The US has risen to become the world’s largest liquefied-natural gas exporter during the first half of 2022, according to the Energy Information Administration.
According to an EIA report, US LNG exports increased by 12% in the first half of this year compared with the second half of 2021. In total, exports averaged out to 11.2 billion cubic feet a day.
At least 71% of US’ LNG exports went to the EU and the UK during the first five months of the year, the EIA said, as energy tensions with Russia mount.
“US LNG exports continued to grow for three reasons—increased LNG export capacity, increased international natural gas and LNG prices, and increased global demand, particularly in Europe,” the EIA said.
Europe has been suffering lately, as it struggles to store up energy before the winter months approach due to reduced Russian supply.
European natural gas prices have soared by almost 200% so far this year. Dutch TTF futures, the European benchmark, jumped more than on 10% Tuesday to trade above 180 euros per megawatt hour ($191), marking their biggest one day-rise since early July”
Recently, Russia terminated the flow of natural gas via a key pipeline, Nord Stream 1, to carry out maintenance for 10 days. The temporary closure sent waves of fear among European leaders as they believed it would become permanent, which would have a dire effect on the euro area economy.
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