Traders also noted that mild weather this week will likely cause utilities to boost injections into storage by so much that the total amount of gas in inventory will rise above the five-year (2016-2020) average for the first time since the February freeze.
Front-month gas futures rose 1.9 cents, or 0.8%, to $2.541 per million British thermal units.
LNG feedgas was on track to fall to 9.1 billion cubic feet per day (bcfd) on Thursday, according to Refinitiv data, its lowest since Feb. 26 when US exports were recovering after several Gulf Coast LNG plants shut due to a shortage of gas and power during the Texas freeze in mid February.
Buyers around the world continue to purchase record amounts of US gas because prices in Europe and Asia remain high enough to cover the cost of buying and transporting the fuel across the ocean.
The sale was flagged by Sempra in December and comes as the company sharpens its focus on renewables and energy storage to capitalize on the growing global demand for cleaner fuels.
Sempra last year late last year agreed to buy the remaining stake in its Mexican unit Infraestructura Energética Nova SAB de CV (IEnova).
The wider project with Gazprom's participation will help Russia, already a leading energy producer, to reach its goal of boosting its share of the liquefied natural gas (LNG) market.
The cluster is designed to process annually 45 billion cubic metres of natural gas, produce 13 million tonnes of LNG, 3.6 million tonnes of ethane and up to 1.8 million tonnes of liquefied petroleum gas (LPG).
The giant ship ran aground on Tuesday. The Suez Canal stepped up efforts on Friday to free the ship and end a blockage on the main route for European imports of LNG from the Middle East and for some cargoes heading to Asia from the Mediterranean.
There are now six LNG vessels waiting to enter the canal, with four of them at the southern Red Sea end and two in the Mediterranean, according to data intelligence firm Kpler. A seventh ship is already in the canal, the data showed.
On its second to last day as the front-month, gas futures for April delivery remained unchanged at $2.568 per million British thermal units (mmBtu) .
Traders noted the 200-day moving average has become a strong price floor or technical level of support. The front-month has not settled below the 200-day since September 2020.
Russia would compete with Qatar, Australia and the United States for customers in Asia, its target market, up to 2030, and their production costs are seen at $2.8-11 and $7-10 per 1 million BTU, respectively.
Russia plans to increase its LNG production to nearly 140 million tonnes LNG per year by 2035 from around 31 million tonnes last year and aims to have about 20% of the global market share by then.
The rebound in US LNG is...supported by falling freight rates in the Atlantic Basin, which dizzyingly fell from $322,000 per day two months (ago) to just $21,000 per day.
On a daily basis, US LNG feedgas was on track to reach 11.4 bcfd on Friday, which would top the 11.3-bcfd record in mid-December, according to preliminary data from Refinitiv.
If correct, last week's decrease would cut stockpiles to 1.776 trillion cubic feet (tcf), which would be 5.3% below the five-year average of 1.875 tcf for this time of year.
Front-month gas futures fell 3 cents, or 1.2%, to $2.498 per million British thermal units.
Carbon neutral LNG typically involves companies supporting nature-based projects that reduce emissions to offset those generated from the exploration and production of LNG.
I hope that in the nearest future we will supply our first fully carbon-neutral cargo of LNG to Europe.
Demand was 360 million tonnes last year, up slightly from 2019's 358 million tonnes, despite volatility caused by lockdowns during the coronavirus pandemic.
While COVID-19 derailed expected forecasts...the industry reacted swiftly to changing market conditions, diverting cargoes to shifting demand centres and through adjusting supply.
Prices were also supported as US pipeline gas exports to Mexico rose to 5.1 bcf on Friday after dropping to a 13-month low of 3.8 bcf per day on Tuesday, Refinitiv Eikon data showed.
Even though we will see some warmer temperatures... there's still expectations that the loss in production is going to haunt us as we get into summer.
The US Energy Information Administration (EIA) said US utilities pulled 192 billion cubic feet (bcf) of gas from storage during the colder than normal week ended Jan. 29.
Front-month gas futures rose 2.2 cents, or 0.8%, to $2.811 per million British thermal units.
The US Energy Information Administration (EIA) said US utilities pulled 187 billion cubic feet (bcf) of gas from storage in the week ended Jan. 15.
* Front-month gas futures fell 4.7 cents, or 1.9%, to $2.444 per million British thermal units.
Record high spot LNG prices due to freezing temperatures in North Asia are forcing emerging economies such as Pakistan to ration gas and seek alternative fuels.
Pakistan LNG, a government subsidiary that procures LNG from the international market, is seeking three cargoes for delivery over March 11 to 12.
But with temperatures expected to get warmer post-winter, spot prices for cargoes delivered into North Asia in March have fallen to less than half the average price of cargoes to be delivered in February.
Pakistan LNG, a government subsidiary that procures LNG from the international market, is seeking the cargoes for delivery over Feb. 15-16 and Feb. 23-24.
Pakistan LNG said on Saturday that a supplier, who had submitted the lowest offer in a buy tender that the company closed in late December.