Commodity Market Report
North America gas markets short-term outlook: Freeport LNG ramp-up timeline accelerates
Report summary
Uncertainty around the timeline of repairs at Freeport LNG in the wake of its early June explosion are dissipating as an early October 2022 restart looks increasingly promising. Furthermore, a faster ramp-up to full utilization is now expected following its restart. Revised Freeport LNG outage assumptions have further lowered our winter gas storage outlook. Although peak summer and record heat are ending, gas generation remains high and continues to stymie storage injections. With the US gas storage deficit failing to narrow considerably before the start of winter 2022/23: • Can US gas production growth come to the rescue? • Will year-over-year gas generation increases slow down? • When does North America gas storage catch up to the five-year average?
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