In April, the United States matched its record for liquefied natural gas (LNG) exports, reaching a total of 9.3 million tonnes. This milestone was facilitated by increased capacity from Venture Global’s VG Plaquemines plant, according to data from LSEG. As the world’s leading exporter of LNG, the U.S. is projected to expand its capacity by 20% by 2025, potentially reaching 115 million tonnes following a record-setting year expected in 2024.
The significant exports in April were bolstered by the phase 1 launch of the Plaquemines project, which reportedly operated at 140% of its design capacity. During the month, the Plaquemines facility exported 1.1 million tonnes, a notable increase from March’s 0.82 million tonnes. Europe emerged as the main recipient of U.S. LNG, with 6.3 million tonnes shipped to the continent in April, accounting for 68% of total exports for the month.
This figure slightly decreased from March’s exports of 6.47 million tonnes. In contrast, U.S. exports to Asia rose to 2.05 million tonnes from the previous month’s 1.64 million tonnes, as traders capitalized on higher prices in the region. Benchmark prices in Europe averaged around $11.48 per mmBtu in April, a decline from $13.21 in March, influenced by Chinese buyers reselling cargoes in Europe to evade tariffs.
Meanwhile, the Japan Korea Marker (JKM) in Asia averaged $12.23 per mmBtu, down from $13.50 in the prior month, despite a dip in LNG demand from China. An increase in U.S. exports to Latin America was observed, rising to 0.68 million tonnes from March’s 0.55 million. However, exports to the Middle East significantly decreased, with only one cargo sent to Egypt.
Additionally, U.S. LNG exporters benefited from lower feed gas prices, with the Henry Hub benchmark averaging approximately $3.43 per mmBtu in April, down from $4.14 in March.