May U.S. LNG exports reach 2nd highest as Latam shipments gain -data & More News Here

An LNG tanker is guided by tug boats on the Cheniere Sabine Pass LNG export unit in Cameron Parish, Louisiana, U.S., April 14, 2022. REUTERS/Marcy de Luna

HOUSTON, June 1 (Reuters) – The United States exported 7.29 million tonnes of liquefied pure fuel (LNG) final month, second highest on document, as gross sales to Europe and South America expanded, in response to Refinitiv Eikon information.

The United States is on observe to change into the world’s largest LNG exporter this yr, topping Australia and Qatar, as producers work to spice up liquefaction capability.

The quantity exported in May was up from 6.93 million tonnes in April, and 12% greater than a yr earlier, in response to preliminary Eikon information, based mostly on vessel monitoring. The document was 7.67 million tonnes in March. learn extra

LNG exports are getting a lift from extra capability from Venture Global LNG Inc’s new Calcasieu Pass terminal in Cameron Parish, Louisiana, and better manufacturing at prime U.S. exporter Cheniere Energy Inc.

The progress has some massive shoppers elevating issues over pure fuel costs and manufacturing within the United States. Gas producers must speed up output to accommodate progress in LNG exports with out creating shortages for home shoppers.

U.S. LNG producers in May despatched virtually two-thirds of whole cargoes to Europe as prospects demanded extra in anticipation of reductions in Russian fuel provides, a development since early 2022. Exports to Asia represented 15% of whole, the info confirmed.

However, demand in Europe is predicted to ease quickly as inventories construct and winter heating season ends, paving means for extra U.S. shipments to Asia and different locations.

“All factors remaining constant – such as no further cuts in Russian gas to Europe – we may see a rebalance of LNG vessels away from the region, which has become a black hole for LNG – drawing in all and every available cargo,” Rystad Energy analyst Lu Ming Pang mentioned in a word to shoppers final week.

As the winter began within the Southern Hemisphere, an rising variety of U.S. LNG cargoes headed final month to South America and the Caribbean, with Brazil, Argentina, Chile and Dominican Republic as foremost locations.

LNG producer Peru additionally ramped up exports to Europe in May, whereas shipments from Trinidad and Tobago fell for a 3rd consecutive month. learn extra

Reporting by Marianna Parraga; Editing by David Gregorio

Our Standards: The Thomson Reuters Trust Principles.

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