The Increasing Spread in LNG Futures
- The spread between Asian Liquefied Natural Gas (LNG) futures and U.S. LNG futures has surged over the past month.
- Before fighting began, contracts for Asian LNG were $7.92 more than U.S. gas. As of 4/1/2026, the difference was up to $17.01.
Largest Exporters of LNG
- In 2025, the U.S. was responsible for 26% of global LNG exports, which was the most of any country.
- Qatar had the second-largest share of any single country, at 19% of global LNG exports.
- In recent news, Golden Pass LNG in the state of Texas began production of LNG on 3/30/3026. This sets the project up to be able to deliver to clients in Q2 2026.
A Sharp Decline in LNG Exports from Qatar
- While exports of LNG from the U.S. have been unimpacted by the war in the Middle East, exports from Qatar decreased drastically.
- In the last week before the war began, Qatar exported 1.62 million metric tons of LNG. In the four full weeks since, Qatar exported a total of 1.13 million metric tons.
Asian Countries are Highly Reliant on Imports of LNG
- The five single countries that imported the largest share of global LNG in 2025 were located in Asia.
- Japan and China were each responsible for 15% of global LNG imports, the highest marks of any country.
