US LNG Exports Rise as Flows Suggest Return of Freeport's Third Train

US terminal feedgas flows are today up to the highest since March 23 at 13.33bcf/d according to Bloomberg with estimated supply to Freeport LNG over 2bcf/d suggesting that the facility’s third train has started up.

• The number of US LNG export cargoes rose in the week to May 8 to 22 from 21 the previous week but the total vessel capacity was unchanged at 79bcf according to the EIA based on Bloomberg data.
• Average natural gas deliveries to US LNG export terminals decreased by 1.8% (1.2bcf/d) from last week, averaging 12.3bcf/d according to data from S&P Global Commodity Insights. Deliveries to terminals in South Louisiana fell 9.5% (0.8bcf/d) to 7.7bcf/d but was offset by an increase to South Texas of 37.4% (0.9bcf/d) to 3.3 Bcf/d.
• US LNG exports are still more profitable to Asia over Europe throughout the rest of this year according to BNEF with upside to European prices still limited by muted demand and healthy storage levels. The US netback to Asia for June is at $7.57/mmbtu and to Europe is at $6.84/mmbtu.
• TTF JUN 24 up 1.5% at 31.32€/MWh
• JKM Jun 24 up 0.9% at 10.78$/mmbtu
• JKM-TTF Jul 24 down 0$/mmbtu at 0.87$/mmbtu
• US Natgas JUN 24 up 0.5% at 2.31$/mmbtu