As China’s biggest importer of the fuel suspended some purchases, shares of US LNG firm tumbled on Thursday.
Before finishing down 3.4 percent at $57.65, shares of Cheniere Energy Inc dropped to their lowest in over a year. Cheniere Energy is the largest US exporter of LNG. NextDecade Corp lost 5.6 percent at $4.70 while Tellurian Inc fell 7.4 percent to $7.07.
After soaring 53 percent in 2018, the US LNG exports jumped 68 percent to a record 5.0 billion cubic feet per day in 2019.
Force majeure declared by CNOOC. After unexpected events like natural disasters, force majeure allows companies to suspend contracts.
Driving Asian LNG prices for April to record lows, LNG traders are scrambling to find new outlets or divert shipments for cargoes destined for China. On Thursday, the price fell to $2.99 per million British thermal units.
