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Commodities

Cheniere Wins FERC Approval to Begin Feed Gas at Corpus Christi Train 7

The Federal Energy Regulatory Commission approved Cheniere Energy's (LNG) request to introduce feed gas to the warm end of Midscale Train 7 at its Corpus Christi Stage 3 project, according to a Tuesday letter.FERC approved Cheniere's July 27 request after reviewing inspections and compliance filings, saying the request meets the conditions of its Nov. 22, 2019 authorization order.FERC said the approval does not authorize Cheniere to construct, commission, or introduce hazardous fluids into other Corpus Christi Stage 3 facilities.The agency will continue reviewing and inspecting the liquefied natural gas terminal, with additional recommendations possible before issuing further authorizations, FERC said.The approval brings the largest US liquefied natural gas exporter closer to starting production from the seventh and final train at Corpus Christi Stage 3, which will add over 10 million metric tons of liquefied natural gas capacity, according to a report by Reuters.Price: $251.56, Change: $-4.32, Percent Change: -1.69%

$LNG
Oil & Energy

Baker Hughes Boosts Long-Term Outlook as LNG, Power Orders Fuel Growth, RBC Says

Baker Hughes (BKR) reported a stronger-than-expected Q2 and raised its long-term industrial energy technology order outlook, supported by surging demand for power-generation equipment and liquefied natural gas infrastructure, RBC Capital Markets strategists said in a note on Monday.RBC analysts said the oilfield services and energy technology firm posted adjusted earnings before interest, taxes, depreciation and amortization of $1.23 billion in Q2, up 6% from the previous quarter and above the top end of its guidance range for the second consecutive period.Free cash flow reached $1.05 billion, more than double RBC's estimate of $498 million, reinforcing management's expectation that cash conversion will approach 50% for the year.Baker Hughes shares gained support from strong momentum in its Industrial & Energy Technology division, which has become a key growth driver as global demand rises for LNG capacity, data-center power and energy infrastructure.RBC said that the company secured $7.1 billion in IET orders during the quarter, exceeding expectations.Power Systems accounted for $2.6 billion of the new orders, covering 2.7 gigawatts of generation capacity. The contracts included turbine and generator equipment for oil and gas operations as well as data-center applications in North America.The company also booked $1.8 billion in LNG equipment orders across projects involving Venture Global's (VG) CP2 facility, Golar LNG's (GLNG) FLNG project and Cheniere Energy's (LNG) Sabine Pass LNG facility.Following the strong order intake, Baker Hughes increased its IET Horizon 2 order target for 2026/28 to more than $45 billion, from a previous target of $40 billion.The energy firm also said it plans to expand power systems revenue capacity to $5 billion per year by 2029, compared with about $1 billion generated in 2025.RBC analysts expect the company's multi-year growth and margin expansion to be driven primarily by IET.For Q3, Baker Hughes forecasted EBITDA of about $1.21 billion, while reaffirming its full-year 2026 EBITDA midpoint of $4.85 billion.The company's implied Q4 outlook assumes Middle East activity remains at Q2 levels, a more cautious stance compared with some industry peers.RBC raised its 2026 EBITDA estimate for Baker Hughes to $4.85 billion, while trimming its 2027 forecast by 1% to $5.39 billion due to modestly lower margin expectations.The research firm introduced a 2028 EBITDA forecast of $5.95 billion, representing growth of about 11% year over year.Price: $58.11, Change: $-2.48, Percent Change: -4.09%

$BKR$GLNG$LNG$VG
Wire

Cheniere Energy Keeps Quarterly Dividend at $0.555 per Common Share, Payable on Aug. 18 to Shareholders of Record as of Aug. 10

Cheniere Energy Keeps Quarterly Dividend at $0.555 per Common Share, Payable on Aug. 18 to Shareholders of Record as of Aug. 10

$LNG
Commodities

Baker Hughes Q2 Orders Climb YOY

Energy technology company Baker Hughes Monday said its total orders stood at $10.50 billion in Q2, a 49% jump from $7.03 billion a year earlier, as orders under the industrial and energy technology segment doubled.In the quarter ended June 30, IET orders surged year over year to $7.09 billion from $3.53 billion, led by the gas technology product line. Segment revenue steadied at $3.29 billion, data showed.Baker Hughes said the IET segment received several awards from companies, including Venture Global (VG), Cheniere Energy (LNG), Bechtel, Golar LNG (GLNG), Nigeria LNG, Dynamis Power Solutions, Kodiak Gas Services (KGS), and Saipem Nasser Saeed Al-Hajri Contracting.Meanwhile, the company's oilfield services and equipment business received lower orders in Q2, totaling $3.41 billion. This represents a 3% decline from the previous year's $3.50 billion.Segment revenue stood at $3.45 billion, 5% lower than a year earlier, according to the report.Baker Hughes said it divested Waygate Technologies to Hexagon and completed the acquisition of Chart Industries (GTLS) in July.It also entered into a commercial agreement with Mantle Reach Power to develop up to 500 megawatts of power over the next five years, advancing large-scale geothermal development in North America.

