US LNG Exports Soar 23% in First Half of Year
US liquefied natural gas (LNG) exports have surged by 23% in the first half of this year, averaging 17.4 billion cubic feet per day (Bcf/D), according to the US Energy Information Administration (EIA). This increase is attributed to new terminal startups and expansions at existing terminals, which have boosted LNG exports at the fastest rate since 2016.
The EIA estimates that US LNG exports will average 17.3 Bcf/D in the second half of this year before rising to 18.7 Bcf/D in the first half of next year. Global LNG prices remained high throughout the first half of this year, driving US exports to near maximum output levels.
The Strait of Hormuz closure disrupted global LNG supplies in March, pushing prices higher and forcing Asian buyers to compete for limited spot cargoes on the open market. As a result, global LNG prices reached a 4-year high in the first half of this year, with the average price at Europe's benchmark Title Transfer Facility (TTF) reaching $14.74/MMBtu.
The US exported more LNG to Asia in the first half of this year than ever before, with exports doubling compared to last year due to the closure of the Strait of Hormuz. Other top destination countries for US LNG include Egypt, the Netherlands, Italy, France, and the UK.