On September 8, latest data revealed that US liquefied natural gas (LNG) exports reached a historic high of 9.33 million tons in August, surpassing the previous record of 9.25 million tons set in April. According to preliminary data from LSEG, the export increase was primarily driven by the suspension of maintenance schedules and continued production ramp-up at Venture Global's Plaquemines facility. This demonstrates that US LNG industry capacity is steadily being released, further strengthening market supply capabilities and providing crucial support for global energy supply.
Despite still being under construction, Plaquemines is the second-largest LNG facility in the US with an annual production capacity of 27.2 million tons. Since beginning operations in December last year, it has continued to increase production monthly. Venture Global plans to fully activate all 18 production lines at Plaquemines in September. LSEG data shows that Europe remains the largest market for US LNG exports, importing 6.16 million tons in August, accounting for two-thirds of total exports and representing an increase of 910,000 tons from July. In contrast, Asian market imports declined slightly to 1.47 million tons. This export structure reflects strong European energy demand, while the flexible deployment of US LNG exports helps respond to global energy market volatility.
Regarding LNG pricing, both European and Asian markets showed declining trends in August. Dutch TTF natural gas prices fell to $11.13 per million British thermal units (MMBtu) from $11.56 in July, while Japan-Korea Marker (JKM) prices dropped to $11.63 from $12.13 in July. Meanwhile, major US LNG export terminals along the Gulf Coast, including Sabine Pass in Louisiana, Corpus Christi and Freeport LNG in Texas, as well as Cove Point in Maryland and Kenai in Alaska, are all continuing expansion or new construction projects. US LNG export growth potential remains considerable, with projections indicating annual growth of approximately 10% through 2030, providing new development momentum for energy companies and bringing stable support to global natural gas supply.
Looking ahead, US LNG exports are expected to surge from an average of 11.9 billion cubic feet per day in 2024 to 21.5 billion cubic feet per day by 2030. With rising global energy consumption and the gradual phase-out of coal power, LNG demand continues to grow. Morgan Stanley forecasts that from 2024 to 2027, Louisiana's Haynesville shale gas production will increase by 41%, the Permian Basin in Texas and New Mexico by 21%, and the Marcellus and Utica shales in Pennsylvania, Ohio, and West Virginia by 9%. This upstream production growth provides solid guarantee for LNG exports, but investors should also be cautious of potential oversupply risks around 2030 and monitor market balance changes to adjust strategies accordingly.