The US was the top LNG exporter in 2023 as it hit record levels. According to ship monitoring data, U.S. liquefied natural gas exports achieved monthly and yearly highs in December, positioning the U.S. to overtake Qatar and Australia as the leading LNG exporters in 2023.
According to Alex Munton, director of global gas and LNG analysis at Rapidan Energy Group consultancy company, the United States stood out in the worldwide LNG supply increase in 2023, with 8.6 million metric tons departing U.S. ports in December.
According to U.S. official data, Qatar was the top LNG exporter in 2022, with Australia coming in second.
“U.S. record production was driven by two factors: the return of Freeport LNG to full service, which added 6 M.T. and the full-year output of Venture Global LNG’s Calcasieu Pass facility, which added 3 M.T. more than in 2022,” Munton stated in a press release.
According to LSEG statistics, full-year exports from the United States grew 14.7% to 88.9 million metric tons (M.T.), driven mainly by the resumption of complete production of the Freeport LNG plant, which had experienced a fire in 2022, and as others enhanced processing efficiency.
Financial information sources show that shipments will total 77.5 million metric tons in 2022. In December, Europe remained the primary destination for US LNG exports, accounting for 5.43 MT, slightly more than 61% of total shipments. According to LSEG statistics, 68% of US LNG shipments were to Europe in November.
According to experts at Rystad Energy, the month-over-month reduction reflected warmer-than-normal conditions in Europe and increased storage levels. It stated that European gas storage was 97% complete in December.
In December, Asia was the second largest export destination for US LNG, accounting for 2.29 MT, or 26.6% of total shipments, up from 18.5% in November. According to LSEG ship monitoring statistics, U.S. shipments to Latin America were half a million metric tons or under 6% of overall exports.
So far in January, natural gas flows to the seven major US LNG export facilities have averaged 14.9 billion cubic feet per day (bcfd), up from a monthly high of 14.7 bcfd in December. LSEG statistics show this surpassed the all-time monthly high of 4.3 bcfd in November.
The Henry Hub benchmark in Louisiana was trading at $2.55 per million British thermal units (mmBtu), the Dutch Title Transfer Facility (TTF) benchmark in Europe was at $9.81 per mmBtu, and the Japan Korea Marker (JKM) in Asia was at $11.52 per mmBtu.
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