US LNG exports fall in May on maintenance, Asia's take rises

• Major facilities including Freeport LNG, Cameron LNG, and Cheniere's Sabine Pass underwent maintenance after delaying work earlier in the year to capture strong Asian demand amid Qatari supply disruptions that cut nearly 20% of global volumes
• Asian spot LNG prices averaged $17.75 per mmBtu in May compared to Europe's TTF at $16.11 per mmBtu, with Europe still receiving the largest share at 5.13 MT (50% of shipments), down from 6.14 MT in April
• Latin America imports rose to 600,000 tons (6% of volumes), the highest since the start of the U.S.-Israeli war with Iran, while Egyptian purchases halved to 300,000 tons from typical monthly intake of 600,000 tons

US LNG Exports Summary

Key Figures:

U.S. liquefied natural gas exports declined to 10.2 million metric tons (MT) in May, the lowest level in 2025 excluding February. The drop resulted from planned seasonal maintenance across multiple export facilities after operators delayed work earlier in the year to capitalize on strong demand.

Major Companies and Facilities:

• Cheniere Energy and other exporters postponed March maintenance to maximize shipments during Qatari supply disruptions (20% loss of global volumes)
• Freeport LNG (Texas): One of three liquefaction trains underwent scheduled maintenance from mid-May
• Cameron LNG (Louisiana): Reduced feedgas demand due to Train 2 maintenance and pipeline work
• Golden Pass LNG (Texas): Near-zero gas intake during early May commissioning
• Sabine Pass (Louisiana): Sharp feedgas flow decline in mid-May

Market Dynamics:

Asia imports surged to a one-year high of 3.68 MT (36% of total), up from 2.71 MT in April, driven by favorable pricing arbitrage. Asian JKM benchmark averaged $17.75/mmBtu versus Europe's TTF at $16.11/mmBtu—approximately a 10% premium.

Europe remained the largest destination at 5.13 MT (50%), though down from 6.14 MT (56%) in April. Latin America imports rose to 600,000 tons (6%), the highest since the U.S.-Israeli war with Iran began. Egypt's purchases halved to 300,000 tons from typical 600,000-ton monthly intake.

Global Context:

Despite U.S. declines, global LNG exports remained stable at 33.8 MT in May, slightly down from 33.99 MT in April and 35.66 MT in March, according to LSEG preliminary data.