U.S. liquefied natural gas exports have declined by more than half so far in 2020

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Daily natural gas deliveries to U.S. facilities that produce liquefied natural gas (LNG) for export were a record 9.8 billion cubic feet per day (Bcf/d) in late March 2020, but deliveries fell to less than 4.0 Bcf/d in June, according to data by IHS Markit. Mild winter and COVID-19 mitigation efforts have led to declining global natural gas demand and high natural gas storage inventories in Europe and Asia, reducing the need for LNG imports. Historically low natural gas and LNG spot prices in Europe and Asia have affected the economic viability of U.S. LNG exports. Trade press reports indicate that more than 70 cargoes were canceled for June and July deliveries, and more than 40 cargoes were canceled for August deliveries. In comparison, 74 cargoes were exported from the United States in January 2020.

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