Egypt leads US LNG cargo destinations in July amid cross-basin competition for supply

Egypt was the top destination for US LNG cargoes delivered in July, as war-driven supply disruptions in the Persian Gulf continued to spur cross-basin competition for available volumes, an analysis of S&P Global Energy CERA data showed Aug. 3.

Deliveries of US LNG to Egypt reached a record monthly high of 21 cargoes in July, before a July 29 drone strike on an LNG import vessel at the country's Damietta port heightened uncertainty over its near-term import plans. The Egyptian government said afterward it was coordinating with Jordan to source natural gas from an alternate import vessel, and that no one had claimed responsibility for the drone attack.

The US LNG shipments to Egypt in July were followed by 15 cargoes delivered to South Korea, 14 cargoes to Italy, 12 cargoes to Japan and 11 cargoes to India, CERA data showed.

Of the 158 US LNG cargoes delivered in July, 61 landed in the Asia-Pacific, or about 39%, matching the total US cargoes landed in June and maintaining the same monthly market share for the region. The 53 cargoes delivered to Europe, plus Turkey, during the month represented a decline from 59 cargoes in June.

The 34% share of US cargoes delivered to Europe plus Turkey in July marked the lowest monthly market share for the region since July 2024.

The US was the EU's top LNG supplier during the first seven months of 2026, but the bloc's monthly imports in July dropped year over year for the fourth consecutive month.

Europe has struggled to refill storage inventories that remain well below historical norms, as forward pricing for winter months discouraged importers from competing with Asia for available volumes.

EU-wide gas storage levels were about 57% full as of Aug. 1, according to Gas Infrastructure Europe. Inventories were about 69% full at the same time in 2025, and about 85% full at the same point in 2024.

Asia has faced the most acute supply disruptions from the war in the Middle East, which is continuing to constrain about 20% of global LNG volumes that normally transit the Strait of Hormuz, or about 7 million metric tons per month.

US loadings in July declined month over month by eight cargoes to a total of 149, due in part to maintenance activities, including the start of a major turnaround at the Freeport LNG terminal in Texas around July 10.

Global LNG spot prices remain elevated and volatile.

Platts, part of S&P Global Energy, assessed the September JKM benchmark price reflecting LNG delivered to Northeast Asia at $21.25/million British thermal units on Aug. 3, down 5.7 cents/MMBtu from the previous assessment.

In the Atlantic, Platts assessed the DES Northwest Europe marker for September at $19.255/MMBtu on Aug. 3, down 22.6 cents/MMBtu day over day.

The assessments for both spot prices were nearly double pre-conflict levels.