Asian LNG spot prices in 2025 remained range-bound, generally between US$11-13/MMbtu. The latest wave of supply, led by US projects, began ramping up in early-2025 and was predominantly absorbed by Europe’s re-surgent LNG import requirements.

In October, the US became the first ever country to export 10 MT of LNG in a single month, following the ramp-up of the Venture Global-led Plaquemines LNG and Cheniere-led Corpus Christi Stage 3 projects. Elsewhere, Canada’s first LNG export project, the Shell-led LNG Canada, began production in mid-2025, while the bp-led GTA LNG development in Senegal-Mauritania loaded its first cargo in April.

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