US LNG exports have reached record levels in 2026, with feed gas deliveries to export terminals averaging over 13.5 Bcf/d. The commissioning of new liquefaction trains at Plaquemines LNG (Louisiana) and Corpus Christi Stage 3 (Texas) has added approximately 2.5 Bcf/d of nameplate capacity this year.
The US is now the world's largest LNG exporter, surpassing Australia and Qatar. Total US LNG exports on a cargo basis are expected to exceed 13 Bcf/d in 2026, accounting for over 20% of global LNG trade. Each incremental Bcf/d of LNG export capacity adds approximately $0.20-0.30/mmBtu to Henry Hub prices.
European LNG demand remains robust as the continent continues to replace Russian pipeline gas. Europe imported approximately 6 Bcf/d of US LNG in Q1 2026, with Germany, the Netherlands, and France the largest buyers. Asian buyers, led by Japan, South Korea, and China, account for the remaining US LNG exports.
The structural link between Henry Hub and global gas prices has strengthened significantly. With LNG exports now absorbing over 12% of US production, Henry Hub prices are increasingly correlated with European TTF and Asian JKM benchmarks, providing a price floor during periods of weak domestic demand.
Looking ahead, additional LNG export capacity at Cheniere's Sabine Pass expansion and Sempra's Port Arthur project will add further export demand through 2027-2028, continuing to tighten the US gas market.
The LNG export floor is the most important structural feature of the US gas market. Henry Hub prices below $2.50/mmBtu are unlikely to persist given the export pull. Use any dips toward $3.00/mmBtu as buying opportunities for winter strip coverage.