US LNG export terminals loaded 74 cargoes in January 2020, with exports totalling 8.1 Bcfd, both record highs. Exports then declined slightly from February through April. However, shipments began falling significantly in May amid the coronavirus pandemic which ravaged global demand and forced buyers to cancel shipments.
More than 40 LNG cargoes for August loading have been cancelled. This follows cancellations of more than 45 shipments for July loading. The cancellations mean US liquefaction terminals would take less gas, which can create a domino effect that will likely impact US midstream operators and shale gas drillers.
In its latest Short-Term Energy Outlook, the US Energy Information Administration (EIA) said that US LNG export facilities loaded 62 cargoes in April and 52 cargoes in May. According to EIA, gross US LNG exports fell to 7.0 Bcfd in April and 5.8 Bcfd in May. EIA forecasts that gross exports will fall further to 3.2 Bcfd in July before improving in the rest of the year.
