U.S. LNG export terminals are running at their operationally available and contracted levels and will continue to do so, with no economically driven cargo cancellations anywhere on the horizon. Global gas prices are well supported by low storage levels in Europe, and it will take time to refill inventories, which means these high prices are not going away anytime soon. The upshot: U.S. LNG will have a very different kind of summer than it did last year, when global prices were at historic lows and many U.S. terminals saw more cargo cancellations than exports. Feedgas in April this year averaged 10.77 Bcf/d, nearly 3 Bcf/d higher than last year, and as we progress into summer, the year-on-year delta will become even more pronounced. Barring any major operational issues, feedgas demand will stay around 11 Bcf/d, which is the level needed for the terminals to produce at full capacity. That’s in stark contrast to last summer, when feedgas demand cratered and averaged as low as 3.34 Bcf/d in July as cargo cancellations peaked. In today’s blog, “Summertime – Low European Stocks, High Global Gas Prices to Keep U....,” Lindsay Schneider looks at what’s supporting global gas prices, how that impacts export economics for U.S. LNG, and what that means for feedgas demand in the months ahead.