SINGAPORE (Reuters) – Loadings of liquefied natural gas (LNG) cargoes from the United States are expected to be delayed as a powerful storm strikes at the heart of the U.S. oil and gas industry on the Gulf Coast, forcing several LNG plants to shut. Hurricane Laura made landfall early on Thursday in southwestern Louisiana as one of the most powerful storms ever to hit the state, with forecasters warning it could push a massive wall of water 40 miles (64 km) inland from the sea. Trading and shipping sources are expecting the resulting floods to delay LNG loadings from some ports and potentially boost Asian LNG spot prices. Before the hurricane struck, there had already been dozens of cancellations of U.S. cargoes for August due to COVID-19 denting gas demand in Asia. “It’s a category 4 (hurricane) and we are talking about 150 miles per hour (winds) and impact can be there till Friday. The question is how much damage can it cause to LNG facilities,” said Kaleem Asghar, director of LNG analytics at ClipperData. U.S. LNG exports overall on Wednesday were on track to fall to 2.8 billion cubic feet per day (bcfd), the lowest level since February 2019.… continue reading
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Source: CTRM Center