行业数据显示，墨西哥湾沿岸液化设施的天然气日流量已达到创纪录的190亿立方英尺，其中钱尼尔能 源和Venture Global两家公司占比近半。与此同时，美国LNG出口量持续攀升，分析机构Kpler预计11月 出口总量将达1070万吨，较2024年11月增长40%，创单一国家月度出口新高。10月份美国出口的1010万 吨LNG中，约69%流向欧洲，凸显其作为美国LNG最主要市场的地位。 美国能源信息署预测，若所有规划中的液化设施建成，到2029年美国的液化能力将增加逾一倍，日增约 139亿立方英尺。分析指出，若全部新增出口终端投运，到2030年美国LNG出口量可能增长高达75%， 日流量将达到300亿立方英尺。 中化新网讯 近日，美国能源信息署发布数据显示，美国液化天然气(LNG)出口量和输往液化厂的天然气 流量近期均创下历史新高。 出口激增和冬季需求高峰共同推高了美国国内天然气价格。基准期货价格已从3个月前的每百万英热单 位不足3美元升至上周的4.85美元。尽管行业人士认为国内供应充足，但出口增长、数据中心需求上升 及连续数周的库存下降，仍使市场感受到供应趋紧的压力。 ...

Report Key Points 1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - In May 2025, the daily average of natural gas exported from the US to Mexico via pipeline reached 7.5 billion cubic feet, a record high for a single month. This growth is mainly due to the continuous increase in Mexico's demand for natural gas, especially in the power industry [2][5]. - In 2024, the daily average of pipeline natural gas exports from the US to Mexico was 6.4 billion cubic feet, a 25% increase from 2019, reaching the highest level since records began in 1975 [2][5]. - Due to the upcoming 2026 FIFA World Cup in the US, Canada, and Mexico, Mexico may see a higher increase in potential tourists compared to the US and Canada, which could lead to a new high in electricity consumption. This trend will indirectly determine the natural gas supply in North America [2]. 3. Summary by Related Catalogs US Exports of Natural Gas to Mexico - In May 2025, the daily average of natural gas exported from the US to Mexico via pipeline reached 7.5 billion cubic feet, a record high for a single month [2][5]. - In 2024, the daily average of pipeline natural gas exports from the US to Mexico was 6.4 billion cubic feet, a 25% increase from 2019, reaching the highest level since records began in 1975 [2][5]. - From 2019 - 2024, Mexico's total natural gas consumption increased from 7.7 billion to 8.6 billion cubic feet per day, with the growth mainly concentrated in the power industry [5]. - In 2024, the total transmission capacity of the four core corridors for US natural gas exports to Mexico was about 14.8 billion cubic feet per day, with an actual utilization rate of about 43%. Factors restricting export growth include limitations in Mexico's pipeline infrastructure and insufficient natural gas storage capacity [5]. - In 2024, the exports through the West Texas and South Texas pipelines accounted for 91% of the total US natural gas exports to Mexico. The West Texas exports increased significantly from 0.6 billion cubic feet per day in 2019 to 1.8 billion cubic feet per day in 2024, thanks to the successive commissioning of connecting pipelines in central - western Mexico in recent years [6]. Mexican Natural Gas Pipeline Network - To meet potential demand growth, Mexico plans to expand its domestic pipeline network. The "South Texas - Tuxpan" pipeline can transport imported natural gas to end - users such as LNG receiving stations and power plants. It is also connected to the "Southeast Gateway" submarine pipeline completed in 2025, which supplies gas to new power plants in the Yucatan Peninsula [11]. - In 2022, parts of the Tula - Reyes and Tuxpan - Tula pipeline sections were partially activated and are expected to operate at full capacity in 2025. In the same year, the "Mayakan Energy" pipeline will improve the natural gas infrastructure in the Yucatan Peninsula, and the "North Centauro" pipeline started construction in 2025, which will provide incremental gas transmission capacity for the northwestern combined - cycle power plants [11]. - In August 2024, Mexico achieved its first LNG export through the "Altamira Fast LNG1" floating liquefied natural gas unit. Currently, two other export projects, "Altamira Fast LNG2" and "Costa Azul Energy", are under construction, with a total daily production capacity of 0.6 billion cubic feet, and their gas sources rely on US - imported natural gas. The expansion projects of the "South Texas - Tuxpan" pipeline and the "Rosarito Pipeline" will provide transportation support for these LNG projects [11].

