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Nat Gas Softens on Freeport LNG Jan Opening News


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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