Bloomberg is reporting that Asia is finally becoming a prime destination for US shale gas cargoes.
Nine of the 12 tankers that have left Cheniere Energy’s Sabine Pass terminal in Louisiana since the beginning of December are headed for Asian countries.
This represents a substantial shift for the US LNG market, which has been dominated by cargoes to Latin America since exports began in February.
Global demand has the US on course to become a net exporter of gas this year, a turnaround from just a decade ago when it was facing shortages.
Spot LNG prices in northeast Asia have jumped 79% since July, according to Energy Intelligence’s World Gas Intelligence report.
More than half of the 42.9 million tpy of US LNG export capacity over the next three years is contracted by Asian buyers.