Freeport LNG is back at full speed! Feedgas to the terminal has touched 2 bcf/d, indicating that all 3 trains run close to the max utilization rate of 2.1 bcf/d.
This is the highest feedgas value since Jun-22 and total US pipeline deliveries to LNG plants are on track to hit a new record!
Impact on HH has been muted as high domestic storage levels have pushed prices down to the low 2 $/mmbtu range, levels seen during the 1st lockdowns in 2020.
Current US stocks at 1853 bcf are 23% higher than the 5y average, largely driven by mild weather, while IEA’s weekly drawdown report of 47 bcf published earlier today was lower than the 57 bcf anticipated.