*

US LNG exports hit a new record

*

Venture Global's ( VG ) Plaquemines plant a major contributor to

export

growth

*

Europe remains favored destination for U.S. superchilled

gas

By Curtis Williams

HOUSTON, March 31 (Reuters) - The U.S. exported a record

amount of liquefied natural gas (LNG) in March, selling more

than 9 million metric tons (MT) of the superchilled gas,

according to preliminary data from LSEG.

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

President Donald Trump has promised to unleash American energy

by declaring an energy emergency. Growth in LNG exports is part

of that strategy.

In March the U.S. exported 9.3 MT of LNG, smashing the

December 2023 record of 8.6 MT, as production was buoyed by the

ramp up Phase 1 of Venture Global Inc's ( VG ) 3.2-bcfd

Plaquemines LNG plant, under construction in Louisiana, LSEG

data showed.

Plaquemines on Tuesday was pulling 2.136 billion cubic feet

(bcf) of gas, a new record for the plant, just over three months

after producing first LNG, according to LSEG.

The plant is producing at 140% of its design capacity,

according to a note to customers from investment banker Tudor

Pickering Holt & Co on Tuesday, and exported 0.82 MT, or 9%, of

total U.S. exports last month, LSEG data showed.

Europe again soaked up most of the U.S. exports, with 6.47

MT, or 70%, heading to the continent, LSEG data showed, below

the 6.82 MT, or 82% of total exports, that went to Europe in

February.

Gas prices declined in both Asia and Europe in March when

compared to February, but the fall was steeper in Europe, making

Asia more competitive for U.S. LNG than it was in February, LSEG

data showed.

The Dutch Title Transfer Facility (TTF)

benchmark in Europe averaged $13.21 per British thermal units

(mmBtu) in March, down from February's highs of $15.28 per

mmBtu.

The Japan Korea Marker (JKM) benchmark in Asia also

declined to $13.50 per mmBtu in March from an average of $14.40

per mmBtu in February.

Exports to Asia increased in March with 1.64 MT, or 17% of

total U.S. exports, versus 0.69 MT, or 8% of total exports, sold

to Asia in February, LSEG data showed.

U.S. exports to Latin America were flat in March with 0.55

MT sold to the region, compared with 0.56 in February, according

to LSEG.

Sales to the Middle East increased to 0.42 MT in March, up

from 0.28 MT in February, LSEG data showed.

Another 0.22 MT on Tuesday were available for orders with no

clear destination, LSEG data showed.