According to the United States Energy Information Administration (EIA), US LNG exports have quadrupled in 2017, soaring from 0.5 bcf/d (14 mcm/d) to 1.94 bcf/d (around 55 mcm/d). 53% of these exports were shipped to Mexico (20%), South Korea (18%) and China (15%). Mexico's demand has been driven by the growing demand from the domestic power generation sector and delays in the construction of domestic pipelines connecting the two countries.
In Asian countries, the exports were driven by the growing difference between US contract prices (indexed on the Henry Hub gas prices) and crude oil prices (to which LNG prices are benchmarked in Asia). Exports to South Korea were supported with the long-term contracts between sellers Cheniere Energy and Shell and the Korean natural gas buyers (KOGAS and Kepco), while exports to China were sold mostly on a spot basis. The export volumes to China reached an all-time high in October, November, and December 2017.
According to the EIA, almost 60% of the total US LNG in 2017 was sold on a spot basis to more than 20 countries. Europe accounted for the third-largest share of US exports, primarily driven by demand in the power generation sector.