The U.S. Energy Information Administration (EIA) reported that average natural gas deliveries to U.S. liquefied natural gas (LNG) export terminals remained steady this week at 16.4 billion cubic feet per day (Bcf/d). This stability comes amidst a mixed performance in regional deliveries, with an increase in South Louisiana and a decrease in South Texas.
Specifically, deliveries to terminals in South Louisiana saw a rise of 2.3 percent, or 0.3 Bcf/d, bringing the total to 11 Bcf/d. Meanwhile, terminals in South Texas experienced a decline of 5.1 percent, translating to a drop of 0.2 Bcf/d, resulting in a total of 4.2 Bcf/d. The EIA noted that deliveries to terminals outside the Gulf Coast remained unchanged at 1.2 Bcf/d.
Compounding the situation, the Gulf South Pipeline Company declared a force majeure on March 24, 2025, for its Stratton Ridge location, which delivers gas to the Freeport LNG terminal in Texas. This decision followed a suspected lightning strike at the facility. Fortunately, gas deliveries resumed on March 25 after the company lifted the force majeure, concluding that the facilities had not been damaged.
In terms of LNG shipments, U.S. export terminals sent out 26 cargoes during the week ending March 19, 2025. This figure marks a decrease from the 29 shipments and 110 Bcf recorded in the previous week. The EIA did not disclose the number of U.S. LNG cargoes for the week under review as it typically does.
As for market prices, the Henry Hub spot price fell by 36 cents, dropping from $4.22 per million British thermal units (MMBtu) on March 19 to $3.86/MMBtu by March 26. The April 2025 NYMEX contract price also decreased, falling by 39 cents from $4.247/MMBtu to $3.861/MMBtu. Additionally, the price of the 12-month strip averaging from April 2025 through March 2026 futures contracts decreased by 35 cents, landing at $4.450/MMBtu.
Despite these fluctuations, the U.S. maintained its position as the world’s largest LNG exporter, shipping an average of 11.9 Bcf/d in 2024. This figure remained consistent compared to 2023, as reported by the EIA. The stability in U.S. LNG exports contrasts with the performance of other major exporters. For instance, LNG exports from Australia and Qatar have remained relatively stable over the past five years, fluctuating between 10.2 Bcf/d and 10.7 Bcf/d annually.
In 2024, Russia and Malaysia continued to hold their positions as the fourth and fifth largest LNG exporters globally, with Russia averaging 4.4 Bcf/d and Malaysia 3.7 Bcf/d. U.S. LNG exports have remained flat compared to the previous year due to several unplanned outages at existing LNG export facilities, a decrease in natural gas consumption in Europe, and limited new LNG export capacity additions since 2022.
December 2024 marked a significant milestone with the Plaquemines LNG Phase 1 facility shipping its first export cargo, becoming the eighth U.S. LNG export facility in operation. The EIA estimates that the utilization of LNG export capacity across the other seven U.S. terminals averaged 104 percent of nominal capacity and 86 percent of peak capacity, unchanged from the previous year.
Europe, including Türkiye, remained the primary destination for U.S. LNG exports in 2024, accounting for 53 percent, or 6.3 Bcf/d, of the total exports. However, the share of U.S. LNG exports to Asia increased significantly, rising from 26 percent (3.1 Bcf/d) in 2023 to 33 percent (4 Bcf/d) in 2024. Exports to other regions, including the Middle East, North Africa, and Latin America, also saw growth, accounting for 14 percent (1.6 Bcf/d) of total exports, up from 8 percent (0.9 Bcf/d) in 2023.
Despite these increases, U.S. natural gas exports to Europe dropped by 19 percent, or 1.5 Bcf/d, primarily affecting countries in the EU and the UK. The only increases in U.S. LNG exports to Europe occurred in Türkiye and Greece, which saw increases of 0.2 Bcf/d and 0.1 Bcf/d, respectively. Conversely, U.S. LNG exports to other EU countries and the UK decreased by 24 percent, or 1.7 Bcf/d, compared to 2023, largely due to lower natural gas consumption and high storage inventories following a mild winter.
Interestingly, LNG import capacity in the EU and the UK expanded by more than 40 percent from 2021 to 2024 and is expected to continue growing in 2025 with new and expanded regasification facilities coming online in Croatia, Cyprus, and Italy. The Netherlands, France, and the UK accounted for a combined 46 percent (2.9 Bcf/d) of U.S. LNG imports in Europe in 2023.
Germany, which began importing LNG in December 2022, saw its U.S. LNG imports average 0.6 Bcf/d in both 2023 and 2024. However, in early 2025, Germany announced a reduction in its regasification capacity by terminating a charter for one of its floating storage regasification units (FSRUs), citing high operational costs.
In Asia, countries imported 33 percent (4 Bcf/d) of total U.S. LNG exports in 2024. Japan, South Korea, India, and China were the largest importers in the region, collectively accounting for 76 percent (3 Bcf/d) of U.S. LNG imports. Notably, India saw the most significant increase in U.S. LNG imports, rising by 0.2 Bcf/d.
In a noteworthy development, Egypt, traditionally a natural gas producer and LNG exporter, imported 0.3 Bcf/d of LNG from the U.S. in 2024, marking its first U.S. LNG imports since 2018. This shift comes as Egypt's domestic natural gas consumption has exceeded available supply, forcing the country to transition from an exporter to an importer during certain months.
Additionally, both Brazil and Colombia increased their imports of U.S. LNG last year, driven by reduced hydropower electricity generation due to drought and a subsequent rise in demand for natural gas-fired power plants.
