US LNG exports hit second-highest monthly level on record as Europe demand surges

By Reuters News

By Curtis Williams

- US LNG exports climbed to their second-highest monthly level on record in October as producers boosted output to capture strong European demand and multi-year-high natural gas prices, according to LSEG data.

Exports to Europe rose to 6.89 million metric tons in October, up nearly 1 million tons from 5.91 MT in September, LSEG ship-tracking data showed.

The increase reflected Europe's need to secure supplies ahead of winter and the narrowing price gap between Europe and Asia.

The European TTF benchmark and the Asian JKM benchmark both averaged about $28 per million British thermal units in October, sharply above September levels and among the highest prices since the energy crisis that followed Russia's invasion of Ukraine in 2022.

Exports from the Golden Pass LNG plant in Texas, owned by QatarEnergy and Exxon Mobil XOM.N, doubled to four cargoes in October, ship-tracking data showed.

US LNG exports to Asia were little changed from September despite October having one additional calendar day. Asian buyers imported 2.73 MT in October, compared with 2.84 MT in September.

Egypt remained a significant buyer of US LNG, importing 0.68 MT in October, unchanged from September.

Exports to Latin America also increased, rising to 0.68 MT in October from 0.53 MT a month earlier.

About 0.59 MT of LNG departed US export terminals in October without a final destination, remaining on the water awaiting potential buyers, the ship-tracking data showed.

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