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Home Latest Energy News By Irina Slav - Nov 03, 2026, 1:00 AM CST Exports of liquefied natural gas from the United States hit their second-highest level in history thanks to an uptick in demand from Europe ahead of the start of the winter season, which drove LNG prices higher. According to LSEG data cited by Reuters, U.S. exports of liquefied gas to Europe rose by 1 million tons last month, to a total of 6.89 million tons. Exports to Asia, meanwhile, remained almost unchanged, slightly down from the previous month, at 2.73 million tons, compared to 2.84 million tons in September.
Europe has become the biggest buyer of U.S. liquefied natural gas following the loss of much of its Russian pipeline gas supply, with EU restrictions on short-term Russian LNG contracts already in effect. Next year, the bloc's ban on Russian LNG under long-term contracts takes effect on January 1, 2027, while remaining pipeline gas imports are scheduled to end in autumn 2027. In the meantime, the EU is buying all the Russian LNG it can get, with imports so far this year running at record highs.
European gas prices surged above 100 euro per MWh first briefly at the end of last week, and then again at the start of this week, this time remaining above 100 for a bit longer. This is the first time in four years that European gas prices are above 100 euro—and some fear they could go significantly higher—to 150-180 euro per MWh. Such a price development would dampen demand for U.S. liquefied gas but in a limited way because European energy buyers do not really have much of a choice.
It would be either expensive LNG or more coal—and it appears that Europe’s remaining coal power plants are operating at capacity. Meanwhile, QatarEnergy extended the force majeure on its own LNG exports to December and reached out to U.S. Cheniere Energy to seal a long-term LNG supply deal, with shipments set to begin in the early 2030s.
The former top LNG exporter in the world will buy 4 million tons of liquefied natural gas annually from the U.S. major. By Irina Slav for Oilprice.com More Top Reads From Oilprice.com Oil Prices Bounce Back Following Reports of U.S. Strikes on Iran Japan to Tap $7 Billion from Government Fund to Subsidize Gasoline Prices European Gas Tops 101 Euros for First Time Since 2022 Join the discussion | Back to homepage Irina Slav What I Cover Irina Slav has been writing about global energy markets since 2007, covering the oil and gas industry, energy security, commodities, and the...
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