U.S. Holds World’s Top LNG Exporter Spot on European Energy Crisis

Sergio Chapa, Bloomberg News

(Bloomberg) -- The U.S. held its ranking as the world’s top exporter of liquefied natural gas for a second month in a row, as Europe’s winter energy crisis draws more cargoes to the continent.

U.S. LNG exports hit a record 7.3 million tons in January, taking the No. 1 spot away from Middle Eastern powerhouse Qatar for a second time since December. Europe, which is facing low winter inventories and high natural gas prices due to tensions between Russia and Ukraine, was a top destination for U.S. cargoes last month.

Out of the 101 U.S. LNG export cargoes in January, more than a third arrived at European ports, while five went to Latin American destinations and the rest remain in transit, shipping data compiled by Bloomberg shows. By comparison, Qatar exported 97 LNG cargoes last month with more than half arriving at Asian destinations, seven reaching European ports and the rest remain in transit, data show.

The growth in U.S. output is attributed to the start up of a new production unit at Cheniere Energy Inc.’s Sabine Pass LNG export terminal in Louisiana.