Report Investment Rating - No investment rating information is provided in the report. Core Viewpoints - Iran has abundant natural gas resources but is restricted by sanctions and domestic demand, limiting its export potential. Iraq faces a supply - demand imbalance and is accelerating the diversification of gas sources. The future of energy cooperation between the two countries depends on sanctions and geopolitical trends [3][4][5]. Summary by Directory Iran and Iraq Natural Gas Market Overview Geopolitical and National Positioning - Iran and Iraq are key energy countries in the heart of West Asia, connecting the Persian Gulf, the Caspian Sea, and Eurasia. Iran has a large natural gas and oil reserve, while Iraq's economy highly depends on oil exports [10]. Resource and Reserve Distribution - As of December 2023, Iran's proven natural gas reserves are about 1200 trillion cubic feet, ranking second globally. Iraq's reserves are about 131 trillion cubic feet, ranking among the top 12 globally. However, Iran's export potential is restricted by sanctions, and Iraq's production growth is slow due to insufficient investment [12][16]. Infrastructure and Cross - border Trade Network - **Cross - border Pipelines**: Iran supplies gas to Iraq through three cross - border pipelines, but the actual transportation volume is lower than the design capacity. The pipelines are restricted by geopolitics, sanctions, and infrastructure aging [22]. - **LNG Facilities**: Iran's LNG projects are stagnant due to sanctions and lack of funds. Iraq is promoting FSRU projects to diversify gas sources, but these projects are also restricted by financing, pipeline networks, and security [23][27]. Iran: Natural Gas Supply Pattern and Export Potential Assessment Resource Endowment and Production Pattern - Iran has the world's second - largest proven natural gas reserves, but its production growth has slowed down. The South Pars gas field is facing production decline, and new gas fields' development is lagging [31][34]. Domestic Demand Structure and Squeezing Pressure - Iran's domestic natural gas consumption has increased rapidly, mainly for urban gas, power generation, and industry. The energy crisis has intensified the contradiction between domestic demand and export [37][39]. Export Path and Commercialization Prospect - Iran mainly exports natural gas through pipelines to neighboring countries. In the future, it is expected to maintain a mixed mode of "pipeline - based and LNG - supplemented", but its export scale depends on domestic demand and sanctions [44][49]. Sanctions, Investment, and Technical Constraints - US sanctions have restricted Iran's access to international financing and technology, delaying many projects. Domestic budget constraints and policy contradictions also affect the development of the natural gas industry [54][57]. Iraq: Demand Pressure, Gas Shortage Situation, and Emergency Import Plan Resource Endowment, Production Bottlenecks, and Consumption Gap - Iraq has considerable natural gas resources, but its actual production is low due to low associated gas capture efficiency, aging facilities, and insufficient investment. The power system highly depends on natural gas, resulting in a large supply gap [58][65]. Iran Gas Source Dependence and Supply Contraction Challenge - Iraq has long relied on Iranian natural gas, but the supply has been unstable due to Iran's domestic demand, sanctions, and payment issues. Iraq is taking measures to deal with the instability [70][74]. External Dependence, Fiscal, and Geopolitical Risks - Iraq faces financial pressure and external dependence risks in diversifying gas sources. LNG imports are costly, and payment and contract risks may lead to supply interruptions [77][78]. Iran - Iraq Cross - border Natural Gas Cooperation and Bilateral Relations Analysis Agreement Execution Difference Analysis - There are significant differences between the actual execution and the agreement in gas supply volume, payment settlement, and supply stability in the cooperation between Iran and Iraq [79][81]. Geopolitical and Gas Supply Risks - US sanctions, regional security, and payment mechanisms pose risks to the cooperation between the two countries [82]. Bilateral Complementarity and Potential Contradiction Points - The two countries have complementary energy supply and demand, but there are also contradictions in debt, strategic development, and infrastructure investment [83]. Market Transformation and Global Competition Outlook Uncertainty Factor Analysis - The development of the natural gas markets in the two countries is affected by US sanctions, FSRU project progress, Iran's domestic supply - demand balance, international LNG market fluctuations, and debt negotiation progress [84][85]. Medium - and Long - term Outlook - In the next decade, the natural gas markets of the two countries will show a pattern of "complementarity and game coexisting". Iran needs to attract foreign investment and technology, while Iraq needs to ensure the FSRU project and improve domestic production capacity [86].

