Three currents are converging on the U.S. LNG complex this June, and together they reframe the Lower-48 demand conversation. The existing fleet has rarely looked healthier. The reopening of the Strait of Hormuz is quietly re-balancing the global system. And the next wave of Gulf Coast capacity is now visibly at the gate — ready to become a dominant driver of domestic gas demand in the months ahead.

The June Pull: A Fleet Running Near Record

The export side of the fleet spent June running flat-out. Month-to-date, the nine liquefaction terminals drew an average 16,810 MMcf/d of feedgas — up roughly 2% on May and a striking 22% above the June-2025 average of 13,791. In a market where negative values denote gas pulled off the grid for liquefaction, the fleet is consuming more than it ever has at this point in the year. The month also built strength into its back half, cresting at 17,843 MMcf/d on June 23.

Figure 1 | U.S. LNG export feedgas demand — late-June daily trajectory vs. reference averages

The year-on-year step is concentrated in the newer, larger plants. Plaquemines led the gain at +1,397 MMcf/d as Venture Global continued its ramp, with Sabine close behind at +1,254 and now the single largest puller at 4,382 MMcf/d. Corpus Christi and Cameron each added more than 300 MMcf/d year-on-year. The lone material decliner was Freeport — off 468 MMcf/d and visibly volatile through the week — a reminder that the plant’s reliability remains the fleet’s swing factor.

Figure 2 | Feedgas demand by facility — Jun-25 vs. May-26 vs. Jun-26 MTD

Hormuz Reopens: Air Comes Out of Global Prices

That record domestic pull did not happen in a vacuum. Since the late-February closure of the Strait of Hormuz, more than 10 Bcf/d — roughly 20% of global LNG supply, most of it Qatar’s Ras Laffan output — had been bottled up behind the chokepoint. The price response was textbook: European TTF jumped about 35% and Asian JKM rose 51%, while U.S. Henry Hub eased about 9%. That yawning spread is precisely what kept every available U.S. train maxed out.

Figure 3 | Global LNG benchmark divergence during the Hormuz closure (documented anchors)

Now the pressure is releasing. An interim U.S.–Iran deal reopened the strait toll-free for at least 60 days, the naval blockade was lifted, and the first commercial tankers have transited. By the close of June the wartime risk premium had largely unwound. The recovery is real but fragile — the deep-water channel still holds mines to clear, and the toll-free guarantee runs only 60 days. For LNG the read-through is straightforward: as Qatari cargoes return and global benchmarks ease, the international-to-U.S. spread narrows, even as contracted offtake keeps American feedgas demand firmly underpinned.

The Next Wave: Golden Pass and Corpus Christi Get the Nod

Even as global prices ease, the U.S. build-out is accelerating, and two Gulf Coast giants cleared fresh hurdles this month. Golden Pass won FERC clearance to begin commissioning Train 2 — just two days after filing the request — with Train 1 already exporting. Down the coast, Cheniere’s Corpus Christi Stage 3 completed Train 6 in June and expects the last of its seven midscale trains by year-end. The plant’s June feedgas of 2,181 MMcf/d (+321 YoY) is that ramp showing up directly in the data.

Figure 4 | Commissioning fleet — Golden Pass Train-1 daily ramp and Corpus Christi Stage-3 step-up

Step back and the two stories converge. Roughly 48 MTA of new liquefaction capacity is slated to enter the global market in 2026 alone — close to a 10% supply gain — with the U.S. driving the bulk of it. A market that spent 2022–2025 tight is tilting toward a buyer’s footing, reinforcing exactly the downward pressure on global prices that the Hormuz reopening has just amplified. For anyone trading, hedging, or financing Lower-48 gas, that combination — record domestic pull, easing global benchmarks, and a wall of new capacity — is the conversation for the back half of the year. For more information regarding the Energy GPS North America Market Analytics Product Offering, one can utilize the Contact Us form on the Energy GPS website or email us at [email protected].  

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