U.S. natural-gas futures dropped to a two week low on Friday, according to forecasts milder weather than previously expected And a delayed restart to the end of the year Freeport liquefied Natural Gas Texas Export Plant
The warmer weather will allow utilities to store more gas, and stockpiles are currently at 2.5% below the average five-year rate for this time of the year.
Settlement of front-month Nymex natural gaz (NG1:COM), January delivery -6.8% Friday -14.3% For the week to $6.281/MMBtu
ETFs: (NYSEARCA:UNG), (UGAZF), (BOIL), (KOLD), (UNL), (FCG)
Freeport LNG stated Friday that it plans to restart the second largest U.S. LNG export plant at the end of this year. This is subject to regulatory approval.
The company has secured several key approvals from regulatory agencies that allow it to complete critical repairs and begin reinstatement of certain systems, a spokesperson told S&P Global Platts.
Freeport LNG said that it will restart its three liquefaction engines in a slow, deliberate way. Each train will be started separately and restarted by the next train. Full production using both docks is planned for March.
After an explosion, consultants stated that the plant was closed since June 8. This was due to human error, inadequate operating and testing procedures, as well as other factors.