Booming demand overseas is also a welcome opportunity for Cheniere and other U.S. exporters to lock in funding for new capacity. The Glencore contract adds momentum to Cheniere’s planned Stage 3 expansion of its Corpus Christi export plant in Texas. The company said it expects to make a final investment decision next year on the project, which is fully permitted and would boost Corpus Christi total liquefaction production capacity by 10 million tons to a total 25 million tons per year.
Rival U.S. developer Venture Global LNG Inc. last month signed two contracts to sell the fuel from its proposed facility in Louisiana to state-owned China Petroleum & Chemical Corp.
Henry Hub gas futures soared more than 9% Monday as forecasts for chilly November weather in the U.S. East heightened concern that supplies will struggle to meet demand this winter.
Shares of Cheniere gained 2.1% to $107.48 as of 11:06 a.m. in New York.