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Latest market news

US LPG exports, production slowed due to freeze

  • : LPG, Natural gas, Petrochemicals
  • 26/01/26

Vessel movements on the Texas Gulf coast were suspended Saturday night ahead of freezing conditions in the region, but outbound transits from the Houston Ship Channel and Nederland, Texas, are expected to resume this morning.

Shipping agents report the Houston Ship Channel, home to Enterprise Products and Targa's LPG export facilities, reopened to outbound traffic this morning. Outbound shipments on the Neches River, home to Enterprise's ethane export facility and Energy Transfer's Nederland LPG and ethane export terminal, are also expected to resume shortly.

The US relies on exports of both LPG and ethane to keep oversupplied markets balanced, and any disruptions to shipping can weigh on prices, particularly for propane, at Mont Belvieu, Texas. The facilities impacted by the inclement weather account for roughly 1.8mn b/d of LPG export capacity.

The winter storm, which led to freezing conditions throughout Texas beginning Saturday night, also contributed to disruptions at natural gas plants throughout west Texas. Filings with the Texas Commission on Environmental Quality (TCEQ) show at least 17 gas processing plants flaring or otherwise reporting impacts to operations owing to the cold weather during the weekend. Most of those outages were less than a day in duration, however.

Mont Belvieu, Texas, January EPC ethane opened 2.375¢/USG higher at 28.5¢/USG early Monday. January EPC propane at Mont Belvieu opened 0.125¢/USG lower at 64.5¢/USG.

By Amy Strahan

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26/01/26

LNG Canada cargo diverts mid-Pacific away from Asia

LNG Canada cargo diverts mid-Pacific away from Asia

London, 26 January (Argus) — The laden 174,000m³ Qingcheng LNG carrier has changed direction mid-Pacific and may transit the Panama Canal to deliver to Europe, which could still be profitable at prevailing rates and delivered European premiums, Argus estimates. If the cargo transits the Panama Canal and delivers to northwest Europe by the end of February, it would secure a price premium of $1.77/mn Btu, based on Argus ' latest LNG des northeast Asia price and an assumption of a $1/mn Btu discount for des NW Europe LNG compared with the corresponding Dutch TTF contract. European delivered prices have rallied in the past two weeks on a combination of quick storage withdrawals, colder-than-expected mid-term weather forecasts and worries of LNG supply tightness following an Arctic blast across much of the Atlantic and southern US, which has raised domestic prices above implied fob LNG prices. Asian demand has been muted on healthy inventories and the expectation of seasonally low demand from the lunar new year holiday in mid-February. The European gas price rally has flipped the import incentive from an Asian premium at the beginning of the month to a European premium by mid-January. But the overall profitability of this mid-Pacific diversion to Europe depends on a combination of factors, including where the charterer intends to deploy the vessel, whether freight can be considered sunk or whether the charterer has pre-booked Panama Canal transits. Argus ' latest lump sum Neopanamax lock auction price of $327,000 would apply in addition to the average one-way transit cost of about $712,000. Assuming a daily charter rate of $27,000/d, if the charterer intends to deploy Qingcheng in the Atlantic basin following a northwest European delivery, it would be able to secure a 65¢/mn Btu price advantage even after accounting for additional freight, boil-off costs and associated fees from a Neopanamax auctioned slot ( see scenario table ). If the charterer is looking to redeploy the vessel in the Pacific basin and considers freight to be sunk, there is still a price incentive of 23¢/mn Btu to deliver to Europe even assuming round-trip spot Neopanamax fees. But this delivery scenario would be unprofitable if the charterer does not consider freight sunk and intends to return to the Pacific basin on a spot Neopanamax basis. Arbitrage extends further into Pacific The continued rally in European gas prices has extended the open arbitrage into the Pacific basin, with Middle Eastern LNG deliveries to Europe more profitable even via the Cape of Good Hope. The Dutch TTF front-month contract for February has risen from a low of €27.77/MWh on 8 January to €39.45/MWh on 23 January. And the 170,000m³ Methane Julia Louise , which loaded from the 15.6mn t/yr Gorgon LNG terminal in Australia, is set to transit via the Cape of Good Hope and deliver to Europe. If realised, this would be the first Australian cargo to deliver to Europe since February 2025, when the 174,000m³ Elisa Ardea delivered to France's 12.4mn t/yr Dunkirk terminal, based on data from vessel tracker Kpler. But this cargo was loaded on a vessel under a long-term charter to Shell, and may be part of a portfolio optimisation play to backfill des obligations for Shell, given the firm has recently sent some supply from Trinidad and Tobago to the US, market participants said. Elsewhere, the 174,000m³ Maran Gas Hector , which loaded from Australia's 8.5mn t/yr Queensland LNG, is headed westwards towards South America. If it delivers to Chile, it would be the first Australian cargo to do so since June 2022, Kpler data show. By Bonnie Lao Scenarios via Panama Canal* $/mn Btu Price Spot freight, redeployment in Atlantic Additional cost for des NW Europe 1.12 European premium 1.77 Price incentive 0.65 Sunk freight, redeployment in Pacific (RT spot Panama) Additional cost for des NW Europe 1.48 European premium 1.71 Price incentive 0.23 Spot freight, redeployment in Pacific (RT spot Panama) Additional cost for des NW Europe 2.03 European premium 1.71 Price incentive -0.32 *assumes Neopanamax auction price lump sum of $327,000 — Argus Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Trump threatens 100pc tariff on Canada

