HOUSTON - For the first time in nearly two years, less than half of US (liquefied natural gas) LNG exports last month went to Europe as stronger prices in Asia and record imports by Egypt diverted cargoes, according to preliminary ship-tracking data from LSEG.
The shift marks the first time since July 2024 that Europe has not taken the majority of monthly US exports of LNG. European buyers, who still need to refill storage ahead of the next winter season, have been waiting for better prices.
Asian spot prices traded at a premium to Europe last month, encouraging exporters to redirect shipments eastward. The Asian benchmark JKM averaged $17.33 per million British thermal units (mmBtu) in June, compared with the European benchmark at $13.19 per mmBtu, LSEG data showed.
Egyptian buyers, meanwhile, paid premiums of up to $1 per mmBtu over TTF-linked prices.
Supply constraints from the Middle East, linked to regional geopolitical tensions, and softer European demand widened the price gap and created arbitrage opportunities for US exporters.
