Golden Pass LNG flows rise as 7th cargo shipped

Spanish Market: Natural gas
19/08/26

Golden Pass LNG exported its seventh cargo from the 18.1mn t/yr (2.4bn ft³/d) terminal in southeast Texas on Tuesday as feedgas flows to the QatarEnergy-ExxonMobil joint venture hit their highest level in six weeks.

QatarEnergy's 174,000m³ Umm Heesh departed Golden Pass with a 76,000t cargo early Wednesday bound for Belgium's 11.4mn t/yr Zeebrugge import terminal, Kpler data show. Since 26 June, after the terminal underwent maintenance, Golden Pass has averaged one loading every 13.5 days. This is equivalent to a rate of 2.4mn t/yr, or 40pc of the first liquefaction train's capacity. At full capacity, train 1 can produce about 1.6 cargoes per week, assuming an average cargo size of 72,000t.

Wednesday's departure came 14.7 days after the previous loading, a step back from the earlier pace. QatarEnergy's 174,000m³ Umm Wishah departed on 4 August, eight days after ExxonMobil's same-size Esteem Cormorant left on 27 July, Kpler data show.

Meanwhile, the terminal received 529mn ft³/d of gas on Tuesday, the highest since 2 July, pipeline data show, as the joint venture commissions the first train. Flows to Golden Pass have averaged 320mn ft³/d over the 30-day period ended 17 August. The facility was preliminarily nominated to receive a record high 588mn ft³ of gas on 19 August, but flows often fluctuate and may be revised later in the day.

Trains 2 and 3 were originally planned to come on line in six-month increments. But Golden Pass had to shuffle the setup of its construction contractors after the 2024 bankruptcy of lead contractor Zachry Holdings, which may challenge the six-month cadence, market participants said.

By Tray Swanson

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18/08/26

Higher LNG inflows to aid Europe's stock refill push

London, 18 August (Argus) — Stronger LNG and pipeline gas deliveries coupled with growing financial incentives to inject and a potentially mild autumn could offer some hope for an accelerated late stockbuild in Europe. Higher European gas prices and weaker buying interest from Asia have shut the inter-basin arbitrage for US LNG exports in recent weeks. This supported a rise in LNG deliveries to Europe last week to 1.7mn t, the highest since the week starting 8 June and up from 1.4mn t a week earlier. Forward prices suggest Europe could remain the preferred destination for US fob LNG cargoes well into the fourth quarter, because northeast Asian demand is limited in the shoulder season and high global prices have muted buying interest from price-sensitive Asian buyers. An LNG influx could provide European markets with critical supply to adequately fill underground storage ahead of the start of the heating season. LNG sendout could be 322mn m³/d in September and 413mn m³/d in October, Argus analytics data show. If realised, that would be a significant increase from sendout of 238.7mn m³/d so far this month, although it would be lower than 378.8mn m³/d and 450.9mn m³/d, respectively, in September and October last year. One of the drivers bringing more cargoes into Europe is the emergence of stronger injection incentives. Earlier this summer, a lack of firm economic incentives to inject left many firms uninterested in competing for LNG cargoes against Asian buyers, which were eager to replace lost Qatari volumes during periods of peak summer demand. But with the Mideast Gulf conflict far from reaching a resolution, traders in Europe have started pricing winter demand risk into the fourth-quarter and January contracts, resulting in them strengthening relative to prompt prices. The German THE September contract held €0.84/MWh below the January price at the latest close, moving out from a -€0.55/MWh spread at the beginning of this month and an average -€0.26/MWh throughout July ( see graph ). Injections into German sites — where the government has not intervened yet to promote injections despite low fill levels — will largely determine the health of the EU's start-of-winter inventories. Additionally, lighter seasonal maintenance across Norway's offshore production in September could make more gas available for injection next month. Capacity cuts at Norwegian fields and processing plants were scheduled as of Tuesday to be 23.1mn m³/d and 79.16mn m³/d in September, lower than a year earlier. If the works are not revised, this could lift Norwegian production to 281mn m³/d, according to Argus analytics data, from output of 257.3mn m³/d a year earlier. But some maintenance could be extended and unplanned works are also possible. In any event, there is still a large stock gap to bridge in a short period of time. Aggregate EU inventories on Monday morning were 212TWh below the five-year average and 146TWh lower than a year earlier. Injections would have to be 3.3 TWh/d from 17 August-31 October to bring inventories in line with last year's level by 1 November. This is more than double the 1.4 TWh/d injected over the same period last year, but not much higher than actual injections of 2.9 TWh/d in 2022, when the bloc rushed to fill its inventories to make up for the loss of Russian gas supply. To reach a 70pc fill level across Europe by 1 November, aggregate injections would also have to be a still strong 2.2 TWh/d. Weather could support Europe's stockbuild The El Nino weather phenomenon is poised to intensify from August and raise global temperatures above long-term averages. The European Centre for Medium-Range Weather Forecasts (ECMWF) on 11 August pointed to higher-than-normal temperatures across most of Europe in September and October, which could dampen gas demand for heating and leave spare supply available to inject. Long-term weather forecasts on Tuesday projected minimum temperatures in Amsterdam and Paris holding 0.8-1.2°C above average in September, although they were forecast to be 0.8°C below average in Essen during the same period. But higher-than-normal temperatures in September could also extend the use of air conditioning, especially in southern Europe. The ECMWF projected significantly higher-than-average temperatures in September in central and eastern Europe and southeastern Europe, where extreme heat and disruption to nuclear generation have already lifted power-sector gas demand. By Isabel Valverde THE balance-of-summer spreads to January €/MWh Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Hormuz closed until US delivers on MoU pledges: Iran

