Most U.S. LNG exports head to Europe amidst cold weather and strong prices
- Most U.S. LNG exports in February went to Europe
- European prices remain elevated, attracting U.S. exports
- S. begins to benefit from Plaquemines LNG export plant startup
Europe soaked up most U.S. liquefied natural gas (LNG) exports for the second straight month in February, as cold weather and strong prices pushed up demand for the superchilled gas across the Atlantic, according to preliminary data from financial firm LSEG.
The U.S. is the world's largest exporter of LNG and continues to play a major role in supplying Europe since Russia's invasion of Ukraine significantly reduced the amount of Russian gas piped to Europe.
In February the U.S. exported 8.35 MM tonnes (t) of LNG, shy of the monthly record of 8.6 MMt hit in December 2023 and just short of the 8.46 MMt exported in January, LSEG data showed. There were three fewer production days in February due to the shorter month.
Of the 8.35 MMt exported from U.S. plants in February, 6.82 MMt, or 82%, went to Europe, short of the 7.25 MMt, or 86%, exported to the continent in January, according to LSEG data.
The Dutch Title Transfer Facility (TTF) benchmark in Europe averaged $15.28 per million British thermal units (MMBtu) in February. That compares with $8.12 per MMBtu in February 2024 and an average of $10.95 per MMBtu for 2024.
The Japan Korea Marker (JKM) benchmark in Asia averaged $14.40 per MMBtu in February. That compares with $8.93 per MMBtu in February 2024 and an average of $11.89 per MMBtu last year.
Shipping cost to Europe are cheaper than those to Asia because of the shorter distance.
The U.S. increased its LNG exports to Latin America, with 560,000 t heading to the region. This was more than double to 210,000 t sold to the region in January, according to LSEG data.
Egypt and Jordan bought two cargoes each from the U.S. in February, for a combined total of 280,000 t, LSEG data showed.
The first two months of 2025 have seen U.S. LNG production at high levels amid the partial startup of Venture Global Inc's 27.2 MMt Plaquemines LNG export plant in Louisiana.
At the end of February, Plaquemines hit a record high of 1.8 Bft3d on two separately days. In January, the facility exported more than 500,000 t of LNG, all to Europe, LSEG, ship tracking data showed.
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