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| Year | Prices, in USD per thousand cubic feet |
|---|---|
| 2023 | 7.57 |
| 2022 | 12.24 |
| 2021 | 7.62 |
| 2020 | 5.64 |
| 2019 | 5.21 |
| 2018 | 5.20 |
| 2017 | 4.69 |
| 2016 | 4.71 |
| 2015 | 10.92 |
- Source: EIA - Annual LNG Export Price
- Region: United States
- Time period: 2015 to 2023
- Published: Feb 2024
Data Analysis and Insights
Peak in LNG Export Prices in 2022
LNG export prices in the U.S. reached their highest level in 2022 at $12.24 per thousand cubic feet, signaling a significant market fluctuation. This peak contrasts starkly with the previous years, marking a considerable upsurge from 2021's price of $7.62 and more than double the 2020 price of $5.64.Sharp Decline in Prices Following 2022 Peak
Following the 2022 peak, LNG export prices experienced a sharp decline to $7.57 in 2023. This reduction of approximately 38% illustrates the volatility in energy markets, potentially due to changes in global demand, supply dynamics, or geopolitical factors.Comparison of 2021 and 2023 Prices
The prices in 2021 and 2023 are nearly identical, with a slight decrease from $7.62 to $7.57 per thousand cubic feet, respectively. This stability bookends the tumultuous peak observed in 2022, indicating a return to pre-peak pricing levels.Long-term Growth Trend
A long-term analysis reveals a general growth trend in LNG export prices from 2015 to 2023. Despite some fluctuations, there has been an overall increase from the 2015 price of $10.92, which was an outlier, to the more stable growth observed from 2016's price of $4.71 onwards.Record Low Prices Before Recent Increases
Before the significant increase leading up to 2022, the U.S. LNG export prices were at their lowest in 2016 and 2017, with prices at $4.71 and $4.69 per thousand cubic feet, respectively. These years represent the base from which recent price escalations initiated.Notable Anomaly in 2015
The year 2015 stands out as an anomaly with LNG export prices at $10.92 per thousand cubic feet, second only to the 2022 peak. This suggests that while the general trend has been towards growth, significant yearly fluctuations can occur due to various market forces.Frequently Asked Questions
What was the highest level of LNG export prices in the U.S. and when was it reached?
The highest level of LNG export prices in the U.S. was reached in 2022, at $12.24 per thousand cubic feet.
What years had the lowest U.S. LNG export prices?
The U.S. LNG export prices were at their lowest in 2016 and 2017, with prices at $4.71 and $4.69 per thousand cubic feet, respectively.
Terms and Definitions
LNG, or Liquefied Natural Gas, refers to natural gas that's been converted into a liquid state for easier and safer storage or transportation. This transition is made by cooling natural gas to approximately -260 degrees Fahrenheit.
Export refers to the act of shipping goods or services from one country to another for sale. In the context of this article, it implies the transport of LNG from the United States to foreign countries.
The Energy Market includes all transactions involving the purchase, sale, and trade of energy commodities. Energy commodities include crude oil, natural gas, coal, uranium (used for nuclear energy), and electricity.
A commodity, in economics, is a good or material that can be exchanged with goods of the same type. Commodities are often used as inputs in the production of other goods or services. LNG is an example of an energy commodity.
Natural gas trade refers to the exchange or sale of natural gas between countries or marketplaces. This often involves significant infrastructure, such as pipelines or shipping routes, as well as economic and trade considerations.
Supply and demand is an economic model which determines price in a market economy. The price of a commodity such as LNG is determined by the relationship between its supply (how much of it is produced and available) and demand (how much of it consumers want and are willing to buy). Fluctuations in either supply or demand can influence the market price.
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