Texas Powerhouses Drive New Record LNG Momentum

Turns out that all the turmoil in the Middle East resulting from Operation Epic Fury does have a silver lining, at least for some folks: Oil and gas prices have spiked, and while we hope that this will be a short-lived thing, at least some Americans are cashing in on the high prices. Texas, as shouldn’t be surprising to anyone who follows American energy, is leading the way.

U.S. LNG exports hit record-high 11.7 million metric tons in March as new plants in Texas ramped up production while supply disruptions caused by the war in the Middle East drove global gas prices sharply higher, according to preliminary LSEG data.

Asian benchmark LNG prices spiked above $22 per million Btu in March and European prices reached $18.50 MMBtu, creating a $16 to $17 premium over the domestic Henry Hub natural gas price. Current month Henry Hub natural gas futures prices on April 2 settled at $2.80 per million Btu.

At the same time, U.S. natural gas held in storage April 2 stood at 1,865 billion cubic feet, which is 5.4% higher than at the same time in 2025 and 3% above the five-year average of 1,811 billion cubic feet, as domestic prices remained low relative to global benchmarks.