U.S. LNG Export Report for Week Ending March 20, 2024

• LNG Pipeline Receipts:
• Average natural gas deliveries to U.S. LNG export terminals decreased by 2.8% week over week, averaging 12.9 Bcf/d.
• In South Louisiana, deliveries decreased by 2.0% to 8.8 Bcf/d.
• In Texas, deliveries fell by 6.8% to 2.9 Bcf/d.
• Freeport LNG has been at reduced operation since mid-January, expecting to continue until May.
• Deliveries to terminals outside the Gulf Coast remained steady at 1.2 Bcf/d.
• Vessels Departing U.S. Ports:
• Twenty-one LNG vessels departed the U.S. between March 14 and March 20, with a total capacity of 78 Bcf.
• Departures included eight from Sabine Pass, four each from Cameron and Corpus Christi, two each from Calcasieu Pass and Cove Point, and one from Freeport.
• Rig Count:
• Natural gas rig count increased by 1 to 116 rigs, with Haynesville up by two, Eagle Ford up by one, Marcellus down by one, and a decrease in unidentified regions.
• Oil-directed rig count rose by 6 to 510 rigs, with Permian up by three, Eagle Ford up by two, unidentified regions up by three, and Granite Wash down by two.
• Total rig count now at 629, including 3 miscellaneous rigs, 125 fewer than the same time last year.
• Natural Gas Storage:
• Net injections into storage were 7 Bcf for the week, against a five-year average net withdrawal of 42 Bcf and last year’s 68 Bcf withdrawal.
• Working gas stocks at 2,332 Bcf, 41% above the five-year average and 21% above last year's level.
• Weekly net change estimates ranged from 6 Bcf withdrawal to 17 Bcf injection, with a median of 3 Bcf injection.
• Withdrawal rate from storage is 26% lower than the five-year average for the season.
• If withdrawals match the five-year average, total inventory would reach 2,311 Bcf by March 31, 678 Bcf above the five-year average.

Data Source: U.S. EIA Natural Gas Weekly Update for week ending March 6, 2024