The U.S. Becomes World’s Top LNG Exporter

OilPrice.com ^ | Jul 25, 2022 | Tsvetana Paraskova

[BeauBo]

A perfect storm of bullish factors has made the United States the world’s top exporter of LNG. U.S. LNG exports rose by 12% in the first half of 2022 (averaged 11.2 billion cubic feet per day (Bcf/d)) compared with the second half of 2021. The United States is shipping record volumes of LNG to Europe to help EU allies in their efforts to fill gas storage ahead of the winter...

The United States beat Australia and Qatar, the other two major LNG exporters...

U.S. LNG export capacity has expanded by 1.9 Bcf/d nominal (2.1 Bcf/d peak) since November 2021, according to EIA’s estimates.

For the first time ever, the European Union imported in June more LNG from the United States than gas via pipeline from Russia...

U.S. LNG exports are set to decline in the second half of 2022 because of the outage at Freeport LNG (terminal in Texas that suffered a destructive fire), the EIA said in its latest Short-Term Energy Outlook (STEO) for July. (US exports forecast to average 10.5 Bcf/d in the second half)...

The EIA expects LNG exports will jump in 2023, averaging 12.7 Bcf/d on an annual basis, or 17% higher than in 2022.

[BeauBo]

Despite the temporary effect of the big explosion at the Freeport LNG terminal, overall US LNG export capacity is expanding at double digit rates.

[crusty old prospector]

Plenty of wells to be drilled as long as the price stays at $9/MMCF.

[jimmygrace]

We have so much of this stuff that we burn most of it off. Increasing our LNG exports is reverely reducing CO2 formation. I wonder if the greenies will see this upside... (no, I actually don’t wonder at all...)

[353FMG]

The US is endowed with natural gas in the ground and natural gas hydrates on the ocean bottom on either coast.

[allendale]

Always wondered why there aren’t mini electrical generators to produce electricity with that excess gas rather than burning it off especially where utility lines are nearby.

[antidemoncrat]

I sure hope the Biden administration leaves enough of it to heat ours homes this winter.

[Hammerhead]

Because everybody knows with LNG stands for 🙄🙄

Irritates the hell out of me when people don’t use the rules of acronyms.

[Raymann]

Anyone reading a site called oilprice.Com should know what that means

[BeauBo]

LNG is Liquified Natural Gas - the concentrated form, for shipment and storage.

[BeauBo]

LNG is an alternative to Russian natural gas, that mostly comes through pipelines to Europe, in a gaseous state.

The LNG ships dock at terminals that convert the liquid back into gas, to pressurize the pipelines.

There is a move afoot to get Europe to replace Russian energy imports (oil, gas, coal, and grid electricity) with other sources of supply, to avoid funding Russia's aggression in the Ukraine.

Europe imported about 40% of their natural gas from Russia before the invasion of the Ukraine. It is down to around 15% now, and the USA has stepped up to take a good bit of that market share.