$BKR$GLNG$GTLS$KGS$LNG$VG
Commodities

US Natural Gas Update: Futures Slip as Milder Weather, Weak LNG Demand Weigh on Prices

US natural gas futures moved slightly lower in midday trading Tuesday as moderating weather forecasts, weaker LNG feedgas demand, and potential disruptions from a tropical storm weighed on market sentiment.The front-month Henry Hub contract and the continuous natural gas futures contract each declined 0.10% to $2.856 per million British thermal units.NatGasWeather.com on Tuesday said it projects US gas demand to be "moderate-high" over the next five days before rising to "high" levels in the following week.The forecaster said much of the country is expected to experience above-normal temperatures, with highs reaching the upper 80s to 100s degrees Fahrenheit and some locations potentially seeing temperatures in the 110s.Cooler conditions are expected across parts of the Midwest, Great Lakes, and Northeast as weather systems bring showers, thunderstorms, and highs in the 70s and 80s degrees Fahrenheit.Demand is then expected to strengthen during the 7-15 day outlook as much of the country remains warmer than normal.Meanwhile, Aegis Hedging said a tropical depression was upgraded to Tropical Storm Bertha and is forecast to move westward along the US Gulf Coast. However, the National Weather Service warned Tuesday that the storm's projected path and intensity remain "highly uncertain."Aegis said Bertha is unlikely to significantly affect natural gas supply infrastructure but could pose risks to LNG shipping activity and create a modest downside risk to cooling demand across the US South.Domestic consumption has also begun to soften as milder temperatures settle across the eastern half of the country, according to NRG Energy.Over the past week, US natural gas demand ranged between 113 billion cubic feet per day and 105 Bcf/d, with a notable decline heading into the weekend.Additional pressure came from rising renewable power generation. Trading Economics reported that US solar and wind output reached near-record levels in July, reducing the share of electricity generation supplied by gas-fired power plants.Despite softer demand trends, production has continued to climb. Average natural gas output in the Lower 48 states increased to 110.5 Bcf/d so far in July, up from 110 Bcf/d in June, according to Trading Economics, adding to the perception of the market as oversupplied.LNG export demand remains a bearish factor for the market following Freeport LNG's announcement of extended maintenance from July 10 through the end of August. The outage is expected to reduce LNG feedgas demand by roughly 1 Bcf/d, NRG said.However, longer-term export growth received a boost after Cheniere Energy's (LNG) Corpus Christi Stage III Train 7 received a key regulatory approval, allowing LNG production to begin in mid-August.The final liquefaction train is expected to be completed by mid-September, bringing the Stage III expansion project to completion.Price: $262.91, Change: $-2.04, Percent Change: -0.77%

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Commodities

Commodity Prices, Export Demand to Drive Strong US Midstream Q2 Earnings, RBC Says

