U.S. LNG exports reach near-record October level on stronger Europe demand

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US LNG exports near record

Highlights

U.S. LNG exports reached 6.89 million metric tons to Europe in October, up from 5.91 million in September, driven by stronger European demand.
European TTF and Asian JKM benchmark gas prices averaged about $28 per MMBtu in October, significantly higher than in September and near post-Ukraine crisis peaks.
Golden Pass LNG plant exports doubled to four cargoes in October, while 0.59 million metric tons of U.S. LNG departed without final destination, highlighting market flexibility.

October export volumes and regional flows

As reported by Reuters, U.S. LNG exports climb to their second-highest monthly level on record in October as producers raise output to capture stronger European demand and elevated gas prices.

Exports to Europe rise to 6.89 million metric tons in October, up from 5.91 million metric tons in September, based on LSEG ship-tracking data. The gain reflects Europe’s push to secure supply ahead of winter and a narrowing price gap between Europe and Asia.

The European TTF benchmark and the Asian JKM benchmark both average 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.

Plant activity and broader market implications

Ship-tracking data show exports from the Golden Pass LNG plant in Texas, owned by QatarEnergy and Exxon Mobil, double to four cargoes in October.

U.S. LNG exports to Asia are little changed from September despite October having one additional calendar day, with buyers importing 2.73 million metric tons versus 2.84 million metric tons a month earlier. Egypt remains a significant buyer at 0.68 million metric tons, unchanged from September, while exports to Latin America increase to 0.68 million metric tons from 0.53 million metric tons.

About 0.59 million metric tons of LNG leave U.S. export terminals in October without a final destination, remaining on the water while awaiting potential buyers. That points to continued flexibility in global LNG trading as sellers respond to shifting regional price signals.

Our earlier coverage of the WTO’s warning on lasting trade disruption explained how the wars in Ukraine and the Middle East are prompting companies to redesign supply chains and shipping routes for resilience, even at higher cost. The WTO projected a sharp contraction in Middle East trade in 2024 and noted that repeated shocks are accelerating diversification and more regionally oriented trade patterns despite ongoing uncertainty from conflicts and tariffs.

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