Record US LNG Exports May Give Relief to Buyers in Europe, Asia

(Bloomberg) — US liquefied natural gas exports have extended a record-breaking run as new projects increased production, a trend that could help to ease high prices in Europe and Asia.

Pipeline gas flows to LNG export plants climbed to 15.7 billion cubic feet on Tuesday, according to data from BloombergNEF. That’s an all-time high and almost 20% more than a year ago.

Higher exports are cementing the US as the world’s biggest supplier of the power plant and heating fuel, with output poised to roughly double by the end of the decade. Europe, in particular, has turned to American LNG to help replace the loss of Russian pipeline gas since the 2022 invasion of Ukraine.

More US supply could provide relief to LNG buyers in Europe and Asia, which have been grappling with higher prices. The European benchmark briefly hit a two-year high this month, in part due to reduced Russia pipeline flows.

US supply is growing following a ramp-up in output from Venture Global LNG Inc.’s Plaquemines plant, which exported its first cargo in December. Cheniere Energy Inc.’s Corpus Christi project also began production from the first phase of its expansion at the end of last year.

President Donald Trump wants to expand US LNG supply and is urging countries to buy more of the fuel to balance trade. He lifted a Biden-era pause on new permits for export plants, and conditionally approved a facility planned near Cameron, Louisiana.

More News:

• First Gen is seeking to purchase a cargo on a DES basis for April 7-11 delivery to its BW Batangas FSRU in the Philippines
• Gulf Energy bought two cargoes on a DES basis for April 1-2 and April 4-5 delivery to Thailand
• ArcelorMittal Nippon Steel India is seeking about 6 cargoes/year on a DES basis for delivery to India for at least 5 years from 2026
• Venture Global was given the go-ahead from the Federal Energy Regulatory Commission to produce above its previously-approved capacity at its second facility

Drivers: 

• LNG send-out in Europe was at ~3.9 TWh/day on Feb. 18, according to latest available data, -4.7% w/w: GIE data
• European gas storage levels were ~43% full on Feb. 18, compared with the five-year seasonal average of 53%
• Chinese LNG imports 30-day moving average was 145k tons/day on Feb. 18, 13.2% below the 5-year average, according to ship-tracking data compiled by Bloomberg
• Estimated flows to all US export terminals were ~15.5 bcf/day on Feb. 19, +2.8% w/w: BNEF

Buy tender:

Sell tender:

–With assistance from Sing Yee Ong.

(Adds LNG wrap details.)

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