After plateauing through 2023 & 2024, U.S. LNG feedgas demand has entered a new period of structural growth, with March feedgas demand setting a record of 477 bcf. The surge comes as the next wave of U.S. liquefaction facilities begin to ramp up in 2025, with Venture Global’s Plaquemines LNG and Cheniere’s Corpus Christi midscale expansion both part commissioning in the first half of the year. 

This is the start of a multi-year expansion in U.S. LNG export capacity, which is set to last through the early 2030s and deliver at least a doubling of current export capacity. The build-out has gained fresh momentum in 2025, supported by a friendlier regulatory environment that has enabled FIDs on more than 30 mtpa of additional U.S. LNG export capacity since January.  Further tailwinds come from Trump’s tariffs on global trading partners, with U.S. LNG increasingly used as a bargaining chip in trade negotiations, driving procurement strategies toward U.S. facilities.

At the same time, growing feedgas demand is being compounded by rising domestic gas consumption, driven primarily by the AI-driven data center boom. Together, this is tightening the U.S. gas balance and adding upward pressure to HH prices, with front-month Henry Hub futures climbing to a two year high of $4.12/mmbtu in March. 

That said, price gains across the forward curve have been somewhat limited to date, with Winter 2026 prices up c.7% year-on-year as of 22nd Aug 2025. This suggests market participants expect U.S. gas production to be able to keep up with the upcoming surge in feedgas demand without requiring significant structural price breakout.

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