
U.S. LNG Exports to Europe Surge in January Amid High Demand
In an unprecedented January surge, U.S. liquefied natural gas (LNG) exports to Europe spiked significantly, driven by a combination of cold weather and increased regional demand for the superchilled fuel. The original report can be found here. LSEG data indicated that nearly 90% of American LNG cargoes were European-bound, with total exports reaching 8.46 million metric tonnes (MT), closely rivaling the 8.6 MT record of December 2023.
As Europe's voracious demand continued, a staggering 86% of January's U.S. LNG shipments, totaling 7.25 MT, were directed there, a significant rise compared to 69% or 5.84 MT in December. This shift showcases the U.S.'s pivotal role as Europe's main LNG supplier post-Russia's incursion into Ukraine. Simultaneously, American LNG buyers enjoyed the advantage of flexible contracts sans destination clauses.
The thriving European market has corresponded with rising values of U.S. export data. According to the IndexBox platform, the export value of petroleum gases and other gaseous hydrocarbons, including LNG, from the United States in 2023 amounted to a substantial $33.4 billion. Key destinations included the Netherlands ($4.4 billion), France ($3.8 billion), and the United Kingdom ($3.5 billion).
January's dynamic export statistics were further exemplified by at least six Asia-bound cargoes being redirected to Europe due to high prices and lagging Asian demand, according to LSEG's ship-tracking data. During the same period, the European gas benchmark at the Dutch Title Transfer Facility (TTF) averaged $14.67 per mmBtu, contrasting with the Asian JKM benchmark's $14.166/mmBtu average.
However, the additional output from Venture Global's rapidly expanding Plaquemines LNG plant in Louisiana, which recently debuted on the public market as the U.S.'s most valuable LNG enterprise, couldn't eclipse the partial operation of Freeport LNG in Texas. This constrained the January records, albeit the latter remains a top U.S. exporter despite periodic capacity issues.
Conversely, the decline in LNG exports to Asia (0.79 MT from 2.1 MT) and Latin America (0.21 MT from 0.58 MT) underscores the influence of Europe's demand pull. With three Egyptian-bound consignments representing 0.21 MT, the geopolitical and climatic factors are reconfiguring LNG trade flows and prompting exporters to recalibrate strategies.
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1. INTRODUCTION
Making Data-Driven Decisions to Grow Your Business
- REPORT DESCRIPTION
- RESEARCH METHODOLOGY AND AI PLATFORM
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- GLOSSARY AND SPECIFIC TERMS
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2. EXECUTIVE SUMMARY
A Quick Overview of Market Performance
- KEY FINDINGS
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3. MARKET OVERVIEW
Understanding the Current State of The Market and Its Prospects
- MARKET SIZE
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4. MOST PROMISING PRODUCT
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5. MOST PROMISING SUPPLYING COUNTRIES
Choosing the Best Countries to Establish Your Sustainable Supply Chain
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6. MOST PROMISING OVERSEAS MARKETS
Choosing the Best Countries to Boost Your Exports
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7. GLOBAL PRODUCTION
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The Largest Importers on The Market and How They Succeed
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- IMPORTS BY COUNTRY
- IMPORT PRICES BY COUNTRY
9. GLOBAL EXPORTS
The Largest Exporters on The Market and How They Succeed
- EXPORTS FROM 2012–2024
- EXPORTS BY COUNTRY
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10. PROFILES OF MAJOR PRODUCERS
The Largest Producers on The Market and Their Profiles
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11. COUNTRY PROFILES
The Largest Markets And Their Profiles
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- China
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- United Kingdom
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LIST OF TABLES
- Key Findings In 2024
- Market Volume, In Physical Terms, 2012–2024
- Market Value, 2012–2024
- Per Capita Consumption, By Country, 2018–2024
- Production, In Physical Terms, By Country, 2012–2024
- Imports, In Physical Terms, By Country, 2012–2024
- Imports, In Value Terms, By Country, 2012–2024
- Import Prices, By Country Of Destination, 2012–2024
- Exports, In Physical Terms, By Country, 2012–2024
- Exports, In Value Terms, By Country, 2012–2024
- Export Prices, By Country Of Origin, 2012–2024
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LIST OF FIGURES
- Market Volume, In Physical Terms, 2012–2024
- Market Value, 2012–2024
- Consumption, By Country, 2024
- Market Volume Forecast to 2030
- Market Value Forecast to 2030
- Products: Market Size And Growth, By Type
- Products: Average Per Capita Consumption, By Type
- Products: Exports And Growth, By Type
- Products: Export Prices And Growth, By Type
- Production Volume And Growth
- Exports And Growth
- Export Prices And Growth
- Market Size And Growth
- Per Capita Consumption
- Imports And Growth
- Import Prices
- Production, In Physical Terms, 2012–2024
- Production, In Value Terms, 2012–2024
- Production, By Country, 2024
- Production, In Physical Terms, By Country, 2012–2024
- Imports, In Physical Terms, 2012–2024
- Imports, In Value Terms, 2012–2024
- Imports, In Physical Terms, By Country, 2024
- Imports, In Physical Terms, By Country, 2012–2024
- Imports, In Value Terms, By Country, 2012–2024
- Import Prices, By Country, 2012–2024
- Exports, In Physical Terms, 2012–2024
- Exports, In Value Terms, 2012–2024
- Exports, In Physical Terms, By Country, 2024
- Exports, In Physical Terms, By Country, 2012–2024
- Exports, In Value Terms, By Country, 2012–2024
- Export Prices, 2012–2024