U.S. LNG Cancellations Swell With Storage Space Vanishing
- As many as 45 July cargoes from U.S. may have been rejected
- Cheniere could have as many as 30 cargoes scrapped in July
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U.S. liquefied natural gas producers face a wave of order cancellations as global buyers struggle with growing stockpiles of the fuel along with demand weakened by the coronavirus crisis.
All U.S. projects could get requests to cancel a total of 35-45 cargoes for July loading, which is higher than the number of shipments scrapped for June, traders surveyed by Bloomberg News estimated. That means more than half of the average monthly shipments from the fastest-growing LNG producing country could be scrapped in July.