Spartan Delta Corp T.SDE

TD Notes

[retiredcf]

The Gas Line

Weekly Gas Charts

Inventory Draw Above Expectations, Well Above Normal: Storage levels decreased by 213 Bcf w/w versus consensus expectations of a 195 Bcf withdrawal. This was well above the five-year average withdrawal of 106 Bcf, driven by extreme winter weather. Expectations for next week are for a withdrawal of 190-210 Bcf, which compares with the five-year average withdrawal of 107 Bcf.

U.S. gas storage levels are now 3% below the five-year average and 4% below year- ago levels. Total days of supply in storage remains relatively low; however, not at the historically low levels we had seen through the summer months (now 11% below year-ago levels). U.S. production has begun to recover after suffering from freeze- offs and hitting a low of ~83 Bcf/d on December 25 (now back to ~92 Bcf/d).

Last Friday, Freeport LNG provided an update regarding the restart of its 2 Bcf/d export facility. The company now expects an initial resumption of exports by the second half of January 2023, missing prior expectations for a restart this week. That said, there had been much speculation around practicality of this timing given regulatory requirements.