US LNG exports hit second-highest month in October 2026 as Europe takes 6.89mn tonnes

US LNG exports climbed to their second-highest monthly level on record in October 2026, Reuters reported, citing LSEG ship-tracking data. Europe drove the rise. Shipments to Europe reached 6.89mn tonnes, up nearly 1mn tonnes from 5.91mn tonnes in September 2026, as buyers rushed to secure winter supply.

At the same time, a big new plant moved into full service. Venture Global said Phase 1 of its Plaquemines LNG plant in Louisiana began commercial operations on 31 October 2026. Shell lifted the first cargo under a long-term contract on 1 November 2026.

Where US LNG exports went

Asia took less. Asian buyers imported 2.73mn tonnes in October 2026, down from 2.84mn tonnes in September 2026. Meanwhile, Egypt held steady at 0.68mn tonnes. In addition, Latin America rose to 0.68mn tonnes from 0.53mn tonnes.

About 0.59mn tonnes left US terminals without a final destination, the data showed. Those cargoes were on the water awaiting buyers. Furthermore, exports from Golden Pass LNG in Texas, owned by QatarEnergy and ExxonMobil, doubled to four cargoes as the new plant ramped up.

Spreads pulled cargoes to Europe

Prices explain the shift. Europe’s TTF and Asia’s JKM benchmarks both averaged about $28/MMBtu in October 2026, according to Reuters. As a result, the usual Asian premium almost vanished. So flexible US cargoes had little reason to make the longer voyage east.

Europe also has fewer options. The Strait of Hormuz crisis has cut Qatari supply, and QatarEnergy has extended force majeure to December 2026. Moreover, the EU’s ban on Russian LNG under long-term contracts takes effect on 1 January 2027, OilPrice.com noted. For background, read our report on QatarEnergy’s US LNG deal with Woodside.

Plaquemines moves to contract sales

Venture Global reached commercial operations at Plaquemines Phase 1 just over 53 months after its final investment decision. “Achieving commercial operations at the first phase of our second LNG project in 53 months is a testament to our team’s relentless dedication and hard work,” CEO Mike Sabel said.

The tanker Malaga Knutsen loaded the first contract cargo for Shell and sailed at 3:26 a.m. local time on 1 November 2026. Other Phase 1 buyers include Orlen, Sinopec, CNOOC Gas & Power and EDF, Reuters reported.

This shift matters for the market. Until now, Venture Global could sell commissioning cargoes on the spot market at war-inflated prices. However, contract volumes will sell at a big discount to spot prices near 46-month highs of around $34/MMBtu at TTF and $32/MMBtu at JKM. Consequently, some supply that cleared at spot prices now moves under long-term contracts.

What to watch for US LNG exports

First, watch whether November 2026 exports set a new monthly record as Plaquemines and Golden Pass ramp up. Second, track the TTF-JKM spread, which decides where flexible cargoes go. Finally, a cold snap in Asia could widen the premium again and pull more US cargoes east.

For a deeper analysis, read: US LNG Arbitrage: Why Europe Now Outbids Asia for American Cargoes