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Net Exports of Helium from the US have Fallen Dramatically

Based on our analysis, net exports of helium from the US have fallen dramatically towards the end of 2021. We believe that this is a result of supply outages (BLM being down in H2'21) and also recovering US demand for helium. We believe that this trend will continue in Q1'22 and without demand destruction in the US, it could move to being a net helium importer. This flies in the face of the decision to remove helium from the US' Critical Minerals List.

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