Cheniere Energy  (NYSE:LNG) has for the first time started producing liquefied natural gas (LNG) from the first train (Train 1) of its Corpus Christi Stage 3 Liquefaction Project.

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The project consists of seven midscale trains, projected to produce over 10 million tonnes per annum (mtpa) of LNG.

Meanwhile, in a long-awaited report, released on Tuesday, the Energy Department claims that domestic energy prices would sharply increase if the U.S. conducts unrestricted exports of liquefied natural gas (LNG).

“To date, U.S. consumers and businesses have benefited from relatively stable natural gas prices domestically as compared to those in other parts of the world who have faced far greater price volatility,” Energy SecretaryJennifer Granholmsaid in a statement. “[But] the more volumes of U.S. LNG are exported, the greater the risk of this global price volatility being imported into our domestic market and impacting U.S. consumers and manufacturers.”

The controversial DoE report comes at a time when U.S. natural gas prices have been surging. U.S. natural gas jumped 17.1% on Monday to trade at $3.96/ MMBtu, the highest since December 2022, as bets of stronger global LNG demand magnified the outlook of higher domestic consumption. The volume of natural gas flowing to the United States’ seven liquefied natural gas (LNG) export plants was on track to hit a 10-month high, according to data from financial firm LSEG. The surge in feedgas was partly chalked up to flows to Venture Global LNG‘s Plaquemines plant in Louisiana after it commenced production earlier in the week. Last year, the U.S. became the world’s largest LNG exporter ahead of Qatar and Australia.

By Alex Kimani for Oilprice.com

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