Natural Gas Slumps After Hitting $10 Mark

24 Aug 2022 , 02:54 PM

The US Natural Gas futures fell sharply yesterday after hitting a record high of $10 per mmbtu as traders eyed developments at Freeport LNG Development LLP. Freeport LNG has completed a detailed assessment of alternatives for resuming operations at its liquefaction facility following the June 8th incident and has identified a recovery plan for reinstatement of partial operations that it believes ensures the long-term safety and integrity of the facility, provides recovery execution certainty, and minimizes procurement and performance testing risks. Although typical construction risks could impact the recovery plan, it is anticipated that initial production can commence in early to mid-November, and ramp up to a sustained level of at least 2 BCF per day by the end of November, representing over 85% of the export capacity of the facility. The commodity dropped sharply following this, approaching near $9 per mmbtu mark but moved up today and currently trades up 1.21% at $9.30 per mmbtu.Powered by Commodity Insights