LNG

New Fortress Energy (NFE) is withholding shipments to Puerto Rico over disputed payment terms. The withheld cargoes undermine the island’s ability to meet electricity demand, raising the risk of blackouts during the peak summer season.

Egyptian Natural Gas Holding Company (EGAS) is understood to have set a $14/MMBtu cap on spot LNG purchases this summer in response to rising prices in the Atlantic Basin. An additional $2/MMBtu premium is being offered if vendors agree to get payment deferred by one year.