LNG

Technip Energies, the leading Europe-based energy and liquefied natural gas project engineering company, forecast a strong LNG market in 2023 and beyond and reported high annual net profits as it advanced projects in Qatar and Mozambique and also planned to seek more mid-scale LNG plant contracts.

June 7 (LNG) - US natural gas futures have jumped to a 13-year high as very hot temperatures were forecast in the next week combined with lower gas field production levels and more LNG shipments. The front-month July New York Mercantile Exchange (Nymex) Henry Hub natural gas futures contract increased almost 10 percent on June 6.

   The Henry Hub prices for July hit $9.368 per million British thermal units while the August contract was quoted at $9.350. The Nymex price on June 7 was last at $9.49 per MMBtu. Analysts said the Nymex futures were also driven by rising LNG exports while natural gas output is falling short of forecasts.

UK major BP says that natural declines in existing hydrocarbon production imply continuing investment in new upstream oil and natural gas is required over the next 30 years and the LNG sector is expected to see substantial growth.

Liquefied natural gas cargo liftings are decreasing this week while North Asian spot cargo prices and benchmark European values were still strong after the Dutch Title Transfer Facility price reached a 2021 high and North Sea Brent crude was at levels not seen for two years.

Demand for liquefied natural gas was high worldwide as liftings remain in the three-digit zone with spot cargo prices rising for North Asia and with European benchmark gas values offering Atlantic-Pacific competition.

Times have changed for liquefied natural gas project investment with global ventures facing more challenging times and with gas producers and buyers facing contrasting fortunes, according to the International Energy Agency World Energy Outlook 2020.