Commodities
Sabine Pass LNG Terminal Defies Edouard with Steady Nominations
Natural gas futures on Tuesday pared early losses as the first Gulf Coast tropical storm of the season, Edouard, approached the Texas-Louisiana liquefied natural gas (LNG) corridor without impacting feedgas nominations.
The Sabine Pass LNG terminal lifted its nominations, indicating that it was prepared to receive gas supplies despite the approaching storm. This helped power prices rebound from a low of $2.851 on Tuesday morning.
In related news, natural gas burn rates continued above 51 billion cubic feet per day (Bcf/d), maintaining a steady level. This suggests that demand for natural gas remains robust, supporting higher prices.