18/08/26

Hormuz closed until US delivers on MoU pledges: Iran

Dubai, 18 August (Argus) — Iran will keep the strait of Hormuz closed until the US fulfils commitments made under the now-expired ceasefire agreement signed in June, parliament speaker Mohammad Bagher Ghalibaf said on Tuesday. The memorandum of understanding (MoU), signed on 18 June, set a 60-day deadline to negotiate an end to the war, reach a deal on Iran's nuclear program and ensure safe passage through Hormuz. The agreement included provisions for the US to begin easing economic and sanctions pressure on Iran. The deadline expired on Monday. The MoU collapsed in mid-July after weeks of disputes over control and administration of the strait, during which Iran targeted several vessels and the US reinstated its naval blockade. "As we predicted, the enemy, who accepted the memorandum to end the war out of desperation, soon reneged on its commitments in order to compensate for its heavy political defeat," said Ghalibaf, who has led the Iranian negotiating team. Hostilities in the region have subsided after an intensification in the weeks after the MoU's collapse, but Iran has continued attacks on shipping , restricting vessel transits through Hormuz. Only 12 vessels crossed the strait on 16 August, eight inbound and four outbound, according to maritime security firm Windward, compared with well over 100 daily crossings before the war began in late February. Ghalibaf said the strait "will not reopen until the US commitments in the memorandum, including lifting the blockade, releasing the frozen assets, lifting the oil embargo, ending the threats and military operations on all fronts, and other conditions that the US committed to." By Nader Itayim Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Trump warns Oman against hindering Iran deal: Update

17/08/26

Trump warns Oman against hindering Iran deal: Update

Adds President Trump's threat to "bomb" Oman Dubai, 17 August (Argus) — President Donald Trump is threatening to bomb Oman if it "gets in the way" of negotiations between the US and Iran over the strait of Hormuz. Trump made the threat to "bomb the [expletive] out of" Oman in an unaired interview with Fox News on Monday, on the same day as the expiration of a US-Iran ceasefire deal that fell apart more than a month ago. The White House subsequently confirmed the remarks, which were made in regards to talks between Oman and Iran over the future administration of the strait of Hormuz. The US and Iran on 18 June signed a ceasefire agreement that included a 60-day deadline — expiring on Monday — to negotiate an end to the war, reach a deal on Iran's nuclear program and ensure safe passage of vessels through the strait of Hormuz. That negotiating window "is no longer relevant" following repeated US violations of the agreement, Iran's foreign ministry spokesman Esmail Baghaei said on Monday. The memorandum of understanding (MoU) was meant to kickstart a process under which Iran would allow shipping through the strait of Hormuz to return to pre-war levels within 30 days. But disagreements over control and administration of the strait caused the agreement to collapse by early July, as Iran began targeting ships transiting the strait and the US resumed targeting military sites in Iran. "We did not even begin the talks, because just weeks after the MoU was signed, the US began violating it," Baghaei said. "So, talk of this 60 days is no longer relevant." The daily tit-for-tat attacks have since wound down, though sporadic Iranian attacks on shipping in the region continue. Last week, Abu Dhabi's state-owned Adnoc reported attacks on several of its vessels as they transited the strait . Negotiations between Tehran and Washington appear to have come to a standstill. The US last week threatened an indefinite naval blockade against Iran and is preparing to roll out additional sanctions this week. Despite that negotiating deadlock, Baghaei said Iranian talks with Oman over the future administration of the strait of Hormuz continue and are making progress. "The views are being exchanged, and both sides have shown, to this point, that they are determined to develop a mechanism to oversee and safeguard the interests of both sides, and also cater to the considerations of international shipping" through the strait, he said. Baghaei said the mechanism will be finalized as part of a package, "a roadmap, alongside a joint statement" with Oman. By Nader Itayim and Chris Knight Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Iran says 60-day MOU window ‘no longer relevant’

17/08/26

Iran says 60-day MOU window ‘no longer relevant’

