US LNG exports reach second-highest monthly level on record

United States liquefied natural gas (LNG) exports reached their second-highest monthly level on record in October. This surge was driven by increased production to meet rising demand in Europe and high natural gas prices.

Ship-tracking data from LSEG indicates that exports to Europe rose to 6.89 million metric tons in October, up from 5.91 million metric tons in September. This increase reflects European efforts to secure energy supplies ahead of winter. During this period, both the European TTF and Asian JKM benchmarks averaged approximately $28 per million British thermal units, marking some of the highest prices since the 2022 energy crisis.

Specific regional movements included:

• The Golden Pass LNG plant in Texas, operated by QatarEnergy and Exxon Mobil, doubled its output to four cargoes in October. • Exports to Asia remained relatively stable, with buyers importing 2.73 million metric tons compared to 2.84 million metric tons in September. • Latin American imports increased to 0.68 million metric tons from 0.53 million metric tons in the previous month. • Egypt maintained steady demand, importing 0.68 million metric tons.