With the Freeport LNG facility in Texas resuming shipments after shutting operations ahead of Hurricane Beryl, markets were trading lower over the last couple of sessions as concerns over future LNG supplies eased. However, at the time of writing prices have once again pulled up taking us back to rangebound movement. The market over the past couple of weeks, whilst down from recent highs, continues to remain in a holding pattern with small amounts of movement in either direction. Fundamentally, supply has been robust to meet demand, with data showing industrial consumption still lagging over the first half of the year. Storage levels have been able to inject slowly reaching 83% fullness which has cushioned some of the unforeseen supply concerns so far this summer. Markets will continue to keep an eye on global LNG demand with worries over fierce competition between Asian and Europe over the winter period.
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