U.S. LNG exports’ slide continues in May

U.S. liquefied natural gas (LNG) exports have experienced a recovery in price despite a continued drop in cargoes shipped.

According to the data from the United States Department of Energy, the average price of LNG exported in May reached $5.23 per mmBtu. This is a jump from $4.49 per mmBtu during April.

In May, U.S. LNG export facilities shipped a total of 57 cargoes totaling 182.2 Billion cubic feet of LNG. This is a 13.4 per cent drop from volumes exported in April 2020 and 5 fewer cargoes.

However, when compared to the corresponding month in 2019, this is a 25.9 per cent increase in volume. To remind, U.S. LNG export facilities shipped a total od 46 cargoes in May 2019.

Cheniere’s Sabine Pass facility shipped a total of 25 cargoes in May, followed by the Cameron LNG facility with 10 cargoes. Corpus Christi and Freeport LNG plants shipped 8 cargoes each with the Cove Point facility shipping 6 cargoes. Elba Island plant has not shipped any cargoes in May.

The top five importers, absorbing 49.1 per cent of total U.S. LNG exports in May were Spain (29.3 Bcf), South Korea (20.9 Bcf), China (14.5 Bcf), Japan (13.7 Bcf), and Chile (11.1 Bcf).

South Korea remains the top importer of U.S. LNG with 227 cargoes received totaling 787.7 Bcf. This corresponds to 16.1 per cent of total U.S. LNG exports.

China has jumped the United Kingdom and is now the fifth highest U.S. LNG importer overall with 79 cargoes totaling 271.3 Bcf.

Since the United States started exporting domestically-produced LNG in February 2016, a total of 1,503 cargoes reached destinations in 35 countries. The total volume exported stood at over 4.9 Tcf at the end of May.

Additionally, 458 cargoes on ISO containers departed the United States during the same period adding further 1.3 Billion cubic feet of LNG also bumping the number of destinations to 38.