26/01/24
26/01/24

Trump threatens 100pc tariff on Canada

Washington, 24 January (Argus) — President Donald Trump on Saturday threatened to impose a 100pc tariff on imports from Canada if Ottawa concludes a trade deal with Beijing. Canadian prime minister Mark Carney met with Chinese president Xi Jinping during a visit to Beijing on 16 January. And during that trip, Canada and China announced a deal that involves China cutting combined tariffs on canola imports from Canada to 15pc by 1 March, and Canada allowing imports of 49,000 electric vehicles a year from China at the most-favored-nation tariff of 6.1pc. Trump at the time said that "it's a good thing for (Carney) to sign a trade deal," adding that "if you can get a deal with China, you should do that." But Trump has changed his tune, writing on Saturday in a social media post, "If Governor (sic) Carney thinks he is going to make Canada a 'Drop Off Port' for China to send goods and products into the United States, he is sorely mistaken." The White House has not released any executive order backing Trump's Canada tariff threat, nor did it immediately explain which Canada-China trade deal he referenced. Trump's latest tariff follows an exchange of barbs that began at the World Economic Forum in Davos, Switzerland, earlier this week. In a 20 January address to the forum, Carney — without mentioning Trump by name — issued a rebuke of Trump's aggressive global trade and military policy. Carney called on European countries to join Canada in finding alternatives to economic, trade and political alliances centered around Washington. Trump, addressing Davos a day later, shot back at Carney. "Canada lives because of the United States," Trump said. "Remember that, Mark, the next time you make your statements." Speaking during a visit to Qatar on Friday, Carney replied: "Canada doesn't live because of the United States. Canada thrives because we are Canadian." Trump is scheduled to visit Beijing in April for a meeting with Xi to discuss a possible US-China trade deal. US imports from Canada have been subject to a 35pc tariff since August, with separate duties on imported cars, auto parts, steel and aluminum. In practice, imports from Canada are taxed at the lowest rates among the top US trading partners, because the bulk of trade is exempted from tariffs under the terms of the US-Mexico-Canada free trade agreement. Energy commodities are also exempted from Trump's existing tariffs. Trump's ability to quickly levy tariffs on Canada and other trading partners is under review at the US Supreme Court, which is expected to issue a ruling soon. Trump's administration has not issued major tariff decisions in recent months, despite Trump's threats to do so. Trump earlier this month threatened to impose a 25pc tariff on US imports from countries doing business with Iran, but no decision has been made. Trump on 17 January threatened to impose a 10pc tariff on imports from the UK and seven EU members, which pushed back against his bid to annex Denmark's Greenland territory. Trump on 21 January withdrew that tariff threat after a slide in US stock and financial markets. By Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

