European Demand Lifts US LNG Exports to New Heights
US liquefied natural gas (LNG) exports rose in August as major export plants in Texas completed maintenance and European buyers increased purchases to replenish gas inventories ahead of winter.
The country's fourth-largest LNG export plant, Freeport LNG, exited maintenance at its Texas facility and Cheniere Energy finished planned work at its Corpus Christi facility, the third largest in the US. This led to a 0.22% increase in exports from July to August, reaching 10.7 million tonnes.
Europe remained the top destination for US LNG exports, importing 5.84 tonnes or 55% of total exports in August. This was more than one tonne higher than in July as buyers sought supplies to refill storage before the winter heating season.
The Japan-Korea Marker benchmark averaged $22 per million British thermal units (mmBtu) in August, up from $19.10 in July, while the Dutch Title Transfer Facility benchmark averaged $21.17 per mmBtu in August, up from $18.07 in July.