U.S. LNG Exports To France, Croatia, Poland Up More Than 1,000%

U.S. LNG and other natural gas exports rose sharply in August, according to government data released Thursday, particularly to European nations facing a rapidly approaching winter with an insufficient supply from Russia almost guaranteed.

My analysis shows that while natural gas exports to France are up 421% through the first eight months of 2022, the value increased 1,094 percent in August alone.

A similar story can be told for Croatia, where imports are up 281% through August but 1,195% in August; Poland, which is up 505% YTD and 817,000% in August; and the United Kingdom, up 216% YTD and 6,797% in August.

The same trend does not hold up for overall U.S. natural gas exports.

Overall U.S. natural gas exports, which include LNG, were up sharply but a more modest 65.1o% in August and a similar 58.57% on the year. That means the increases to Europe are less due to increased U.S. output than an increase in prices and a shift away from other, non-European markets

U.S. exports of all goods increased even less, though still sharply: up 21.71% in August and 24.82 on the year. That disparity — between natural gas exports and overall exports — is largely attributable to the Federal Reserve’s attempts to slow inflation by aggressively increasing interest rates, which has led to a strong dollar and, consequently, U.S. exports that become more expensive.

Natural gas, including LNG, is the nation’s third-most-valuable export, up four positions from the same eight months of 2020 and 15 positions from 2016. Gasoline and oil rank first and second.

Every month this year, those three have been the most valuable U.S. exports. This is a first. Historically, the most valuable U.S. exports has been the primary aircraft category.