Article

U.S. LNG exports increased 24% to 14.6 Bcf/d in 2025, with 9 Bcf/d of new capacity under construction. Despite tightening spreads impacting 4Q25, major expansions from Venture Global, Cheniere, and others were initiated.

Three projects are targeting Final Investment Decision by early 2026, with Delfin FLNG expected to lead. Market challenges included compressed spreads and stock declines, particularly affecting Venture Global and NextDecade. Despite these pressures, global weather forecasts in early 2026 improved conditions for LNG margins and equities.