• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 22 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 13 hours "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 11 days Does Toyota Know Something That We Don’t?
  • 5 days America should go after China but it should be done in a wise way.
  • 15 hours World could get rid of Putin and Russia but nobody is bold enough
  • 13 hours How Far Have We Really Gotten With Alternative Energy
  • 1 day The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 3 days Even Shell Agrees with Climate Change!
  • 4 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in

Breaking News:

OPEC Lifts Production in February

New Tech Enhances Safety and Performance of Lithium Ion Batteries

New Tech Enhances Safety and Performance of Lithium Ion Batteries

Researchers at Incheon National University…

Supply Chain Woes Could Derail Biden’s Electric Vehicle Agenda

Supply Chain Woes Could Derail Biden’s Electric Vehicle Agenda

The Biden administration's electric vehicle…

U.S. LNG Exports Stay Near Record Levels In May

U.S. exports of liquefied natural gas remained close to record levels last month, at 7.29 million tons, or the second-highest since records of such exports began.

According to Refinitiv Eikon data, Reuters reported that the May total was a 12-percent increase on the year and also a substantial increase on April, when U.S. LNG exports totaled 6.93 million barrels.

The United States is on track to overtake Qatar and Australia as the world’s largest LNG exporter this year as producers rush to boost capacity amid strong demand for the commodity.

However, gas production would also need to grow if the U.S. is to meet the global demand for its LNG, Reuters’ John Kemp wrote in a recent column. And it would need to grow substantially.

Kemp noted that over the first three months of the year, U.S. LNG exports rose by 674 billion cu ft. At the same time, however, production of natural gas only grew by 433 billion cu ft, while domestic consumption remained flat.

This prompted producers to tap reserves, which resulted in a solid draw in gas inventories: at the end of March, gas inventories were 318 billion cu ft below the pre-pandemic five-year average.

The strong and quite fast increase in LNG exports has also had some industry observers worried about price developments at home. Natural gas prices have already almost tripled, and some expect them to rise further, putting a strain on domestic consumers.

Europe remained the top destination of U.S. LNG shipments for yet another month in May, taking in two-thirds of total exports.

ADVERTISEMENT

“All factors remaining constant - such as no further cuts in Russian gas to Europe - we may see a rebalance of LNG vessels away from the region, which has become a black hole for LNG - drawing in all and every available cargo,” Rystad Energy analyst Lu Ming Pang told Reuters.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News