Commodity prices, export demand and new infrastructure should drive strong second-quarter US midstream earnings across the sector, RBC Capital Markets said in a Tuesday note.Waha basis spreads, spot export cargoes, expanding natural gas and power demand continue to provide favorable operating conditions for the sector, RBC said.RBC expects the Iran conflict and additional Permian pipeline capacity to strengthen long-term demand for US hydrocarbons, support new export infrastructure and restore previously curtailed production as takeaway constraints ease.RBC highlighted Kinetik Holdings (KNTK) and Targa Resources (TRGP) as its preferred picks, expecting both companies to post solid second-quarter results.The firm expects Kinetik to enter the second half of 2026 and 2027 with positive momentum, while Targa should benefit from supportive commodity prices and rising gas volumes as new takeaway capacity comes online.Kinder Morgan (KMI) could transfer projects from its shadow backlog into its formal project backlog during the quarter, while Williams (WMB) may provide updates on its Power Innovation financing platform, new power projects and Momentum Midstream, RBC said.RBC's second-quarter EBITDA forecasts remain within 2% of consensus across most of its coverage. It projects Venture Global (VG) about 4.4% above consensus after incorporating recent cargo and fee disclosures.RBC also expects Targa to outperform consensus on stronger-than-expected volume growth. Kinetik's margins should offset curtailed production, while the Kings Landing 2 final investment decision supports higher future output.Waha natural gas prices averaged negative $3.10 per million British thermal units during Q2 and briefly fell to about negative $8/MMBtu before recovering as additional pipeline capacity eased transportation constraints.The 570 million cubic feet per day Gulf Coast Express pipeline expansion entered service late in the quarter, helping restore some curtailed volumes. Energy Transfer (ET) also expects the first 1.5 billion cubic feet per day phase of the Hugh Brinson Pipeline to start in Q4, with some flows possible in Q3.RBC expects 5.27 Bcf/d of new Permian takeaway capacity to enter service between mid-2026 and Q1 of 2027, creating favorable conditions for higher regional production.The Iran conflict has increased spot exports of liquefied petroleum gas, crude oil and liquefied natural gas while reinforcing the need for diversified energy supplies, supporting long-term demand for US hydrocarbons and export infrastructure, RBC said.RBC identified Energy Transfer, Enterprise Products Partners, Targa Resources, ONEOK (OKE), Cheniere Energy (LNG) and Venture Global among the companies positioned to benefit from stronger export demand and future infrastructure investment.The firm also expects natural gas demand to remain a long-term growth driver as US liquefied natural gas export capacity nearly doubles by 2030 and electricity demand rises from reshoring, electrification, artificial intelligence and data center expansion, benefiting Williams and Kinder Morgan.Price: $50.47, Change: $-0.64, Percent Change: -1.25%

$ET$KMI$KNTK$LNG$OKE$TRGP$VG$WMB
Commodities

Baker Hughes to Supply Equipment, Services to Sabine Pass LNG in Louisiana

Energy technology company Baker Hughes (BKR) said Thursday it will supply liquefaction equipment and deliver gas turbine technology upgrades to Cheniere Energy's (LNG) Sabine Pass LNG facility in Louisiana, following award of three equipment and service contracts.Bechtel Energy and Cheniere Energy awarded the contract to supply primary liquefaction equipment, including main refrigerant compressors and gas turbines, for the first phase of the project.The service contract, meanwhile, includes the upgrading of installed gas turbines in the facility over a four-year period, to increase power output.The new equipment and turbine upgrades are expected to add more than 6 million tons per annum of liquefied natural gas production capacity to the current 30 Mtpa, according to the statement.

$BKR$LNG
Commodities

US Natural Gas Update: Futures Dive After Large Inventory Build

US natural gas futures extended losses in midday trading Thursday after a larger-than-expected storage build deepened bearish market sentiment.The front-month Henry Hub contract and the continuous contract both fell 6.29% to $3.01 per million British thermal units.The US Energy Information Administration reported Thursday that natural gas inventories increased by 61 billion cubic feet for the week ended July 3. The build lifted total stocks to 2,983 Bcf and widened the surplus above the five-year average to 185 Bcf, up from 175 Bcf the previous week.The latest inventory level was 15 Bcf below the same period a year earlier.The 61 Bcf injection exceeded the five-year average build of 51 Bcf for this time of year and surpassed many analysts' expectations, which ranged from 51 Bcf to 57 Bcf.Meanwhile, US natural gas production remains robust despite easing from last month's levels. Output in the Lower 48 states averaged 109.4 Bcf per day in July so far, down from 110 Bcf/d in June, according to Trading Economics.Prices were also pressured by reduced feedgas flows to LNG export facilities as maintenance activity weighed on demand.Maintenance at Freeport LNG is scheduled to begin on July 10, raising concerns over a temporary decline in feedgas demand, Trading Economics said. Natural Gas Intelligence also reported that compressor maintenance was underway at Cheniere Energy's (LNG) Sabine Pass LNG terminal.LNG export feedgas flows were estimated at 18.98 Bcf on Thursday, according to the Bloomberg LNG Feedgas Model.Price: $260.80, Change: $-0.14, Percent Change: -0.06%

$LNG
Wire

Market Chatter: US, Qatar Warn EU Methane Rules Could Trigger Gas Supply Shortages