US spot gas prices soar near LNG terminals

26/01/24
26/01/24

US spot gas prices soar near LNG terminals

Houston, 23 January (Argus) — Natural gas spot prices at key regional hubs near US LNG terminals soared today as a winter storm sweeps the country, topping fob LNG values and incentivizing some offtakers to reinject their supplies to domestic markets. Customers with LNG tolling arrangements have more flexibility than those with sales and purchase agreements because they control their gas supply and are not obligated to liquefy it. This can spur traders to redirect gas to much more profitable domestic markets in extreme weather rather than export the volumes. Texas' 17.3mn t/yr Freeport, Louisiana's 15mn t/yr Cameron, Georgia's 4mn t/yr Elba Island and Maryland's 5.75mn t/yr Cove Point primarily operate on tolling agreements. Weighted average day-ahead feedgas costs from hubs near those LNG terminals surged to between $20-52/mn Btu on 23 January, likely discouraging exports (see chart). Those prices are much higher than Argus ' spot LNG price for January-loading LNG on the Gulf coast, which averaged $8.27/mn Btu in December. Prices for LNG delivered to northwest Europe in the second half of February also were below the US spot prices, settling on 23 January at $12.99/mn Btu, according to Argus data. Preliminary feedgas nominations as of 6pm ET for the gas day beginning at 10am ET on 24 January showed less volume going to Freeport, Elba Island and Cove Point than the day prior, with Elba Island set to reinject about 555mn ft³ into the grid. Nominations to Cove Point halved to about 160mn ft³, and flows to Freeport were set to drop by 41pc to 1.2bn ft³. Nominations to Cameron were marginally lower at 1.9bn ft³, which would be the lowest since 30 October if realized. The arctic blast cold also shut in capacity at other US LNG facilities due to operational issues, such as frozen equipment on pipelines and compressor stations. By Tray Swanson Day-ahead gas prices near tolling-based LNG terminals $/mn Btu Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

New Mexico lawmakers revisit GHG bill

26/01/23
26/01/23

New Mexico lawmakers revisit GHG bill

Houston, 23 January (Argus) — New Mexico lawmakers have revived legislation to create a framework for reporting and limiting greenhouse gas (GHG) emissions in line with state goals, which could include a trading program. A group of lawmakers on Thursday introduced SB-18, known as the Clear Horizons bill, which would direct state agencies to report and implement measures to reduce GHG emissions. The bill allows for the use of cap-and-trade or other emission-trading programs and would enshrine into law the state's GHG targets. State Senate president pro tempore Mimi Stewart (D), senator Angel Charley (D), and state representatives Kristina Ortez (D) and Andrea Romero (D) are sponsoring the bill. Stewart introduced a previous version of the bill in the 2025 legislative session, but it did not progress further than a committee vote. The agencies' plans must help achieve a 45pc reduction in the state's GHG emissions by 2030, compared with a 2005 baseline of 96.4mn metric tonnes (t) of CO2 equivalent. The plans must also achieve net zero emissions by 2050. The state can meet these goals through direct emissions reductions or with offset projects. The New Mexico Department of Environment and local air quality boards must propose regulations to meet the state's targets, including monitoring and reporting requirements and emissions reductions, for approval by the Environmental Improvement Board (EIB). The bill would require EIB to adopt monitoring and reporting requirements by October 2027, with implementation in 2028. These reports would include methane emissions from oil and gas exploration and production along with GHG intensity. SB-18 also would require the EIB to adopt certification methodology for carbon offset projects located in-state or on tribal land from sources not covered under state law. The new rules would apply to entities emitting 10,000 t/yr or more. The law would also cover multiple stationary sources in the state under shared ownership with combined emissions of 25,000 t/yr, even if each source emits fewer than 10,000 t/yr. The bill would include emissions from electricity imported from outside New Mexico. But the GHG limits would not apply to stationary sources located on tribal reservation lands. EIB must certify at least every two years that the adopted rules will achieve the state's emissions-reduction targets and revise the rules if they will not. SB-18 is supported by 41 organizations, including the Coalition for Clean Affordable Energy, the Environmental Defense Fund and the New Mexico Climate Investment Center. By Denise Cathey Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

