• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 7 days The United States produced more crude oil than any nation, at any time.
  • 8 hours Could Someone Give Me Insights on the Future of Renewable Energy?
  • 7 days How Far Have We Really Gotten With Alternative Energy
  • 10 days James Corbett Interviews Irina Slav of OILPRICE.COM - "Burn, Hollywood, Burn!" - The Corbett Report
  • 11 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
The Oil Price Rally Has Stalled... For Now.

The Oil Price Rally Has Stalled... For Now.

Oil prices have been climbing…

Gas Flowing To Freeport LNG, Restart Timeframe Unchanged

Refinitiv data showed gas flowing to the Freeport LNG plant that’s been shuttered since going offline in June after suffering damage from an explosion.

The gas flows, according to an anonymous Reuters source, were within the plant’s pre-treatment facility and were maintaining the flare system.

Last week, Freeport LNG denied the Reuters’ rumors that Freeport LNG would delay its planned startup from the second half of January until February, telling Oilprice.com that Freeport LNG had “no change to our restart timeline. We are still targeting the second half of this month for the safe, initial restart of our liquefaction facility, pending regulatory approvals.”

Freeport, responsible for some 20% of total LNG exports from the United States and generating $35 billion in revenue during the first nine months of 2022, served Europe well last year as the continent looked to squelch a growing energy crisis this winter.

US natural gas futures spiked nearly 7% earlier in the day before retreating to a still robust 5.64% increase at 2:00 p.m. ET, coming off an 18-month low on Monday on reports of colder weather that lie ahead over the course of the next two weeks, and as the data showed gas flowing to Freeport LNG, sparking hopes that the United States could once again ratchet up LNG exports, easing heavy domestic inventories with export capacity restricted since June.

Freeport LNG confirmed to Oilprice.com on Tuesday that they are still targeting the second half of this month “for the safe, initial restart of our liquefaction facility,” adding that there was “no change in our timeline.” Freeport did not comment on whether it had filed the necessary restart request with federal regulators.

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:

Join the discussion | Back to homepage

Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News