The US and Qatar have warned that the European Union could face higher gas prices and supply shortages unless it changes planned methane emissions rules, the Financial Times reported Tuesday, citing a draft letter seen by it.They argue that most global oil and gas exporters would be unable to comply with the proposed requirements, which would introduce monitoring and reporting standards for methane emissions across supply chains.The warning, led by US and Qatari energy officials and sent to EU leaders ahead of an energy ministers' meeting, says there is a "narrow window" to change the rules. Algeria and Nigeria also backed the letter, according to the report.The European Commission, the US Department of Energy and Qatar's Government Communications Office did not immediately respond to' requests for comment.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)Price: $233.74, Change: $+2.89, Percent Change: +1.25%

$ET$LNG$SRE$VG
Commodities

US Natural Gas Update: Prices Rise on Reduced Production

US natural gas futures rose in midday trade on Tuesday on lower domestic production and a sustained recovery in LNG feedgas demand.The front-month Henry Hub contract and the continuous natural gas benchmark both rose 3.05% to $3.242 per million British thermal units.Aegis Hedging said production softened in morning pipeline nominations, falling by almost 2 billion cubic feet per day to 108.8 Bcf/d, the lowest level in two weeks.The decline was largely attributed to scheduled maintenance across the Northeast, Midwest, and South Central regions.On the demand side, NatGasWeather.com said national consumption is expected to remain light over the next nine days as comfortable temperatures persist across much of the northern US, with highs in the 70s to 80s degrees Fahrenheit.However, NatGasWeather.com forecasts hotter conditions in the 90s to 100s degrees Fahrenheit across parts of the West and South, which are expected to support stronger regional demand. Looking ahead, demand is projected to strengthen over the next 10-15 days as temperatures soar across the interior US.NRG Energy said total US natural gas demand is forecast to decline by 1.8 Bcf/d on Tuesday across the Lower 48, driven by below-normal temperatures in parts of the South and Northeast.Power burn is expected to fall by 2 Bcf/d, while industrial demand is steady at 22 Bcf/d, NRG data show. Residential and commercial demand is projected to edge up slightly by 0.1 Bcf/d.On the export side, LNG feedgas flows continue to recover, with exports rising 0.4 Bcf/d overnight to 18.4 Bcf/d, up from 16.8 Bcf/d on June 10, according to NRG Energy.Aegis Hedging also noted that Cheniere Energy (LNG) has reaffirmed its timeline for Train 7 at its Corpus Christi LNG facility. Train 6 began producing LNG on May 12, while the final liquefaction unit under the Stage 3 expansion remains on track for completion this fall, it said.In global markets, natural gas prices in Europe and Asia have eased since the weekend amid signs of diplomatic progress between the US and Iran.A memorandum of understanding is expected to be signed in Switzerland on June 19, though details remain unconfirmed and uncertainty persists around the timing of any reopening of the Strait of Hormuz.Price: $230.24, Change: $-5.01, Percent Change: -2.13%

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Wire

RBC Highlights Preferred Midstream Names as Earnings Season Approaches

BP's midstream benchmark fell 1.6% over the week ended June 11, but still delivered a 16.4% gain so far this year, outperforming the S&P 500's 8.0% advance, RBC Capital Markets said Friday.The sector also outperformed utilities by 1,314 basis points and real estate investment trusts by 160 basis points this year, although it lagged oilfield services by 3,319 basis points and exploration and production companies by 1,306 basis points, RBC said.Commodity prices weakened during the week, with front-month West Texas Intermediate crude dropping about 6% to roughly $88 per barrel and Henry Hub natural gas falling about 7.5% to $3.09 per million British thermal units, according to RBC.Archrock (AROC) led performance among RBC-covered companies with a 3.7% gain, supported by continued strength in the compression market, while Sunoco (SUN) fell 4.4% as investors likely locked in profits, the firm said.C-corporations gained 0.1%, outperforming master limited partnerships, which declined 1.6%.RBC estimates its coverage universe trades at an average 2027 enterprise value-to-adjusted EBITDA multiple of 10.0x and expects midstream stocks to remain sensitive to Iran-related developments that influence commodity prices.The firm said companies with greater perceived commodity exposure, including Targa Resources (TRGP), ONEOK (OKE), and Kinetik Holdings (KNTK), as well as liquefied natural gas-focused names such as Venture Global (VG) and Cheniere Energy (LNG), could react most sharply to geopolitical headlines.Kinder Morgan will kick off the second-quarter earnings season for RBC's coverage universe on July 22. RBC expects management to discuss geopolitical and macroeconomic conditions, stronger export activity, commodity-price support, and growth opportunities across its project pipeline.Among its preferred investments, RBC highlighted Cheniere Energy, citing 95% contracted cash flows through 2035, a $10 billion share repurchase program, and a target to increase dividends by 10% annually through 2030.RBC said Sunoco can build on operational momentum through 2027, benefiting from stronger refining margins at Burnaby, synergies from the Parkland acquisition, and an additional $500 million bolt-on acquisition strategy.The firm also favors Targa Resources, citing customer-backed expansion projects, exposure to leading Permian Basin acreage, and rising gas-to-oil ratios that could support natural gas growth even if crude production levels off.For Williams Companies (WMB), RBC sees growing electricity demand and natural gas consumption creating opportunities for high-return projects tied to Transco expansions and power-related infrastructure through 2030 and beyond.Williams is targeting adjusted EBITDA compound annual growth of more than 10% through 2030, including roughly 9% growth from Haynesville-related projects, while maintaining a balance sheet capable of supporting further expansion, RBC said.Price: $36.67, Change: $+0.59, Percent Change: +1.65%