US braces for gas freeze-offs, ice storm

26/01/23
26/01/23

US braces for gas freeze-offs, ice storm

Washington, 23 January (Argus) — Natural gas producers, pipeline operators and electric utilities say they are taking steps to prepare for a major winter storm that forecasters say could knock out power and disrupt travel for days across large swaths of the eastern US. The winter storm will bring snow, sleet and freezing rain to more than 170mn residents in the US, followed by days of "bitterly cold" temperatures that will prolong hazardous travel, the US National Weather Service said. Parts of the southern US and mid-Atlantic are likely to face "catastrophic" ice accumulation, resulting in long-term power outages, while more than one ft (30cm) of snow is expected further north, the agency said on Friday. Gas industry officials say they have taken steps to avoid a repeat of February 2021, when a prolonged deep cold snap in Texas and other states known as winter storm Uri caused oilfield equipment to freeze at a time of high demand, sending local gas prices as high as $989/mmBtu . Cold temperatures have already resulted in the freeze-off of nearly 3 Bcf/d of gas production as of Friday, consulting firm Wood Mackenzie said. Disruptions will peak on 26 January, when a minimum of 8.5 Bcf/d and a maximum of 20.4 Bc/f of gas production will be curtailed from freeze-offs, according to a forecast from the consulting firm. Grid operators PJM Interconnection and the Midcontinent Independent System Operator, which serve many states expected to be affected by the storm, have already declared cold-weather alerts . The upcoming combination of low temperatures, snow and ice will be the "biggest test of the Texas power grid since February 2021", AccuWeather chief meteorologist Jonathan Porter said. Federal officials say they are prepared to act if necessary. US energy secretary Chris Wright on Thursday told grid officials that with "merely a phone call" from them, he was ready to declare emergency conditions needed to run backup power generation. The US Federal Energy Regulatory Commission (FERC) is also monitoring conditions on the grid and energy pricing. "Every utility that I have spoken to or grid operator, we are benefiting from our lessons learned from past extreme weather events," FERC chair Laura Swett said on Thursday. "Everyone combs over those to see what we can do better next time. So I think we are as best prepared as we possibly could be." The cold temperatures and high demand for natural gas has created opportunities for companies with large amounts of storage. US midstream operator Energy Transfer attributed $2.4bn in earnings to the winter storm in 2021, while midstream operator Kinder Morgan reported as much as $1bn in income from the storm. Pipeline operators expect a smaller effect from this storm but say it will still present opportunities. "This storm is not a Uri," Kinder Morgan chief executive Kimberly Allen Dang told investors on 21 January. "I mean, it's much shorter in duration and, you know, it's not going to be as significant." Cold temperatures have already lifted natural gas prices at key trading hubs. At the Waha gas hub in the Permian basin, day-ahead prices climbed to an eight-month high of $2.38/mmBtu on 22 January, up from an average of -$0.58/mmBtu last week. At the Columbia Gas Appalachia hub, reflecting Marcellus shale production, day-ahead prices climbed to $8.38/mmBut on 22 January, up from an average of $2.73/mmBtu last week. Higher spot natural gas prices, along with potential supply disruptions, could temporarily curtail US LNG exports , although the effects will depend on how long temperatures stay cold. Kinder Morgan's El Paso Natural Gas has already alerted customers of strained conditions on its pipeline system, which transports gas across the southwestern US. By Chris Knight Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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