US LNG exports to Asia surged in April as Middle East conflict curtailed supply

• Asian LNG spot prices remained elevated at $17.92 per mmBtu in April, about 17% higher than Europe's benchmark of $15.34 per mmBtu, making Asia an attractive destination
• Despite the surge to Asia, total U.S. LNG exports fell to 10.97 million metric tons in April from 11.7 MT in March due to fewer days and loading delays, even as gas flows to export plants hit a record 18.8 bcfd
• Golden Pass terminal, a joint venture between QatarEnergy and Exxon Mobil, shipped its first commercial LNG cargo in April to Belgium

Summary

U.S. liquefied natural gas (LNG) exports to Asia surged dramatically in April 2025, driven by reduced Middle Eastern supply following the Iran conflict that began in late February. Asia absorbed nearly a quarter of all U.S. LNG exports during the month, highlighting America's growing role as a swing supplier.

Key Figures:

• U.S. LNG shipments to Asia jumped 175% since the U.S.-Israel strikes on Iran
• Volumes rose from 970,000 metric tons in February to 2.71 million metric tons in April
• Total U.S. LNG exports decreased to 10.97 MT in April from 11.7 MT in March
• Gas flows to U.S. export facilities hit a record 18.8 billion cubic feet per day in April

Pricing:

• Asian spot LNG (Japan Korea Marker) averaged $17.92 per million BTU in April, approximately 17% above Europe's TTF benchmark at $15.34 per mmBtu
• Prices remained elevated despite slight decline from March levels

Companies and Facilities:

Golden Pass terminal, a joint venture between QatarEnergy and Exxon Mobil, shipped its first commercial LNG cargo to Belgium in April. The facility drew nearly 300 million cubic feet per day of gas during the month.

Market Dynamics:

Europe remained the top destination for U.S. LNG, receiving 56% of April exports (6.14 MT). Egypt emerged as a significant importer with 710,000 metric tons. Nine LNG vessels departing U.S. ports in April remained uncommitted, including two anchored near the Suez Canal, indicating some market uncertainty despite strong Asian demand.