U.S. LNG exports soar in December, lifting full-year growth by 4.5% By Reuters

By Curtis Williams

HOUSTON (Reuters) – U.S. LNG exports reached close to document ranges in December, rising to eight.5 million metric tonnes (MT) as two new crops began, and driving up full-year shipments 4.5% over 2023, in accordance preliminary knowledge from monetary agency LSEG.

December’s output was simply wanting the document month-to-month export of 8.6 MT recorded in December 2023 and was 9% increased than the 7.75 MT exported in November, based on LSEG knowledge.

For the yr, LNG exports hit 88.3 MT, up from 84.5 MT in 2023, guaranteeing the U.S. maintained its crown because the world’s largest LNG exporter, based on LSEG knowledge.

Cheniere Power (NYSE:)’s startup of its Stage 3 growth at Corpus Christi, Texas, and Enterprise World LNG’s launch of its Plaquemines plant in Louisiana, are anticipated over time so as to add 30 MTPA to U.S. annual output.

“Development in U.S. exports from new capability coming on-line notably at Plaquemines given its massive scale will likely be essential to tempering a number of the international LNG value volatility we anticipate in 2025,” mentioned Alex Munton director of worldwide gasoline and LNG analysis at consulting agency Rapidan Power Group.

MARKET TO CHANGE IN 2025

World LNG provide development final yr was minimal however the impression on costs was muted since final winter was gentle in Europe, serving to gasoline in storage keep excessive. Russian gasoline additionally continued to move to Europe by way of Ukraine.

Neither of these situations are anticipated to proceed this yr, and supply-to-demand situations will likely be considerably tighter, placing a highlight on U.S. export development, mentioned Munton.

Europe remained the popular vacation spot for U.S. LNG exports in December, with 5.84 MT or 69% of the superchilled gasoline bought to the continent, in comparison with 5.09 MT in November.

U.S. exports to Europe noticed a myriad of nations shopping for the superchilled gasoline as winter started to set in, with Turkey being one of many main European locations for U.S. LNG in December, based on LSEG knowledge.

Complete (EPA:) exports to Asia grew barely in December to 2.01 MT, or 24%, up from 1.64 MT or 21% of complete exports in November. Latin America took .58 MT, the identical as November 2024, LSEG knowledge confirmed. There was additionally one cargo for .07 MT bought to Jordan, based on LSEG knowledge.

In 2024 Europe accounted for 55% of complete US LNG exports, 34% of complete US exports went to Asia whereas the subsequent 11% went primarily to Latin America with a number of cargoes to the Center East, primarily to Egypt and Jordan, LSEG knowledge confirmed.

Larger LNG manufacturing in late December has led to document feedgas demand and producers should play catch up this yr, mentioned Ira Joseph, an LNG market knowledgeable and senior researcher at Columbia College’s Heart on World Power Coverage.

“U.S. gasoline producers have lengthy ready for the ramp up in LNG feedgas demand, which is beginning and selecting up tempo in 2025, however what can also be true is that knowledge center- and AI-related demand is coming on the similar time,” mentioned Joseph.