Daily LNG News: Summary and Analysis for July 9, 2024

Baker Hughes Stock: Slowing LNG Activity a Risk Ahead of Q2 Results

Baker Hughes is set to report its Q2 results, with analysts forecasting earnings of $0.49 per share. Concerns are growing about slowing LNG activity, which poses a risk to the company’s stock performance. Investors are closely monitoring these results, as any deviation from expectations could significantly impact Baker Hughes' market standing.

China's Shenzhen Energy Signs LNG Purchase Agreement with Glencore

Shenzhen Energy has signed an LNG purchase agreement with Glencore on July 2. This deal marks an important step in securing LNG supply for China, although specific details of the agreement have not been disclosed. This move aligns with China’s strategy to diversify its energy imports and enhance energy security.

Fluor Completes Work on First Train of Canada LNG’s Export Facility

Fluor Corporation has finalized its work on the first production train of LNG Canada’s export facility in Kitimat, British Columbia. This milestone is crucial as it brings Canada closer to launching its first large-scale LNG export terminal, which is expected to become operational later this year. This facility is set to enhance Canada’s position in the global LNG market.

Shell Awards Wood Engineering Contract for World’s Largest Floating LNG Facility

Shell has awarded Wood a six-year contract to provide brownfield engineering, procurement, and construction management (EPCm) services for the Prelude Floating LNG (FLNG) facility in Western Australia. This contract emphasizes Shell’s commitment to maintaining and enhancing its LNG infrastructure, ensuring the Prelude FLNG remains a key asset in its portfolio.

Canada’s First Large-Scale LNG Export Facility Nears Start-Up

LNG Canada is making significant progress towards the operational start-up of its export terminal. This development is vital for Canada’s ambitions to become a major player in the global LNG market. The facility, located in Kitimat, British Columbia, is expected to start operations later this year.

LNG-Fueled 7,000 CEU Car Carrier Delivered to Hyundai Glovis

The LNG-fueled car carrier, Glovis Sunshine, has been delivered to Hyundai Glovis. Built by Guangzhou Shipyard International, this 7,000 CEU (Car Equivalent Unit) vessel highlights the growing adoption of LNG as a marine fuel, contributing to reduced emissions in maritime transport.

MET Group Pens LNG Deal with Shell

MET Group has signed an agreement with Shell to supply LNG sourced from the US to its European customers. This deal strengthens MET Group’s supply chain and ensures a reliable LNG supply to meet the energy demands of its customers across Europe.

Posco International Completes First Gwangyang LNG Import Terminal

Posco International has completed the first Gwangyang LNG import terminal, which will supply regasified LNG to companies such as Posco, S-Oil, and SK E&S. This terminal enhances South Korea’s LNG import infrastructure, supporting the country’s energy security and supply diversification.

US LNG Output Dips in June Due to Plant Maintenance

US exports of LNG fell slightly in June to 7.11 million metric tons from 7.60 million metric tons in May. This decline is attributed to plant maintenance and the shorter month, according to preliminary data from LSEG. Despite this dip, the US remains a key player in the global LNG market.

Argentina Moves Closer to LNG Exports from Vaca Muerta Shale

Argentina has signed a deal with Golar LNG for a Floating Liquefied Natural Gas (FLNG) vessel, bringing it closer to exporting LNG from its Vaca Muerta shale play. This development is significant for Argentina’s ambitions to become a major LNG exporter, leveraging its substantial shale gas reserves.

Texas Freeport LNG Gas Flows Fall to Near Zero Ahead of Hurricane Beryl

Natural gas flows to Freeport LNG’s export plant in Texas fell to near zero as Hurricane Beryl approached the Texas coast. This disruption is expected to continue as the hurricane impacts the region, highlighting the vulnerability of LNG supply chains to extreme weather events.

Positive Outlook for LNG

The latest developments in the LNG sector, including major project completions, strategic contracts, and new supply agreements, reflect the dynamic and resilient nature of the industry. As global demand for LNG continues to rise, these advancements ensure that the sector is well-positioned to meet future energy needs and support the global energy transition.

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