With a lull in maintenance leaving export capacity relatively unrestricted and cold temperatures abroad, LNG feedgas has managed to sustain a ramp up to about 14.5 Bcf/d since Saturday.
On a seasonal basis, this leaves the metric as strong as it was at this time last year, when record feedgas demand of about 15.2 Bcf/d was briefly seen in the latter half of December.
Among the aforementioned cold temperatures to kick off Europe’s winter, another bullish catalyst for LNG prices came in the form of a draft document by the European Commission.
The draft, published on Friday, showed that the Commission will require EU countries to have their natural gas storages at least 50% full by February 1st. This is reportedly to get ahead of potentially sustained cold temperatures and a reduction in exposure to any energy market impacts of Russia-Ukraine this winter.
Source: Gelber & Associates
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