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Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

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The U.S. Becomes World’s Top LNG Exporter

  • A perfect storm of bullish factors has made the United States the world’s top exporter of LNG.
  • U.S. LNG exports rose by 12% in the first half of 2022 compared with the second half of 2021.
  • The United States is shipping record volumes of LNG to Europe to help EU allies in their efforts to fill gas storage ahead of the winter.

High demand in Europe, high natural gas prices, and increased export capacity made the United States the world’s largest exporter of liquefied natural gas (LNG) in the first half of 2022, the U.S. Energy Information Administration said on Monday.  

U.S. LNG exports rose by 12% in the first half of 2022 compared with the second half of 2021, and averaged 11.2 billion cubic feet per day (Bcf/d) between January and June 2022, the EIA said, citing data from CEDIGAZ. 

Thus, the United States beat Australia and Qatar, the other two major LNG exporters. 

Spot LNG prices in Europe and Asia have held much higher than historical norms since the last quarter of 2021, and reached record highs earlier this year after the Russian invasion of Ukraine. Europe is importing growing volumes of American LNG as it looks to replace as much Russian pipeline supply as possible. Moreover, U.S. LNG export capacity has expanded by 1.9 Bcf/d nominal (2.1 Bcf/d peak) since November 2021, according to EIA’s estimates. 

The United States is shipping record volumes of LNG to Europe to help EU allies in their efforts to fill gas storage ahead of the winter amid growing uncertainty about Russian gas supply. For the first time ever, the European Union imported in June more LNG from the United States than gas via pipeline from Russia, as Moscow slashed supply to Europe in the middle of last month.

Related: High Crude Prices Are Here To Stay

Most U.S. LNG exports went to the EU and the UK during the first five months of 2022, accounting for 71%, or 8.2 Bcf/d, of the total American LNG exports, the EIA said today.

U.S. LNG exports are set to decline in the second half of 2022 because of the outage at Freeport LNG, the EIA said in its latest Short-Term Energy Outlook (STEO) for July. U.S. LNG exports are forecast to average 10.5 Bcf/d in the second half of 2022, which is 14% less than the forecast in the June 2022 STEO. The EIA expects LNG exports will jump in 2023, averaging 12.7 Bcf/d on an annual basis, or 17% higher than in 2022.   

By Tsvetana Paraskova for Oilprice.com

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  • George Doolittle on July 26 2022 said:
    The US economy is *MASSIVELY* from deleveraging to *DEFLATING* so quite the epochal Greatest Depression Ever unfold absolutely.

    Foreclosures are simply running wild at the moment with violence already the highest on record in US History look set to really get out of hand now. Of course "don't blame Putin" but also of course well... let us embrace Putinism goes without saying now. "Make Hitler look like the hero he was."

    Moving along..

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