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Cheniere: cancelled cargoes will not significantly affect US LNG production

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LNG Industry,

According to Reuters, Cheniere Energy Inc. has said that it does not expect “significant or prolonged curtailment of US LNG production” as low global gas prices cause some companies to cancel cargoes.

Cheniere reportedly says that it is too early to judge the impact on the near-term LNG market caused by the coronavirus outbreak.

Cheniere’s Chief Commercial Officer, Anatol Feygin, said: “While we acknowledge that some LNG on the margin may not be lifted... this year, we do not view significant or prolonged curtailment of US LNG production as a likely scenario.”

According to Reuters, Jack Fusco, the CEO of Cheniere, said two customers have cancelled LNG cargoes for April out the 40 cargoes it is forecast to produce. One of the cargoes was to be produced by Sabine Pass, while the other was to be produced by Corpus Christi.

Cheniere claims that its marketing arm could lift the cancelled cargoes. Feygin claims that the company would only take the cargoes if it could market them profitably.

Feygin said: “While it’s currently too early to gauge the potential impact of the coronavirus on the near-term market balance, decreased short-term LNG demand in China is putting additional pressure on the market.”

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