A roundup of reports and commentary from NGI’s LNG Perception
- Negotiations to avert labor strikes at Woodside Power Ltd.’s North West Shelf LNG export facility and Chevron Corp.’s Wheatstone and Gorgon services continued Friday. One other spherical of negotiations between the Offshore Alliance and the businesses is scheduled for Tuesday (August 15). Talks over wages and dealing circumstances have continued for months. The services can produce a mixed 40 million metric tons/yr of LNG, representing about 10% of world capability.
- After skyrocketing earlier within the week as a consequence of provide issues over potential work stoppages on the vegetation, European benchmark Title Switch Facility (TTF) contracts declined for a second day Friday, falling by means of November. Winter contracts gained barely. Asian spot and future LNG costs additionally posted modest beneficial properties this week.
- European inventories for the week constructed an estimated 78 Bcf, tighter than the five-year common construct of 88 Bcf, and has storage ranges monitoring at a 24% surplus to the five-year common, in response to Tudor, Pickering, Holt & Co (TPH).
- “TTF costs spiked this week on the information of attainable strikes throughout Australian LNG operations, whereas extra coloration is required to achieve readability on the complete market affect, pricing motion showcased there may be nonetheless marginal tightness and Europe stays vulnerable to provide threats in a globalized LNG market, regardless of storage ranges sitting at an estimated 88% capability,” TPH mentioned.
- Golden Cross LNG’s first practice stays on monitor to start-up within the second half of 2024, in response to a FERC inspection report. The two.4 Bcf/d facility’s different two trains would comply with. The mission, being constructed about 10 miles south of Port Arthur, TX, is a three way partnership between ExxonMobil and QatarEnergy.
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