US LNG exports hit a new record
Venture Global's Plaquemines plant a major contributor to export growth
Europe remains favored destination for U.S. superchilled gas
By Curtis Williams
HOUSTON, March 31 (Reuters) - The U.S. exported a record amount of liquefied natural gas $(LNG)$ in March, selling more than 9 million metric tons $(MT)$ of the superchilled gas, according to preliminary data from LSEG.
The U.S. is already the world's largest exporter of LNG and President Donald Trump has promised to unleash American energy by declaring an energy emergency. Growth in LNG exports is part of that strategy.
In March the U.S. exported 9.3 MT of LNG, smashing the December 2023 record of 8.6 MT, as production was buoyed by the ramp up Phase 1 of Venture Global Inc's VG.N 3.2-bcfd Plaquemines LNG plant, under construction in Louisiana, LSEG data showed.
Plaquemines on Tuesday was pulling 2.136 billion cubic feet (bcf) of gas, a new record for the plant, just over three months after producing first LNG, according to LSEG.
The plant is producing at 140% of its design capacity, according to a note to customers from investment banker Tudor Pickering Holt & Co on Tuesday, and exported 0.82 MT, or 9%, of total U.S. exports last month, LSEG data showed.
Europe again soaked up most of the U.S. exports, with 6.47 MT, or 70%, heading to the continent, LSEG data showed, below the 6.82 MT, or 82% of total exports, that went to Europe in February.
Gas prices declined in both Asia and Europe in March when compared to February, but the fall was steeper in Europe, making Asia more competitive for U.S. LNG than it was in February, LSEG data showed.
The Dutch Title Transfer Facility (TTF) TRNLTTFMc1 benchmark in Europe averaged $13.21 per British thermal units (mmBtu) in March, down from February's highs of $15.28 per mmBtu.
The Japan Korea Marker (JKM) JKMc1 benchmark in Asia also declined to $13.50 per mmBtu in March from an average of $14.40 per mmBtu in February.
Exports to Asia increased in March with 1.64 MT, or 17% of total U.S. exports, versus 0.69 MT, or 8% of total exports, sold to Asia in February, LSEG data showed.
U.S. exports to Latin America were flat in March with 0.55 MT sold to the region, compared with 0.56 in February, according to LSEG.
Sales to the Middle East increased to 0.42 MT in March, up from 0.28 MT in February, LSEG data showed.
Another 0.22 MT on Tuesday were available for orders with no clear destination, LSEG data showed.
(Reporting by Curtis Williams in Houston; Editing by Liz Hampton, Alexandra Hudson)
((Curtis.Williams@thomsonreuters.com; +1 346 324 7560;))
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