LNG Fundamentals and Project Tracker

LNG feedgas demand averaged about 19 Bcf/d during Summer 2026. This was slightly below expectations, as Golden Pass LNG continued to ramp up at a slower pace than anticipated and Freeport LNG had an unscheduled outage for one train, which lasted about a month. As of September, feedgas demand has begun to recover and push toward 20 Bcf/d again, although the Cove Point maintenance which runs from September 18 to October 13 will weigh on demand. Total US feedgas demand should continue to rise into this winter as more capacity comes online, likely reaching about 22 Bcf/d.

Background on U.S. LNG Exports

Modern LNG exports from the US began in 2016 with the startup of the Sabine Pass LNG terminal. In the following years several more export plants came online, to take advantage of the spread between cheap US gas and higher priced gas in Asia and Europe. The 2022 Russian invasion of Ukraine resulted in European gas prices climbing to record highs, and subsequently led to a rush of new LNG projects planned for the US. Since then, US feedgas demand has grown to 17 Bcf/d of total capacity, with demand expected to nearly double over the next ten years.

Seasonal Dynamics

LNG flows tend to decline in the summer, while they are stronger in the winter. Plant maintenance is often concentrated around May-July for Gulf Coast facilities, while Cove Point LNG goes down for maintenance for aboiut 30 days every fall. In addition to facility and pipeline maintenance, higher ambient temperatures result in lower plant efficiency. This is especially evident in the Gulf Coast facilities. Once temperatures begin rising above 60-70ºF, flows begin to incrementally decline.

Future of US LNG Exports

Map of US LNG Export Terminals

Relevant News

Planned Commonwealth LNG to be expanded

9/16/2026

• Catarus said it plans to add five liquefaction trains to the planned Commonwealth LNG export project being developed in Cameron Parish, LA
• This announcement follows the FID of the initial project earlier this year, which consists of six trains
• The expansion will enter service in the early 2030s and bring the plants total capacity to 2.3 Bcf/d

Source

Cheniere completes Corpus Christi LNG Stage Three

8/31/2026

• Cheniere has finished the construction of the Stage Three expansion project at its Corpus Christi LNG export terminal
• The project expanded capacity by 1.3 Bcf/d

Source

Plaquemines expansion could be fast tracked

8/12/2026

• The U.S. Army Corps of Engineers granted Plaquemines LNG fast tracked permitting under the national energy emergency declared by the Trump administration
• THe public comment period has been shortened, and may speed up the development process for the Plaquemines LNG expansion
• The project would expand liquefaction capacity by 2.5 Bcf/d

Golden Pass LNG exports third cargo as startup continues

6/26/2026

• As startup of the export plant continues, the third cargo has now been shipped
• Golden Pass LNG has been taking about 350 MMcf/d over the past few months, but recently ramped up to 600 MMcf/d, out of a total capacity of 790 MMcf/d for Train 1
• Trains 2 and 3 are expected to enter service at the end of 2026 and the beginning of 2027, however, a slower than expected startup of Train 1 has cast doubt on the timelines for Trains 2 and 3

Source

Commonwealth LNG secures more financing

6/10/2026

• Commonwealth LNG has secured financing from a syndicate of 20 financial institutions, supporting development of the export project
• This comes about a month after developers reached a final investment decision on the project
• Commonwealth LNG should have a capacity of about 1.27 Bcf/d and will be built on the Gulf Coast of Louisiana

Source

First LNG cargo departs Golden Pass LNG

4/22/2026

• Golden Pass LNG has exported it's first cargo, following the startup of Train 1
• Inflows into Train 1 have been volatile since flows began, but should be more stable going forward
• Project developers said that construction and commisioning of Trains 2 and 3 are continuing and on track for startup later this year and into 2027

Source

DOE authorizes Elba Island LNG expansion

4/7/2026

• Following regulatory approval, the Kinder Morgan operated Elba Island LNG is now authorized to increase exports by 22%
• Elba Island is one of the smaller US LNG export terminals, with a capacity of about 400 MMcf/d
• The Department of Energy said they are “using all available authorities to ensure American energy can reach global markets when it is needed most, supporting energy security, and helping stabilise global energy supplies.”

Golden Pass LNG plans first cargo in February

11/18/2025

• An anonymous source familiar with the matter said that Golden Pass LNG is planning to ship the first cargo in February 2026, supporting prior startup estimates
• This comes as a cargo of LNG is currently headed to Golden Pass to be used to cool down plant equipment, as well as a recent FERC approval to introduce fuel gas to Train 1 ahead of startup
• Material feedgas volumes could be flowing into the plant in December at the earliest

Venture Global plans additional Plaquemines expansion

11/18/2025

• The LNG exporter filed a FERC application for another expansion of Plaquemines LNG
• This expansion would increase the plant's total capacity to more than 7 Bcf/d over three construction phases
• Venture Global said the plan to expand capacity is due to strong market demand
• An in-service date for the project was not stated, but it's likely it would be closer to the end of the decade

Export Terminals

Sabine Pass LNG

Developer: Cheniere Energy

Capacity: 5.4 Bcf/d

Future expansions: Sabine Pass Stage 5 (Pre-FID, 1.6 Bcf/d)

Corpus Christi LNG

Developer: Cheniere Energy

Capacity: 2.6 Bcf/d

Future Expansions: Corpus Christi Stage 3 (starting up 2025-2026, 1 Bcf/d), Corpus Christi Midscale, Corpus Christi Stage 4

Freeport LNG

Developer: Freeport LNG

Capacity: 2.4 Bcf/d

Future Expansions: Train 4 (0.67 Bcf/d)

Cameron LNG

Developer: Sempra LNG, TOTAL SE, Mitsui & Co., Ltd., and Japan LNG Investment, LLC

Capacity: 2.4 Bcf/d

Future Expansions: Amended Expansion project (0.90 Bcf/d, 2027 startup)

Calcasieu Pass LNG

Developer: Venture Global

Capacity: 2.0 Bcf/d

Future Expansions: CP2 Expansion (2.67 Bcf/d, 2028 startup)

Cove Point LNG

Developer: Berkshire Hathaway, Brookfield Infrastructure

Capacity: 0.9 Bcf/d

Future Expansions: None planned

Elba Island LNG

Developer: Southern LNG, Kinder Morgan

Capacity: 0.45 Bcf/d

Future Expansions: Elba Island Expansion (0.35 Bcf/d)

Plaquemines LNG

Developer: Venture Global

Capacity: 3.6 Bcf/d

Future Expansions: Plaquemines Phase 3 (2.48 Bcf/d, mid-2027 FID)

Golden Pass LNG

Developer: ExxonMobil, Qatar Energy

Capacity: 2.37 Bcf/d

Future Expansions: None planned