USLNG Cargo Cancellations Swell

Cancellations Swell With Storage Space Vanishing (Bloomberg)

Stephen Stapczynski and Anna Shiryaevskaya (May 21): All USLNG projects could get requests to cancel a total of 35-45 cargoes for July loading, which is higher than the number of shipments scrapped for June, traders surveyed by Bloomberg News estimated. That means more than half of the average monthly shipments from the fastest-growing LNG producing country could be scrapped in July… Cheniere received requests to cancel as many as 30 cargoes due for loading in July from buyers with long-term supply contracts, said people familiar with the situation. Cheniere may also cancel some of its own cargoes, which it typically sells into the spot market, the people said… Buyers from Europe to Asia have also made requests to cancel July loading shipments from other American projects, including from Sempra Energy’s Cameron terminal in Louisiana and Freeport LNG Development LP’s Texas project, according to the people… Anna Borisova, BloombergNEF said in a note: “Negative profit margins for USLNG exports suggest that cancellations may continue until Oct. 2020.” Link to Content

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