$AROC$KMI$KNTK$LNG$OKE$SUN$TRGP$VG$WMB
Commodities

Market Chatter: US Feedgas Flows Rebound Rapidly at Cheniere's Texas LNG Export Facility

US LNG exporter Cheniere Energy's (LNG) Corpus Christi facility in Texas significantly boosted its natural gas intake Thursday, rebounding rapidly from a brief technical outage that temporarily shut down six midscale expansion trains, Reuters reported Thursday.According to data compiled by financial firm LSEG, the amount of feedgas flowing into the massive South Texas export facility was projected to rise sharply to 2.61 billion cubic feet per day on Thursday.This marks a notable jump from the 2.14 bcfd recorded on Wednesday, and sits well above the prior seven-day running average of 1.81 bcfd.The recovery follows an unexpected operational disruption on Wednesday morning. In a formal filing submitted to Texas environmental regulators, Cheniere disclosed that it was forced to shut down Midscale Stage 3 Trains 1 through 6.If these pipeline metrics hold, the Thursday intake will represent the plant's highest daily volume of feedgas since January 31, when flows touched an all-time record high of 2.64 bcfd, the report said.The company did not respond torequest for comments.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

$LNG
Commodities

US Natural Gas Update: Futures Soften on Large Storage Build, Cooler Forecasts

US natural gas futures extended losses Thursday, falling to a two-week low in after-hours trade after government data showed a larger-than-expected increase in domestic gas inventories.The front-month Henry Hub contract and the continuous front-month benchmark each fell 3.14% to settle at $3.085 per million British thermal units.The US Energy Information Administration reported a 108-billion-cubic-foot storage injection for the week ended June 5.The build exceeded market expectations and the five-year average injection of 95 Bcf, widening the storage surplus relative to the five-year benchmark to 151 Bcf while leaving inventories roughly in line with year-earlier levels.Pinebrook Energy Advisors said the injection was the largest weekly build of the season so far and suggested natural gas consumption was weaker than preliminary estimates had indicated, potentially reflecting stronger-than-expected wind and solar power generation.They added that while Thursday and Friday are still projected to be the warmest days of the season so far on a population-weighted basis, forecasts indicate temperatures will return closer to seasonal norms after the near-term peak.Barchart, citing The Commodity Weather Group, also said later forecasts were trending cooler, with below-average temperatures expected across the Upper Midwest through June 15.Barchart, citing BNEF data, reported Lower 48 gas demand was estimated at 70.3 Bcf per day, down 2.3 Bcf from Wednesday but up 1.8% from the same period last year. Celsius Energy said power burn on late Thursday was 29 Bcf, up 1.9 Bcf from the day before and up 3.2 Bcf over year-ago levels.The Edison Electric Institute reported Wednesday that US Lower 48 electricity generation for the week ended June 6 rose 2.13% from a year earlier to 83,866 gigawatt-hours. Electricity output over the 52 weeks ended June 6 increased 2.25% over the year to 4,341,775 GWh.The Edison Electric Institute said Wednesday that US Lower 48 electricity generation rose 2.13% over the year to 83.9 terawatt-hours for the week ended June 6. Electricity output over the 52-week period increased 2.25% to 4,341.8 TWh.On the supply side, BNEF data showed Lower 48 dry gas production was 111.3 Bcf/d on Thursday, up 2.2 Bcf from the previous day and 3.2% higher than a year earlier.Estimated net flows to US LNG export terminals reached 18.7 Bcf/d on Thursday, up 0.1 Bcf from the prior day and 9.5% higher week over week.Meanwhile, Cheniere Energy's (LNG) Corpus Christi LNG facility was on track to receive 2.61 Bcf/d of natural gas on Thursday after a temporary shutdown affected part of the plant, Reuters reported, citing LSEG data.