Core Insights - In the first eight months of 2025, Russian natural gas exports to Europe via the "TurkStream" pipeline increased by 7% year-on-year, reaching 11.5 billion cubic meters [1] - The daily average load of the pipeline in August 2025 was 50.2 million cubic meters, reflecting a year-on-year growth of 5.5% [1] - The "TurkStream" pipeline has become the only active route for Russian natural gas exports to Europe following the cessation of gas transit through Ukraine [1] Summary by Category Export Volume - The total natural gas export volume through the "TurkStream" pipeline for January to August 2025 was 11.5 billion cubic meters, marking a 7% increase compared to the same period in 2024 [1] - In August 2025, the export volume was 1.56 billion cubic meters, which is a 5.5% increase year-on-year despite a 2% decrease from July 2025 [1] Pipeline Capacity and Performance - The "TurkStream" pipeline has an annual transportation capacity of 31.5 billion cubic meters [1] - The average daily load in August 2025 reached 50.2 million cubic meters, indicating a 5.5% year-on-year increase [1] Historical Context - In 2024, the "TurkStream" pipeline's exports to Europe grew by 23%, totaling 16.7 billion cubic meters, with exports to Hungary reaching a record 8.6 billion cubic meters [1] - Additionally, natural gas supply through the pipeline to Turkey increased by 2.6% to 21 billion cubic meters [1]

Core Viewpoint - Algeria is nearing a final agreement with American energy giants ExxonMobil and Chevron for the joint development of its shale gas resources, which will enhance its natural gas production and export capabilities, solidifying its position as a key supplier to Europe [1] Group 1: Algeria's Energy Strategy - Algeria is actively promoting natural gas pipeline and liquefied natural gas (LNG) exports [1] - The chairman of Algeria's energy regulatory agency, Alnaft, indicated that technical terms have been largely agreed upon, with final negotiations on commercial terms ongoing [1] - The introduction of American energy companies is expected to demonstrate Algeria's resource potential [1] Group 2: Shale Gas Development - Algeria aims to increase its production and export volumes through the development of shale gas, leveraging its significant conventional gas reserves and being the third-largest holder of shale gas reserves globally [1] - The country is focusing on enhancing its natural gas supply to Europe, especially following the disruption of Russian gas supplies due to the Russia-Ukraine conflict [1] Group 3: European Market Dynamics - Europe is accelerating imports of pipeline gas and LNG from Africa, with Italian energy giant Eni initiating multiple fast-track projects in the region [1] - The UK’s Grain LNG terminal signed a ten-year agreement with Algeria's state oil company Sonatrach to extend its LNG storage and transshipment capacity starting January 2029 [1]

Group 1 - TC Energy predicts that Canada may become the largest liquefied natural gas (LNG) exporter to Asia [1]

Core Viewpoint - The report from the Paris Compliance Investors Organization indicates that the idea of restarting LNG export projects on Canada's East Coast is no longer viable due to structural changes in the global LNG market [1][2]. Group 1: Canadian LNG Export Challenges - The Canadian government is seeking alternative export markets for oil and gas due to tariff threats from the U.S. [1] - Previous LNG export plans, such as the Energy East project and the Quebec GNL project, have been canceled due to lack of approval from provincial and federal governments [1]. - The Quebec government has recently expressed openness to reviving the Quebec LNG project to reduce dependence on U.S. markets [1]. Group 2: Economic Viability Concerns - The cost of the Quebec LNG project is now estimated to be twice the amount assessed in 2018, potentially reaching $23.8 billion [2]. - The demand for natural gas in Europe is decreasing, while Asian markets have easier access to LNG from Canada's West Coast [2]. - New LNG projects in the U.S. and Qatar are expected to suppress the construction of higher-cost projects on Canada's East Coast in the coming three years [2]. Group 3: Alternative Economic Opportunities - The report suggests that Canada should focus on improving electricity integration between the East and West, investing in critical minerals, and developing high-speed passenger rail as more viable economic opportunities than pursuing East Coast LNG transport [2].

Group 1 - Azerbaijan's natural gas exports increased by 3.6% year-on-year from January to May [1]