US LNG exports to Europe fall below half as Asia pulls cargoes
For the first time since July 2024, less than half of US LNG went to Europe in June as Asian prices and record Egyptian imports diverted cargoes.
For the first time in nearly two years, less than half of US LNG exports went to Europe last month, as stronger Asian prices and record imports by Egypt diverted cargoes, according to ship-tracking data from LSEG. It is the first time since July 2024 that Europe has not taken the majority of monthly US LNG exports.
Asian spot prices traded at a premium to Europe, with the JKM benchmark averaging $17.33/mmBtu in June against Europe's TTF at $13.19/mmBtu. Total US LNG exports edged up to 10.6m tonnes; of that, 4.41m tonnes - just under 42% - went to Europe, down from just over 50% in May. Egypt was a major buyer at a record 1.06m tonnes, while Asia took about 31%.
Analysts said muted European demand and expectations of more global supply later this year have kept buyers cautious. "The fear of paying too much prevails," said Hans van Cleef of Eqolibrium.