$LNG
Commodities

Update: Market Chatter: Cheniere's Corpus Christi LNG Gas Intake Rebounds to 2.61 Bcf/d After Midscale Train Shutdown

(Updated with comments from Cheniere's spokesperson in the 8th paragraph.)Cheniere Energy's (LNG) Corpus Christi LNG plant was on track to receive 2.61 billion cubic feet per day of natural gas Thursday after a temporary shutdown affected part of the facility, Reuters reported Thursday, citing LSEG data.High LNG rundown pressure prompted the company to take Midscale Stage 3 Trains 1 to 6 offline on Wednesday morning, Cheniere said in a filing with Texas environmental regulators.LSEG data showed gas flows to the export plant recovering to 2.61 Bcf/d on Thursday from 2.14 Bcf/d on Wednesday, exceeding the recent seven-day average of 1.81 Bcf/d.The projected intake would come close to the facility's record daily volume of 2.64 Bcf/d reached on Jan. 31, according to LSEG data.Spring maintenance activity has weighed on feedgas demand since the beginning of June, leaving volumes below typical operating levels, the report added citing analysts and traders.Corpus Christi can convert roughly 3.5 Bcf/d of natural gas into LNG when all processing units operate at full capacity.The Texas facility includes three large liquefaction trains capable of processing 0.8 Bcf/d each, along with seven midscale trains rated at 0.2 Bcf/d, either operating or under construction.A Cheniere spokesperson said the firm did not comment on day-to-day operations in response to' request.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)Price: $241.15, Change: $-0.66, Percent Change: -0.27%

$LNG
Commodities

Market Chatter: Cheniere's Corpus Christi LNG Gas Intake Rebounds to 2.61 Bcf/d After Midscale Train Shutdown

Cheniere Energy's (LNG) Corpus Christi LNG plant was on track to receive 2.61 billion cubic feet per day of natural gas Thursday after a temporary shutdown affected part of the facility, Reuters reported Thursday, citing LSEG data.High LNG rundown pressure prompted the company to take Midscale Stage 3 Trains 1 to 6 offline on Wednesday morning, Cheniere said in a filing with Texas environmental regulators.LSEG data showed gas flows to the export plant recovering to 2.61 Bcf/d on Thursday from 2.14 Bcf/d on Wednesday, exceeding the recent seven-day average of 1.81 Bcf/d.The projected intake would come close to the facility's record daily volume of 2.64 Bcf/d reached on Jan. 31, according to LSEG data.Spring maintenance activity has weighed on feedgas demand since the beginning of June, leaving volumes below typical operating levels, the report added citing analysts and traders.Corpus Christi can convert roughly 3.5 Bcf/d of natural gas into LNG when all processing units operate at full capacity.The Texas facility includes three large liquefaction trains capable of processing 0.8 Bcf/d each, along with seven midscale trains rated at 0.2 Bcf/d, either operating or under construction.Cheniere didn't immediately respond to' request for comment.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)Price: $243.70, Change: $+1.89, Percent Change: +0.78%

$LNG
Commodities

US Gas Market Seen Tightening into 2027, Potential Oversupply in 2028, TPH Says

US natural gas markets are projected to remain a key focus for investors assessing tightening near-term fundamentals before a shift toward oversupply later in the decade, according to TPH Energy Research in a Tuesday note.Matt Portillo, analyst at TPH, said that end-of-summer 2027 gas balances will reach 4.1 trillion cubic feet, with investors increasingly focused on when to position for longer-dated holdings beyond 2028.TPH said the outlook reflects a market still supported by regional constraints and rising demand before new supply and infrastructure changes alter the trajectory.Regional pricing dynamics remain in focus, including Permian-driven growth, Waha basis spreads in 2027, and medium-term balance trends at Agua Dulce. Portillo also noted emerging structural concerns at Gillis beyond 2028 as demand-supply imbalances deepen.TPH said global gas markets could tip into oversupply by 2028, with implications for global pricing trends over the next decade. The bank sees European benchmark TTF prices potentially easing toward $6-7 per million British thermal units over time.Simultaneously, Gulf Coast supply constraints are expected to support Henry Hub prices, potentially narrowing the arbitrage between US and global gas markets by 2029.On the upstream side, investor interest centered on Antero Resources (AR), EQT Corporation (EQT), Expand Energy (EXE), Range Resources (RRC), BKV Corporation (BKV) and Comstock Resources (CRK).Midstream companies, including DT Midstream (DTM), TC Energy, Williams Companies (WMB, Energy Transfer (ET), Kinder Morgan (KMI), Cheniere Energy (LNG), and Venture Global (VG), were also widely discussed.TPH said this underscores expectations that LNG export growth and pipeline bottlenecks will remain central to market direction over the next several years.Price: $34.72, Change: $-0.80, Percent Change: -2.25%

