HOUSTON (Reuters) - U.S. LNG exports reached near record levels in December, rising to 8.5 million metric tonnes (MT) as two new plants started, and driving up full-year shipments 4.5% over 2023, according preliminary data from financial firm LSEG.

December's output was just short of the record monthly export of 8.6 MT recorded in December 2023 and was 9% higher than the 7.75 MT exported in November, according to LSEG data.

For the year, LNG exports hit 88.3 MT, up from 84.5 MT in 2023, ensuring the U.S. maintained its crown as the world's largest LNG exporter, according to LSEG data.

Cheniere Energy's startup of its Stage 3 expansion at Corpus Christi, Texas, and Venture Global LNG's launch of its Plaquemines plant in Louisiana, are expected over time to add 30 MTPA to U.S. annual output.

"Growth in U.S. exports from new capacity coming online particularly at Plaquemines given its large scale will be crucial to tempering some of the global LNG price volatility we expect in 2025," said Alex Munton director of global gas and LNG research at consulting firm Rapidan Energy Group.

MARKET TO CHANGE IN 2025

Global LNG supply growth last year was minimal but the impact on prices was muted since last winter was mild in Europe, helping gas in storage stay high. Russian gas also continued to flow to Europe through Ukraine.

Neither of those conditions are expected to continue this year, and supply-to-demand conditions will be significantly tighter, putting a spotlight on U.S. export growth, said Munton.

Europe remained the preferred destination for U.S. LNG exports in December, with 5.84 MT or 69% of the superchilled gas sold to the continent, compared to 5.09 MT in November.

U.S. exports to Europe saw a myriad of countries buying the superchilled gas as winter began to set in, with Turkey being one of the major European destinations for U.S. LNG in December, according to LSEG data.

Total exports to Asia grew slightly in December to 2.01 MT, or 24%, up from 1.64 MT or 21% of total exports in November. Latin America took .58 MT, the same as November 2024, LSEG data showed. There was also one cargo for .07 MT sold to Jordan, according to LSEG data.

In 2024 Europe accounted for 55% of total US LNG exports, 34% of total US exports went to Asia while the next 11% went mainly to Latin America with a few cargoes to the Middle East, mainly to Egypt and Jordan, LSEG data showed.

Higher LNG production in late December has led to record feedgas demand and producers will have to play catch up this year, said Ira Joseph, an LNG market expert and senior researcher at Columbia University's Center on Global Energy Policy.

"U.S. gas producers have long prepared for the ramp up in LNG feedgas demand, which is starting and picking up pace in 2025, but what is also true is that data center- and AI-related demand is coming at the same time," said Joseph.