Demand for U.S. natural gas to produce liquefied natural gas (LNG) for export this year is headed for its first decline since the country started exporting the super-chilled fuel from the lower 48 states eight years ago.
The U.S. is the world’s largest exporter of the superchilled gas and a key provider of gas to Europe in the wake of Russia’s invasion of Ukraine. Natural gas prices have remained relatively high in Europe as the expected U.S. growth in output in 2024 has not materialized and the continent is bracing for a new gas price shock as colder winter weather depletes stocks.
Natural gas drillers have profited from robust demand from LNG export plants especially since sanctions on Russian gas boosted European demand for U.S. LNG. Producers have indexed some output to global LNG prices, so slowing flows of gas to LNG export plants means they have less incentive to grow output.
Since 2016, when Cheniere Energy’s LNG.N Sabine Pass export plant in Louisiana shipped its first cargo, feedgas to the plants increased every year, even in 2020 when lockdowns during the COVID-19 pandemic slashed demand for energy.
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