$AR$BKV$CRK$DTM$EQT$ET$EXE$KMI$LNG$RRC$VG$WMB
Commodities

Cheniere Advances Corpus Christi Expansion Amid Tightening LNG Outlook, RBC Says

Cheniere Energy (LNG) is moving closer to a final investment decision on its Corpus Christi LNG expansion after issuing a limited notice to proceed on Phase 1 of its Sabine Pass Liquefaction expansion project, RBC Capital Markets strategists said in a note on Wednesday.RBC analysts said the move on the SPL Train 7 expansion was slightly ahead of investor expectations, noting that the engineering, procurement, and construction agreement with Bechtel effectively locks in pricing of about $4.68 billion for over 6 million tons per annum of capacity.The analysts said most of the cost reflects labor, consistent with the project's brownfield nature.Cheniere is targeting permit approvals by the end of 2026, with FID expected in early 2027. The energy firm said the expansion is already commercially complete, with permitting remaining the main gating item.On contracting, Cheniere said it has not yet fully commercialized Corpus Christi Train 4 but continues to see a constructive environment for long-term LNG agreements.The company said counterparties are seeking shorter-term supply in the near term due to geopolitical disruptions, while maintaining interest in longer-term portfolio diversification.RBC said Cheniere's management also reiterated a positive view on global LNG fundamentals, arguing that current TTF pricing does not fully reflect supply constraints and demand shifts, including delays to Qatar's North Field expansion and temporary outages at QatarEnergy facilities.Cheniere said the disruptions have pushed expectations of LNG oversupply out by one to two years as demand continues to absorb incremental capacity.The US LNG producer said it remains well positioned as one of the few regions capable of adding meaningful new global liquefaction capacity.On capital allocation, RBC said Cheniere management prefers share buybacks over significant dividend increases, citing greater flexibility and the potential for opportunistic repurchases.Price: $238.75, Change: $+3.38, Percent Change: +1.43%

$LNG
Commodities

Market Chatter: US-Based Venture Global, Thai Firm PTT Accelerate LNG Supply Deal Amid Qatari Gas Supply Disruptions

US liquefied natural gas company Venture Global (VG) and Thailand's state-owned PTT are accelerating a new long-term supply deal for US LNG, as Qatari supplies remain disrupted following attacks linked to the US-Iran war, Reuters reported Tuesday, citing sources.has reached out to the companies to seek further details, including the volumes involved and the duration of the contract.QatarEnergy CEO Saad al-Kaabi said in March that repairs on LNG facilities in Ras Laffan Industrial City could take three to five years, with infrastructure damage curbing 17% of the company's export capacity. Qatar was the world's second-largest LNG exporter after the US.Thailand has started diversifying its gas supplies, even before the onset of the US-Iran war, to displace coal for power generation.PTT, last year entered into a cooperation agreement with Glenfarne Alaska for the procurement of 2 million metric tons per annum of LNG over a 20-year term. Glenfarne has not yet taken a final investment decision on the project.In January, Thai company Gulf Development signed a 15-year sales and purchase agreement with French utility Engie, for 800,000 tons per annum of LNG supply.In March, US LNG exporter Cheniere Energy (LNG) reportedly said it had maximized operational capacity to serve higher demand in Asia following the US-Iran war, according to Reuters. The company was working to expedite completion of two trains at its Corpus Christi plant in Texas.Thailand was also reportedly seeking LNG supplies from Malaysia through a shared resource zone, the Malaysia-Thailand Joint Development Area, as supplies from the Middle East dwindled.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

