US LNG exports are a growing structural source of demand for domestic natural gas. Feedgas deliveries to the six major US liquefaction terminals averaged 13.2 billion cubic feet per day in June, up 2% from the same month in 2025. The steady increase reflects the ramp-up of new capacity and high utilization rates at existing facilities.
Venture Global's Plaquemines LNG terminal in Louisiana is the most significant new source of demand. The facility, which began commissioning in early 2025, is now receiving approximately 1.5 Bcf/d of feedgas, equivalent to 60% of its nameplate capacity of 2.5 Bcf/d. The ramp continues, with the second phase expected online by Q4 2026. Once fully operational, Plaquemines will be one of the largest LNG export facilities in the world.
The Corpus Christi Stage 3 expansion, operated by Cheniere Energy, is also progressing. The midscale trains are being brought online sequentially, with total capacity reaching 5 Bcf/d at full build-out. Current feedgas deliveries to Corpus Christi are approximately 3.2 Bcf/d, with the remaining 1.8 Bcf/d expected to be operational by late 2026.
European LNG imports remains the primary market for US exports, accounting for approximately 59% of US LNG cargoes in May 2026. European LNG imports totaled 59.5 Bcf/d in May, up 1.2% year-over-year, as the continent continues to pivot away from Russian pipeline gas. European gas storage is approximately 62% full, ahead of the 5-year average, reducing urgency for summer purchases.
Asian LNG imports are showing mixed signals. China imported 11.2 Bcf/d of LNG in May, up 6% year-over-year, driven by industrial demand recovery. Japan and South Korea combined for 11.5 Bcf/d, essentially flat. The JKM (Japan Korea Marker) spot LNG price at $15.77/mmBtu continues to trade at a significant premium to Henry Hub, maintaining the arbitrage that supports US LNG exports.
The additional 2-3 Bcf/d of LNG export capacity coming online by early 2027 will tighten the US natural gas market structurally. At 16 Bcf/d of total export capacity, LNG will consume roughly 15% of total US dry gas production (up from 12% in 2025). This is a gradual but persistent tightening mechanism that raises the floor for Henry Hub prices over the next 12-24 months.
LNG export growth is the most important structural factor in the US gas market through 2028. Every 1 Bcf/d of new LNG demand reduces the cushion that has historically kept gas prices low. For procurement: the risk is asymmetric — the upside from LNG tightening is larger than the downside from flat production. Consider long-dated gas contracts or swaps for 2027-2028 delivery at current forward prices near $3.35/mmBtu.