LNG feedgas demand at US export terminals averaged 14.2 Bcf/d in June, up 5% year-over-year and representing approximately 13.5% of total US natural gas consumption. The growth is driven by the commissioning ramp of Cheniere Energy's Corpus Christi Stage 3 and Venture Global's Plaquemines LNG terminal.
Corpus Christi Stage 3 has reached 80% of its 1.2 Bcf/d capacity after the third train was commissioned in April. Train 4 is expected online by Q4 2026. Plaquemines LNG completed its first commissioning cargo in May, with Phase 1 capacity of 1.3 Bcf/d expected to reach full commercial operations by Q1 2027.
The JKM benchmark for LNG delivered to Northeast Asia averaged $15.77/mmBtu in the latest data, maintaining a substantial premium to Henry Hub. The JKM-Henry Hub spread of approximately $12.50/mmBtu provides strong economic incentive for US exporters to maximize run rates.
European TTF natural gas traded at approximately $11.50/mmBtu (€42/MWh) on June 20, reflecting healthy storage levels at 68% of capacity but persistent supply concerns following the phase-out of Russian pipeline gas via Ukraine. TTF-Henry Hub arb remains open for US cargo economics.
The structural growth in LNG export capacity is resetting the domestic Henry Hub price floor. With 15.3 Bcf/d of existing capacity and an additional 6.5 Bcf/d under construction, EIA estimates that LNG exports will consume 15-16 Bcf/d of US gas supply by 2027, making natural gas a globally-priced commodity regardless of domestic demand.
The LNG export structural demand floor means Henry Hub sustaining above $3.00/mmBtu is a structural shift, not a cyclical one. Evaluate longer-term fixed-price contracts for 2027-2028 delivery. The old $2.00-3.00 Henry Hub regime may not return as export capacity expands.