$LNG$VG
Oil & Energy

Crude, NGL Firms See Firmer Q2 Outlook on Exports, Pricing Tailwinds, TPH Says

Midstream energy companies focusing on natural gas liquids and crude logistics are heading into Q2 on a constructive note, buoyed by robust volume growth, elevated commodity prices, and soaring exports, TPH Energy Research strategists said in a note on Wednesday.TPH Energy Research strategists said the observations were based on industry interactions at the Energy Infrastructure Council conference.AJ O'Donnell, analyst at TPH Energy, said a key driver for the optimistic outlook is the strengthening of liquefied petroleum gas and NGL export fundamentals.O'Donnell said midstream executives said rising engagement with global buyers, especially from Asia, who are increasingly prioritizing supply diversity and security.The soaring demand comes as the market grapples with the impact of prolonged shipping disruptions in the Strait of Hormuz, a critical global energy chokepoint. The urgent demand for alternative supply routes has shifted the industry's focus toward infrastructure expansions.TPH said while several new export dock projects are already scheduled to come online over the next few years, executives are focused on the "next wave" of capacity expansions and additional brownfield opportunities.Targa Resources (TRGP) is seeing significant optionality at its Galena Park asset, with potential expansions expected to deliver improving economics as fixed costs are spread across a larger throughput base.The energy firm noted that incremental expansions at the site would yield progressively stronger economics as fixed operational costs are distributed across a larger volume base.Optimism also extended into the crude logistics sector, where Plains All American Pipeline (PAA) is re-evaluating its strategic footprint.Following its recent divestiture of certain NGL assets, the energy firm's management is focusing heavily on organic growth opportunities across its extensive pipeline network connecting the Permian Basin to the US Gulf Coast.Meanwhile, US midstream infrastructure firms are witnessing a robust pipeline of natural gas and power-related projects alongside strengthening demand trends across North America.Kinder Morgan (KMI) is advancing its Gulf Coast Express expansion project, which is expected to come online this quarter, while also progressing its Tennessee Gas Pipeline expansion, originally sized at about 500 million cubic feet per day.Trident Energy also continues to scale its development portfolio, targeting 1.5 billion cubic feet per day of capacity in 2027 and a further 0.5 Bcf/d in 2028, with major contract awards expected to begin in late 2027.DT Midstream (DTM) reported rising Northeast US demand, with its management pointing to about 7.5 Bcf/d of largely utility-scale demand, and noting potential upside from emerging modular power requirements.TPH Energy strategists said the energy firm also highlighted the flexibility of its Midwest Incremental Supply Transportation project, which can source gas from both the Northeast and western supply basins via interconnected pipeline networks.Energy Transfer (ET) said it continues to see strong demand across its system, particularly in the Permian Basin and around Abilene, Texas, where it is positioning itself as a key provider of redundancy and integrated gas services.The company also noted uncertainty around uncontracted "behind-the-pipe" gas volumes, though such volumes remain contractually protected in the near term.On the gas distribution side, Kodiak Gas Services (KGS) plans to grow its base business by 3% to 4% while expanding its power build-out ambitions, citing a 2-gigawatt development pipeline, supported by equipment-sourcing capacity and continued inbound interest in additional megawatt-scale projects.Meanwhile, Cheniere Energy (LNG) continues to advance its Corpus Christi and Sabine Pass liquefaction expansions, Van Everen said, with sufficient commercial agreements in place to support much of the two-train development.Once completed, the projects are expected to add about 6 million metric tons per annum of LNG capacity, with the firm targeting long-term contracted levels near historical averages of about 90%.Elsewhere, Excelerate Energy (EE) pointed to project opportunities in Jamaica, Vietnam and India, as the company looks to deploy floating LNG infrastructure to support emerging gas import markets.Price: $33.66, Change: $-0.65, Percent Change: -1.89%

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Research

Research Alert: CFRA Keeps Strong Buy Opinion On Shares Of Cheniere Energy

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:Our 12-month target of $304, cut $1, reflects relative valuation and DCF models. We apply an 11.5x multiple of enterprise value to projected 2027 EBITDA, above Cheniere's historical forward average, which we see as reasonable given the very real concern over interrupted natural gas cargoes out of Qatar, a key competitor of Cheniere's. On this basis, we estimate a value of $280 per share. Meanwhile, our DCF model, using medium-term FCF growth of 6% per year, terminal growth of 2.5%, and discounted at a WACC of 6.8%, yields a value of $334 per share. We raise our 2026 EPS estimate by $4.42 to $18.90 and our 2027 EPS estimate by $1.90 to $16.19. The Strait of Hormuz remains a massive energy bottleneck, and physical damage to Qatar's LNG export capabilities creates a window of opportunity for Cheniere. Cheniere has limited spot exposure in 2026, but this may encourage more long-term deals with Cheniere if it is seen as a more reliable supplier.

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