For the first time in nearly two years, less than half of U.S. 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 U.S. exports of liquefied natural gas. 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 TTF 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 U.S. exporters. Total U.S. LNG exports rose slightly to 10.6 million metric tons (MT) in June, despite the month having one fewer day than May. Output was supported by facilities, including those of Cheniere Energy and Freeport LNG, returning from planned maintenance.
Of that total, 4.41 MT was shipped to Europe, or just under 42% of exports, down from 5.13 MT, or just over 50%, in May. Analysts noted muted demand from Europe and said some traders have held back purchases amid expectations that global LNG supply could increase and help ease prices later this year.
“This backwardation in the forward curve means that traders are holding their ground and are currently purchasing very little gas,” said Hans van Cleef, head of energy research at Eqolibrium. “The fear of paying too much prevails.”
Egypt emerged as a major buyer, importing a record 1.06 MT of U.S. LNG in June, accounting for nearly 10% of total exports, LSEG data showed.
Shipments to Asia totaled 3.25 MT, or about 31% of exports, slightly below May levels, but significantly higher than earlier in 2026, according to LSEG data.
Exports to Latin America also rose to 0.96 MT as buyers replaced reduced supply from Trinidad and Tobago, where maintenance at Atlantic LNG facilities owned by Shell and BP cut output, LSEG data showed.
About 0.73 MT of U.S. LNG was shipped without a fixed destination, with cargoes seeking buyers while at sea.
Additional single cargoes were sold to the United Arab Emirates, South Africa and Senegal.
(Reporting by Curtis Williams in Houston: Editing by Nathan Crooks and Paul Simao)