US LNG feedgas demand is rebounding from a 14-month low in late June. While additional cargo cancellations already announced for July and August are likely to keep the pressure on feedgas demand this summer, stronger autumn JKM prices by September-October could fuel a rapid recovery in exports by later this year.
Over the past week, gas deliveries to US LNG terminals have averaged nearly 4.6 Bcf/d, up from sustained lows around 3.7 Bcf/d in mid-June. The recent uptick in liquefaction activity has been led by Cheniere Energy's Sabine Pass terminal where volumes have climbed about 400 MMcf/d over the past week.
Volumes are up about 170 MMcf/d compared to the week prior at the nearby Cameron LNG. In Texas, Freeport LNG and Cheniere's Corpus Christi terminal have registered gains of about 100 MMcf/d and 80 MMcf/d, respectively.
