US LNG exports surged in March as Plaquemines expands capacity

According to preliminary data from LSEG, the United States exported a record volume of 9.3 million tons of liquefied natural gas (LNG) in March. This figure was achieved with the startup of the first phase of Venture Global's Plaquemines LNG plant in Louisiana, with a capacity of 3.2 billion cubic feet per day.

As reported by LSEG, 2.136 billion cubic feet of gas was delivered to the Plaquemines plant on Tuesday. This marked a new record for the facility, just over three months after the first batch of LNG was produced.

Tudor Pickering Holt & Co estimates the plant is operating at 140% of its design capacity and produced 0.82 million tons of LNG last month, accounting for 9% of total US exports of that product.

Europe was again the main destination for the project's energy shipment. An estimated 6.47 million tons of LNG, or 70% of total production, was delivered to the region, LSEG reported. This is slightly less than February's figures.

In March, gas prices fell in both Asia and Europe compared to the previous month. Price decline in Europe was more pronounced, making Asia more attractive to LNG sellers.