Refinitiv said US LNG exports in March totaled about 7.43 million tonnes, up from 6.4 tonnes in February and surpassing the previous record of 7.25 tonnes in January. 2022.
Demand for US LNG is growing as European countries try to cut imports gas from Russia, while also looking to consolidate low inventories. Europe was the top importer of US LNG for the fourth consecutive month, accounting for about 65% of US exports, while Asia accounted for about 12% and Latin America accounted for 3%.
Reid I’Anson, a commodity analyst at US-based data provider Kpler, said the country continues to focus on European customers. Analysts say that although US LNG exports to Europe have grown higher since November 2021, Europe still needs more imports when the bloc’s gas inventories are only about . 25%, below the 5-year average of about 34% for this time of year.
The European Commission has proposed to increase inventories to 80% by November 1, to meet heating needs for the winter. In February, Germany said it would build two terminals to import LNG and increase reserves to reduce dependence on Russian gas.
Mr. Vinicius Romano – analyst at consulting firm Rystad Energy (Norway) – said that in order to reduce risks, European countries must “follow the example” of Germany and prepare for the situation of supply cuts.
Global LNG prices remained high in March. This week, European benchmark LNG prices traded at $39.22 per million British thermal units (mmBtu), according to Refinitiv, compared with $28.61 per mmBtu in the same week a month earlier, according to Refinitiv.
Meanwhile, the spot gas price in Asia this week traded at 35 USD/mmBtu, down from 37.50 USD/mmBtu in the same period in February.
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