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Most U.S. LNG exports in February went to Europe

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European prices remain elevated, attracting U.S. exports

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U.S. begins to benefit from Plaquemines LNG export plant

startup

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By Curtis Williams

HOUSTON, March 3 (Reuters) - Europe soaked up most U.S.

liquefied natural gas (LNG) exports for the second straight

month in February, as cold weather and strong prices pushed up

demand for the superchilled gas across the Atlantic, according

to preliminary data from financial firm LSEG.

The U.S. is the world's largest exporter of LNG and

continues to play a major role in supplying Europe since

Russia's invasion of Ukraine significantly reduced the amount of

Russian gas piped to Europe.

In February the U.S. exported 8.35 million metric tonnes

(MT) of LNG, shy of the monthly record of 8.6 MT hit in December

2023 and just short of the 8.46 MT exported in January, LSEG

data showed. There were three fewer production days in February

due to the shorter month.

Of the 8.35 MT exported from U.S. plants in February, 6.82

MT, or 82%, went to Europe, short of the 7.25 MT, or 86%,

exported to the continent in January, according to LSEG data.

The Dutch Title Transfer Facility (TTF)

benchmark in Europe averaged $15.28 per million British thermal

units (mmBtu) in February. That compares with $8.12 per mmBtu in

February 2024 and an average of $10.95 per mmBtu for 2024.

The Japan Korea Marker (JKM) benchmark in Asia

averaged $14.40 per mmBtu in February. That compares with $8.93

per mmBtu in February 2024 and an average of $11.89 per mmBtu

last year.

Shipping cost to Europe are cheaper than those to Asia

because of the shorter distance.

The U.S. increased its LNG exports to Latin America, with

560,000 tonnes heading to the region. This was more than double

to 210,000 tonnes sold to the region in January, according to

LSEG data.

Egypt and Jordan bought two cargoes each from the U.S. in

February, for a combined total of 280,000 tonnes, LSEG data

showed.

The first two months of 2025 have seen U.S. LNG production

at high levels amid the partial startup of Venture Global Inc's ( VG )

27.2 million tonnes Plaquemines LNG export plant in

Louisiana.

At the end of February, Plaquemines hit a record high of 1.8

billion cubic feet of gas per day (bcfd) on two separately days.

In January, the facility exported more than half a million

tonnes of LNG, all to Europe, LSEG, ship tracking data showed.

(Reporting by Curtis Williams in Houston)