Energy Insights: April 2023
Recent Trends in U.S. LNG Exports
- A significant number of U.S. liquefied natural gas (LNG) exports were redirected from Asia to Europe in 2022, according to the Energy Information Administration (EIA).
- LNG exports to Europe and Asia accounted for 94 percent of total U.S. LNG exports by volume in 2022, up from 83 percent in 2021.
- LNG exports to Europe increased by 119 percent, and LNG exports to Asia decreased by 45 percent between 2021 and 2022.
- The EIA’s March 2023 Short-Term Energy Outlook estimates that LNG exports will increase by 14 percent in 2023 and 5 percent in 2024 due as new capacity boosting projects come online.
- The average annual price of U.S. LNG exports increased by 60.7 percent between 2021 and 2022; from $7.62 per Mcf to $12.25 per Mcf in 2022, reflecting global LNG price increases. Germany paid the highest average annual price for U.S. LNG of all countries, at $20.02 per Mcf.
- In contrast, Henry Hub spot prices reached the 2022 monthly average peak of $8.81 per MMBtu in August, but prices have subsequently decreased by 73.1 percent to a monthly average of $2.38 per MMBtu as of February 2023.
Figures
| Continent | 2019 Export Volume | 2020 Export Volume | 2021 Export Volume | 2022 Export Volume | Volume Change (2021-2022) | Percent Change (2021-2022) |
|---|---|---|---|---|---|---|
| Asia | 732,020 | 1,165,728 | 1,722,967 | 956,169 | (766,798) | -44.5% |
| Europe | 717,556 | 917,358 | 1,218,237 | 2,662,424 | 1,444,187 | 118.5% |
| North America | 178,229 | 90,890 | 102,930 | 70,623 | (32,307) | -31.4% |
| South America | 190,463 | 212,135 | 515,291 | 174,773 | (340,518) | -66.1% |
| Total | 1,818,268 | 2,386,111 | 3,559,425 | 3,863,989 | 304,564 | 8.6% |
Source: Map and table are based on data from Energy Information Administration; Excludes truck-delivered LNG. Exports
AGA Contact: Miles Vondra | mvondra@aga.org
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