NextDecade, Woodfibre LNG, Low U.S. Gasoline Demand: Your Daily Energy News

News highlights gathered by Industrial Info and IIR Energy (Sugar Land, Texas) dealing with the energy markets.

LNG
NextDecade Sets September for FID for Rio Grande Train 5 - U.S. liquefied natural gas (LNG) developer NextDecade Corporation (Houston, Texas) said on Friday it was targeting mid-September for a final investment decision (FID) on Train 5 of its Rio Grande LNG project in Texas. The move follows its first long-term offtake deal for the fifth train and the execution of an engineering, procurement and construction contract. NextDecade said it was working to contract an additional 2.5 million tonnes per annum under LNG supply deals to support Train 5. Subscribers to Industrial Info's Global Market Intelligence (GMI) Project Database can learn more by viewing the project report. (Reuters)

Canada's Woodfibre LNG Construction Costs Rise - Construction costs at Canada's Woodfibre LNG project have increased, driving up capital costs for all partners involved, Canadian pipeline company Enbridge Incorporated (Calgary, Alberta) reported on Friday. The Woodfibre LNG project is a 2.1-million-metric-ton LNG export facility under construction near Squamish, British Columbia. The project's capital cost was initially estimated at US$5.1 billion, but Enbridge, which owns a 30% stake in the project, said Friday on a conference call that costs have recently increased due to permit delays, building code changes, a second floating hotel to accommodate workers and challenging on-site conditions. "Our share of the project costs have increased from US$1.5 billion to US$2.9 billion, and our partners' proportionate share has increased similarly," an Enbridge spokesperson said in an email. Subscribers can click here to learn more about the project. (Reuters)

GASOLINE
U.S. May Gasoline Demand Hits Lowest Seasonal Level Since 2020 - U.S. gasoline demand in May fell to the lowest for that month since the coronavirus pandemic of 2020, data from the U.S. Energy Information Administration (EIA) showed last week, indicating consumers cut back on fuel purchases despite lower prices. Product supplied of finished motor gasoline, the EIA's proxy for demand, averaged about 9.06 million barrels per day (BBL/d) in May, down 3.6% from last year, marking a major reversal in fuel consumption. Gasoline demand averaged 9.40 million BBL/d in May last year, which was the highest for any month since the pandemic, data from the EIA showed. (Reuters)

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About Industrial Info
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 trillion (USD).