US LNG Exports Set All-Time Monthly Record of 11.7 Million Metric Tons in March as Cheniere Corpus Christi and Golden Pass Ramp Lifts Feedgas to 19.7 Bcf Per Day

U.S. liquefied natural gas exports set an all-time monthly record in March 2026, reaching 11.7 million metric tons and surpassing the prior record of 11.5 million tons set in December 2025, according to data from the U.S. Energy Information Administration. The record came as feedgas flows into U.S. liquefaction terminals hit 19.7 billion cubic feet per day on March 28, also an all-time high.

The milestone reflects two concurrent ramp-up events: the commissioning of Train 5 at Cheniere Energy's Corpus Christi Midscale expansion, which added 1.5 million metric tons per year of nameplate capacity, and the first production milestone achieved by Golden Pass LNG on March 30. Golden Pass, jointly owned by QatarEnergy at 70 percent and ExxonMobil at 30 percent, achieved first LNG production from its Sabine Pass, Texas Train 1, which carries 6 million metric tons per year of capacity.

Asian Spot Prices Double as Hormuz and Australian Disruptions Curtail Supply

Asian LNG spot prices approximately doubled during March to $21.65 per MMBtu, compared with the European benchmark at $16.17 per MMBtu, as two simultaneous supply shocks compressed available volumes. Iranian strikes on QatarEnergy facilities removed approximately 12 million metric tons annually from global markets, a disruption analysts say could persist for up to five years depending on the outcome of negotiations. Separately, a tropical cyclone forced the Wheatstone facility offline, removing up to 29 million metric tons per year of Australian export capacity for several weeks.

The combined disruptions temporarily took close to a quarter of global LNG supply offline at peak impact. Over 1 million metric tons of U.S. LNG was reported awaiting destination assignments near the Suez Canal entrance as buyers competed to redirect cargoes toward premium Asian markets.

Golden Pass Adds Strategic U.S. Capacity as Global LNG Trade Routes Shift

Golden Pass LNG's Train 1 start represents one of the most significant additions to U.S. export infrastructure in recent years. The Sabine Pass, Texas terminal was originally constructed as an import facility before being converted to export. ExxonMobil's 30 percent equity stake gives the company a direct position in one of the most strategically located export terminals as Middle East and Australian supply faces heightened risk premiums.

Full export operations from Train 1 are expected to ramp through the second quarter of 2026. With trains 2 and 3 scheduled to follow in subsequent quarters, Golden Pass is projected to reach its full 18 million metric ton per year capacity within approximately three years of the Train 1 commissioning date.

US Natural Gas Price Spread and Feedgas Economics

Henry Hub natural gas prices, which underpin feedgas economics for all U.S. liquefaction terminals, have risen in tandem with global LNG demand signals but remain well below the Asian and European spot equivalent prices. This spread creates strong commercial incentive to maximize U.S. export volumes. AI data center construction and industrial reshoring have added incremental domestic gas demand estimated at 8 to 10 percent above prior baseline demand projections, tightening the U.S. supply-demand balance.

The stronger demand backdrop has drawn attention from major producers across North America. Companies including TotalEnergies and BP have increased their long-term offtake exposure to U.S. LNG terminals as part of broader portfolio strategies that reduce dependence on Middle Eastern and Australian supply chains now facing elevated geopolitical risk.

Outlook: Supply Glut Risk Versus Geopolitical Premium

Despite the record export volumes and elevated spot prices, some analysts caution that underlying LNG market fundamentals still point toward medium-term oversupply. An OilPrice.com analysis argues that if the U.S.-European LNG price spread narrows below $4 per MMBtu, exporters may curtail volumes significantly. The current spread of approximately $5.48 per MMBtu provides only modest buffer above that threshold.

Australia's federal government has separately signaled potential regulatory action to retain domestic gas reserves rather than allow unrestricted export of production, a policy shift that could add complexity to long-term supply contracts relying on Australian volumes. For U.S. exporters, these regulatory uncertainties in competing supply regions strengthen the investment case for continued buildout of American LNG capacity.

The March export record confirms that the United States has firmly established itself as the world's leading LNG exporter, a position it first achieved in 2023 and has expanded substantially since. With Golden Pass Train 1 now online and Corpus Christi Midscale Train 5 commissioned, total U.S. nameplate liquefaction capacity now exceeds 130 million metric tons per year, providing significant strategic optionality as global energy trade routes continue to reorganize around geopolitical risk.