Rising spot demand in both the winter and summer months from Asia and Europe and lower the US. These benchmark gas prices than international prices resulted in record-high American liquefied natural gas (LNG) exports. This is in the first half of this year as the U.S. Energy Information Administration (EIA) said on Tuesday.
U.S. LNG exports jumped to an average of 9.6 billion cubic feet per day (Bcf/d) between January and June 2021. This is up by 42 percent compared with the first half of 2020. In the summer of last year, U.S. exports of LNG had dropped to record lows. This is due to the low demand and low prices during the lockdowns in the pandemic. The key natural gas importing regions are Asia and Europe.
At the end of 2020, global LNG demand started to rebound with the easing of the COVID-related restrictions and the start of the winter heating season in the northern hemisphere. As a result, U.S. exports jumped in November and December 2020.
American exports continued to soar at the start of 2021, with high winter demand due to colder weather in Asia and Europe and outages at LNG export facilities outside the United States, including in Australia, Malaysia, Nigeria, Algeria, Norway, and Trinidad and Tobago.
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Source: Oil Price
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