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Nat Gas Softens on Freeport LNG Jan Opening News

NATURAL GAS

News of Freeport opening in the second half of January has softened US nat gas prices further though restart still represents a delay from initial plans to open December.

  • The market has eagerly awaited any news of Freeport opening after sustained delays as it returns from a fire in June. It is a crucial lifeline for European LNG supply to navigate the first winter without Russian piped flows.
  • Construction work is substantially complete but the terminal requires regulatory approval.
  • European TTF prices have reacted little to the news indicating the market had not anticipated it would open in December.
  • The US market has faced softening prices through the second half of December as weather forecasts showed a warmer than originally anticipated holiday period while the country is currently experiencing a short-lived cold blast.
  • TTF JAN 23 down -10.3% at 82.5€/MWh
  • US Natgas JAN 23 down -1.6% at 4.92$/mmbtu
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