Natural gas futures strengthened driven in part by signs of life at the long-dormant Freeport LNG export terminal. The potential for another cold snap to arrive in the Lower 48 later this month also proved supportive, with the March Nymex gas futures contract settling 16.2 cents higher on the day at $2.567/MMBtu. April climbed 15.3 cents to $2.652.
Spot gas prices were mixed amid a mostly mild weather pattern. NGI’s Spot Gas National Avg. slid 17.0 cents to $2.690.
Though the near-term gas outlook is decidedly bearish, the long-awaited return of the Freeport liquefied natural gas export terminal on the upper Texas coast stoked price gains on Tuesday. The first cargo partially loaded and exited the facility over the weekend, and another partial cargo departed Tuesday, according to Kpler vessel-tracking data.
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