "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 6 days The Federal Reserve and Money...Aspects which are not widely known
  • 7 days How Far Have We Really Gotten With Alternative Energy

Breaking News:

Buffett Boosts Oxy Stake Above 20%

Freeport LNG Not Expected To Resume Full Operations Until Late 2022

Freeport LNG will not resume full operations at its liquefication plant on Quintana Island until the end of this year, according to the company’s Tuesday press release.

While China’s LNG demand may be calming the hot LNG market, news that Freeport LNG’s Texas plant will not resume full operations until late 2022 may upset the market.

“At this time, completion of all necessary repairs and a return to full plant operations is not expected until late 2022,” Freeport LNG said, adding that partial operations could be resumed within 90 days.

Houston-based Freeport LNG suffered an explosion on June 8, causing the plant to shut down to assess the damage and perform repairs. Freeport LNG accounts for 20% of the United States’ total LNG export capacity, capable of processing 2.1 Bcf of gas per day. According to Freeport LNG, it is the seventh-largest liquefication facility in the world and the second-largest in the United States.

But originally, it was set to be out of commission for just three weeks.

While LNG spot prices to Asia and Europe saw an increase at the news of the outage last week, the reaction was muted on soft Asian demand.

But news of a lengthy turnaround for restarting the export facility could send prices higher, particularly in light of Europe’s increased thirst for LNG as it tries to reduce its dependence on Russian gas while filling its storage before winter.

The EU and UK imported record volumes of LNG in April at 16.5 Bcf/d, according to the latest EIA data. This compares to the 2019 average of just 10.3 Bcf/d.

And Europe is planning to increase the number of LNG import facilities it has, particularly in Germany.

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News