Record U.S. LNG Exports in November Lift Natural Gas Demand and Prices

SEATTLE (Oil Monster): U.S. liquefied natural gas (LNG) exports surged to a new monthly record in November, marking the second consecutive month of record-setting shipments, supported by colder seasonal temperatures and strong output from major producers. Preliminary figures from LSEG released Monday show that the United States exported approximately 10.9 million metric tons (mmt) of LNG in November, exceeding October’s 10.1 mmt despite having fewer shipping days.

Cheniere Energy, the country’s leading LNG exporter, increased exports to roughly 4.6 mmt from its two Texas facilities, up from 4.1 mmt in the previous month. Venture Global LNG, the second-largest supplier, maintained steady export levels at around 3 mmt, according to LSEG’s vessel-tracking data.

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The surge in outbound shipments pushed U.S. natural gas feedstock demand for liquefaction to an unprecedented average of 18 billion cubic feet per day (bcfd) last month, briefly surpassing 19 bcfd for the first time. Strong demand helped lift benchmark Henry Hub prices to an average of $4.47 per mmBtu, compared with $3.36 in October.

Europe remained the dominant destination, absorbing about 70% of U.S. LNG cargoes, or 7.5 mmt. Türkiye significantly increased buying interest, receiving 12 cargoes totaling 0.9 mmt compared with just one in October. Asian imports declined to 1.75 mmt amid softer spot demand, while Latin America and Egypt saw modest gains.