Dubai, 17 August (Argus) — The 60-day window that Iran and the US agreed on in mid-June to negotiate an end to the war and a deal on Iran's nuclear programme "is no longer relevant" following repeated US violations of the agreement, Iran's foreign ministry spokesman Esmail Baghaei said on Monday, 17 August. Signed on 18 June, the agreement, a memorandum of understanding (MoU), was meant to also kickstart a process whereby Iran would ensure the return of shipping through the strait of Hormuz back to pre-war levels within 30 days, and allow for the passage of ships with no charge for 60 days. That 60-day window will have formally closed today. But disagreements over control and administration of the strait of Hormuz in the days and weeks that followed saw Iran target several vessels as they crossed they key waterway, resulting in the agreement's collapse in early July. "What we had in that agreement [was] a 60-day period which we would use to discuss two issues: The lifting of sanctions [on Iran] and the nuclear issue," Baghaei told reporters in his weekly press briefing in Tehran. "If we did not arrive at a solution in this period, we could then extend it." "But we did not even begin the talks, because just weeks after the MoU was signed, the US began violating it," he said. "So, talk of this 60 days, is no longer relevant." Hostilities in the region intensified in the weeks after the MoU collapsed, as the US began targeting key infrastructure as well as military and logistical sites in the south of Iran. Iran responded with attacks on facilities in several of its Arab Gulf neighbours that it said were being used to launch the US attacks. The daily tit-for-tat attacks have since wound down, though sporadic Iranian attacks on shipping in the region do continue. This past week, Abu Dhabi's state-owned Adnoc reported attacks on several of its vessels as they transited the strait . Iran-Oman keep talking on Hormuz Negotiations between Tehran and Washington appear to have come to a complete standstill, although Baghaei said some regional countries are continuing efforts to mediate between the sides and reduce tensions in the region. "Countries like Pakistan and Qatar are making efforts and playing a role," Baghaei said. But "the main challenge is not mediation. The issue goes back to the miscalculations and insistence of the US to persist with methods and approaches that have failed many times before." "The US' repeated breaches of the agreement have damaged the Pakistani mediation efforts," he said. Yet despite that deadlock, Baghaei said talks with Oman over the future administration of the waterway continue and are making progress. "The views are being exchanged, and both sides have shown, to this point, that they are determined to develop a mechanism to oversee and safeguard the interests of both sides, and also cater to the considerations of international shipping [through the strait]," he said. Baghaei said the mechanism will be finalised as part of a package: "a roadmap, alongside a joint statement" with Oman. By Nader Itayim Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

US threatens indefinite blockade on Iran: Update

14/08/26

US threatens indefinite blockade on Iran: Update

Adds details on President Trump's territorial claim to strait of Hormuz Washington, 14 August (Argus) — President Donald Trump is threatening an indefinite naval blockade against Iran — and a US territorial claim on the strait of Hormuz — marking a new approach to pressuring Tehran. The US resumed its naval blockade against Iran a month ago, seeking to ratchet up economic pressure on Tehran following the collapse of a short-lived ceasefire deal. Trump on Wednesday said the US had "total control" over the strait of Hormuz and might "keep it", even as Iran continues attacking passing ships. On Friday, Trump escalated his rhetoric at an event in New York. "After we finish defeating Iran, which is being very badly defeated, pretty soon I'll be declaring the Hormuz strait a territory of the United States," Trump said. Those remarks come as the Trump administration prepares to unveil new economic sanctions against Iran next week, while pledging to maintain a naval blockade against Iran indefinitely. "We can hold it as long as we need to. Indefinitely," US defense secretary Pete Hegseth said Thursday. The growing prospect of indefinite war marks a shift from earlier in the conflict, when Trump kept claiming that a US victory was only weeks away. Trump has been claiming "total control" over the strait of Hormuz, while saying that Iran's ability to threaten vessels will diminish because the country is "totally broke". Iran also claims to have control over vessel traffic through the strait. "The strait of Hormuz is closed. Our control over all movements is complete and decisive," Islamic Revolutionary Guard Corp Navy commander Ali Azami posted on X on Thursday. Iran is using sporadic drone and missile attacks to curtail traffic through the strait. The UAE on Friday said Iran had attacked two vessels affiliated with state-owned oil company Adnoc as they were transiting the strait of Hormuz. Such attacks may be nearly impossible for the US to stop, absent a massive escalation in the war or a ceasefire deal, analysts say. "There's no simple solution to it," Hudson Institute senior fellow Michael Doran said at an event the Washington-based think tank hosted on Thursday. "We have a messy conflict, which is going to be with us for many, many months, and probably years to come." The threat of indefinite war has created a tricky political environment for Republicans heading into the midterm elections on 3 November. On Friday, Trump said consumers currently paying an average of $4/USG for gasoline in the US should remember that that higher price is providing a "great service" for the world. "For you to pay a tiny little bit more for your gasoline, just remember you're doing it so that a very evil country cannot have" a nuclear weapon, Trump said. Trump administration officials say crude exports out of the Mideast Gulf are higher than would appear from available ship tracking data. US energy secretary Chris Wright said pipelines are exporting 6mn b/d, while tankers are exporting 8mn-9mn b/d through the strait of Hormuz. "In round numbers today, 14mn-15mn b/d are leaving the Arabian Gulf region, versus the 20mn b/d pre-conflict," Wright said Thursday in a Fox News interview, referring to the Mideast Gulf. "So we're short 4mn-5mn b/d from this region, but it's much smaller hole than people think it is." By Chris Knight and Charlotte Bawol Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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