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Data from US Energy Information Administration (EIA) shows that Natural Gas exports are picking up in 2015.
- In 2013 US was exporting 160,000 MMcf/month at one point, however exports have slumped since then in 2014 to just about 120,000 MMcf/month. That seems to be changing this year. According to EIA data, In February alone US exported more than 150,000 MMcf.
Exports are expected to pick up further.
Why?
- Lot of revenues can be earned which in turn will reduce the country's massive current account deficit.
- US will become key player in world's energy politics once again.
- US can reduce Russia's influence over its allies namely in Europe. Higher export of gas would mean reduction in Russia's Geo-political power.
Is Energy export ban a concern?
- Current law doesn't allow crude oil exports but does permit liquefied natural gas exports. The Energy Department must approve any LNG exports to countries with which the U.S. does not have free trade agreements.
US Department of Energy (DOE) has already approved at least six projects including Cove Point LNG facility in Calvert County, Maryland and Bear Head LNG which will export gas to Canada for next 25 years. More projects are under review for approval.
As US will free up more LNG export to countries Global price of gas, which hovers around $8/mmbtu will close its gap with US counterpart which is trading at $2.9/mmbtu.
Expect demand for natural gas to move up over the coming years and its share in Global energy consumption.
