EIA: U.S. Imports of LNG at 6-Year Low
Monday, July 18, 2011
The U.S. Energy Information Administration said Thursday that Bentek Energy data reveals that sendout from U.S. liquefied natural gas (LNG) import terminals is at its lowest level in the six-year period in which Bentek has data.
Sendout has averaged 380 MMcfd so far in July, down more than 50% from June and a fourth of the normal July sendout. Year-to-date, sendout has averaged 867.2 MMcf per day.
The EIA explained that higher domestic gas production has reduced prices, causing more expensive LNG to be diverted to Asian and European markets.
“In recent months, nuclear power outages resulting from the March earthquake and tsunami in Japan have led the country to rely more on LNG, which has contributed to higher global LNG prices,” it said.
The agency said hot summer temperatures have increased U.S. gas demand for electricity generation. The benchmark Henry Hub, Louisiana, price increased 9 cents to $4.43/MMBtu for the week ending on July 13. The New York Mercantile Exchange contract price jumped 18.6 cents to $4.40/MMBtu.
For more information: www.eia.gov/oog/info/ngw/ng*****.asp
