U.S. LNG exports soar in December, lifting full-year growth by 4.5%

U.S. LNG Exports Surge in December, Boosting Annual Growth by 4.5%

U.S. LNG exports hit near-record levels in December, driving a 4.5% increase for the year, thanks to new plant startups and strong demand.

Business

LNG, Exports, Houston, U.S., Europe, Asia, Natural Gas

Houston: So, guess what? U.S. LNG exports really took off in December! They reached about 8.5 million metric tonnes, which is pretty close to a record. This boost is mainly thanks to two new plants that just started up. Overall, exports for the year climbed 4.5% compared to 2023.

December’s numbers were just shy of the all-time high of 8.6 million tonnes from last year. Plus, they were up 9% from November’s 7.75 million tonnes. For the whole year, the U.S. exported 88.3 million tonnes of LNG, up from 84.5 million in 2023. This keeps the U.S. on top as the world’s largest LNG exporter.

The new plants, like Cheniere Energy’s expansion in Corpus Christi, Texas, and Venture Global’s Plaquemines plant in Louisiana, are expected to add a lot more capacity in the coming years. Experts say this growth will help stabilize global LNG prices, especially as we head into 2025.

Last year, global LNG supply growth was pretty slow, but prices didn’t spike because Europe had a mild winter, keeping gas storage levels high. However, that’s not likely to happen this year, so the focus will be on U.S. exports.

In December, Europe was the main destination for U.S. LNG, taking in about 5.84 million tonnes, which is 69% of the total. Turkey was one of the big buyers as winter set in. Exports to Asia also saw a slight increase, while Latin America stayed steady.

Looking ahead, experts believe that U.S. gas producers are gearing up for a surge in LNG demand, especially with the rise of data centers and AI-related needs. It’s an exciting time for the LNG market!