U.S. LNG flows—the daily feedgas to the nine main LNG terminals—fell on Tuesday, June 2 to 15.7 Bcf/d, a four-month low, dragged down by maintenance shutdowns at Golden Pass and Freeport LNG. The drop pushed natural gas futures down by nearly 2%, according to LSEG data cited by Reuters.
U.S. LNG flows at a 4-month low: the data
Tuesday’s reading contrasts with the recent record of 18.8 Bcf/d in April 2026 and the May average of 17.1 Bcf/d. June to date is already averaging 16.0 Bcf/d, showing that the decline is not isolated but a trend that has extended for several consecutive weeks and represents a significant cumulative reduction versus the record levels of the previous quarter.
The situation extends the pattern seen in late May, when maintenance at terminals had already begun to cut export flows at Golden Pass, Freeport, and Cameron LNG. In parallel, gas production in the Lower 48 slipped from 109.7 Bcf/d in May to 108.8 Bcf/d, below the all-time high of 110.6 Bcf/d in December 2025.
Golden Pass and Freeport LNG: the source of the drop in U.S. LNG flows
The two facilities at the center of the disruption are Golden Pass LNG—operated by ExxonMobil and QatarEnergy in Texas—and Freeport LNG, also on the U.S. Gulf Coast. Freeport confirmed that one of its three liquefaction trains would be out of service for several weeks for routine inspection work.
Golden Pass has faced disruptions since mid-May, linked to commissioning work on its Unit 1 since the start of its commercial exports. Cameron LNG, in Louisiana, recorded similar activity earlier in the month. Analysts ruled out a structural issue: Reuters noted that the shutdowns were planned and that flows should normalize once the work is completed.
Market: inventories above normal and futures under pressure
The pullback in U.S. LNG flows comes with national inventories 5.9% above the seasonal norm in the week ended May 29—versus a 6.2% surplus the prior week. July futures on NYMEX fell 6.2 cents to $3.50/MMBtu.
The decline is even more striking when compared with the record exports of 11.7 million tonnes of LNG in April 2026, the highest figure recorded to date by U.S. terminals.
Outlook: when will U.S. LNG flows normalize?
Domestic demand is expected to rise despite the export pullback. Forecasts indicate above-normal temperatures in the Lower 48 through at least June 17, which will increase consumption at gas-fired power plants—nearly 40% of the country’s electricity. According to LSEG, total demand will rise from 98.2 Bcf/d this week to 101.0 Bcf/d next week. This increase of nearly 2.8 Bcf/d is roughly equivalent to the capacity of a mid-sized liquefaction train and will partly offset the reduced draw on export terminals during the maintenance period, temporarily easing the imbalance between domestic supply and export demand to international LNG markets.
Once seasonal maintenance is completed, U.S. LNG flows should recover toward April’s highs. The pace of the rebound at Golden Pass and Freeport will set the timeline for normalizing exports to Asian and European markets.
Sources: Reuters, June 2, 2026 (Scott DiSavino; edited by Andrea Ricci); Inspenet, May 23, 2026 (English version); LSEG.
