Storage is gradually normalizing but slower than expected.
U.S. petroleum inventories show clear signs of trending lower as consumption slowly recovers from the epidemic and lockdowns, while Saudi Arabia restricts production and directs volumes away from North America.
Front-month gas futures rose 7.3 cents, or 3.4%, to settle at $2.238 per million British thermal units, their highest close since Dec. 26.
In June, Thai oil and gas company PTT Pcl said it delayed making a final investment decision to build the ethane cracker, which analysts estimate will cost $5.7 billion.
The unprecedented decline in demand forced producers to make record output cuts and pump hundreds of millions of barrels of oil into storage.
Terminal in the Port of Corpus Christi could potentially expand to 10 MMbbl of storage.
Energy Spectrum-backed Tivoli to focus on acquiring and constructing strategic storage assets and optimizing oil, gas and petrochemical logistics.