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US LNG exports surge in March as Plaquemines plant ramps up

According to preliminary data, the U.S. sold more than 9,000,000 metric tons of supercooled gas in March.

In declaring a state of energy emergency, President Donald Trump promised to unleash American power. This strategy includes a growth in LNG exports.

LSEG data revealed that in March, the U.S. exported 9,3 MT (metric tons) of LNG, breaking the previous record set by 8.6 MT in December 2023. Production was boosted by the ramp-up Phase 1 of Venture Global Inc.'s 3.2 bcfd Plaquemines LNG Plant, currently under construction.

LSEG reported that Plaquemines pulled 2.136 billion cubic foot (bcf), a record for the plant just three months after it produced its first LNG.

According to LSEG's data, the plant produced at 140% its design capacity in a note sent to clients by Tudor Pickering Holt & Co. It exported 0.82 MT or 9% of U.S. total exports during last month.

LSEG data shows that Europe is again the main destination for U.S. exports. 6.47 MT or 70% of exports went to Europe, a decrease from the 6.82 MT or 82% in February.

LSEG data show that gas prices in Asia and Europe declined in March compared to the previous month, but Europe saw a steeper fall. This made Asia more competitive with U.S. Liquefied Natural Gas than in February.

The Dutch Title Transfer Facility benchmark in Europe was $13.21 per British Thermal Units (mmBtu), down from the February high of $15.28.

Japan Korea Marker benchmark (JKM) in Asia fell to $13.50/mmBtu from an average price of $14.40/mmBtu per month in February.

Exports to Asia increased by 1.64 MT or 17% in March, compared to 0.69 MT or 8% in February.

According to LSEG, U.S. Exports to Latin America were unchanged in March, with 0.55 MT being sold in the region compared to 0.56 in February.

LSEG data shows that sales to the Middle East increased from 0.28 MT to 0.42 MT during March.

LSEG data revealed that another 0.22 MT was available on Tuesday for orders without a clear destination.

(source: Reuters)