Gas prices tumble after Freeport LNG targets a partial restart in about 90 days
NATGAS price plunged over 19.0% after Freeport LNG said it hopes for a 'partial' restart in 90 days and that full operations won't resume until 'late 2022'. Initial reports suggested the Freeport LNG Terminal would be closed for three weeks after an âexplosionâ shuttered the major export facility last week, raising the risk of gas shortages in Europe.
However, it is worth remembering that the local gas demand in the US is exceptionally high for this period of the season, which is related to the heatwave. Demand could have been as high as 90 billion cubic feet a day last week, with production at 95-97 billion cubic feet. Weather forecasts indicate that the hot temperatures will persist in the Midwest and Southeast states.
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NATGAS -looking at the H4 interval, the current downward move has caught up with the correction that took place at the beginning of May. The level of 7.105 remains a key short-term support. If it breaks, the sell-off may move towards the next zone at 6.42. On the other hand, in the case of a response from the demand side, a return to the 8.00 region is possible - this zone should be treated as the nearest major resistance. Source: xStation5
