European Rush for US LNG Drives August Exports to New High
US LNG exports rose in August as European countries stocked up on fuel ahead of winter. According to data from the London Stock Exchange Group, US shipments totaled 10.7mn metric tons in August, a gain of nearly 2% over July's 10.48mn tonnes.
The largest market for US LNG remained Europe, which purchased 5.84mn tonnes, accounting for 55% of total exports. This marked an increase of 1mn metric tonnes from July, when Europeans were also purchasing more fuel due to low storage levels.
Europe's gas storage facilities were only half full in early August, and with winter approaching, countries are seeking to top up their supplies. The US is the world's largest exporter of LNG, and its terminals have been working at capacity to meet demand.
Latin America also increased its imports of US LNG in August, purchasing 0.9mn metric tonnes, while Asia saw a decline in imports from July's 3.32mn metric tonnes to 2.59mn metric tonnes.