US dominates global LNG market
The United States is cementing its position as the world largest liquefied natural gas exporter, with export capacity on track to nearly double by the end of the decade. According to the U.S. Energy Information Administration, American liquefaction capacity will expand by approximately 13.9 billion cubic feet per day (Bcf/d) between 2025 and 2029, potentially reaching 29.3 Bcf/d.
Natural gas prices currently sit at $3.42 per MMBtu, up 0.39% as the market weighs growing export demand against robust domestic production.
New terminals driving growth
Five major LNG export projects are currently under construction with a combined capacity of nearly 10 Bcf/d:
| Project | Capacity | Timeline |
|---|---|---|
| Golden Pass LNG | 2.1 Bcf/d | 2025-2026 |
| Rio Grande LNG | 2.1 Bcf/d | 2027-2028 |
| Woodside Louisiana LNG | 2.2 Bcf/d | Under construction |
| Port Arthur LNG Phase 1 | 1.6 Bcf/d | 2027-2028 |
| CP2 Phase 1 | 2.0 Bcf/d | Under construction |
Plaquemines LNG Phase 1 shipped its first cargo in December 2024, while Plaquemines LNG Phase 2 and Corpus Christi Stage III began shipping cargoes earlier in 2025 but have not yet entered commercial operation.
Global demand fuels expansion
The EIA projects U.S. LNG gross exports to increase by 19% to 14.2 Bcf/d in 2025 and by 15% to 16.4 Bcf/d in 2026. This growth is driven by strong demand from Europe, which has sought to replace Russian pipeline gas, and from Asia, where economic growth continues to drive energy consumption.
More broadly, LNG export capacity across North America is expected to grow from 11.4 Bcf/d at the beginning of 2024 to 28.7 Bcf/d by 2029, if projects currently under construction begin operations as planned.
Impact on domestic markets
The rapid expansion of export capacity has raised questions about the impact on domestic natural gas prices. Some analysts warn that increased exports could tighten domestic supply and push prices higher, while others point to the abundance of U.S. shale gas production as a buffer.
For now, the market appears confident that domestic production can keep pace with growing export demand, though any disruptions to production or unexpected spikes in demand could quickly change that calculus.