United States: Golden Pass, finally?
Early-cycle pipeline nominations for Golden Pass LNG on 24 June 2026 point to the historic possibility of a second consecutive day of greater than 0.5 bcfd (14 mmcmd equivalent) of feedstock flows. A LNG carrier is along side the plant this morning potentially loading the project’s third export cargo.
While 0.5 bcfd is still below the rate expected if the first train of Golden Pass LNG were operating at nameplate capacity, it is nevertheless a noteworthy development for global gas markets. After exporting its first cargo on 22 April 2026, Golden Pass LNG’s commissioning process and export cargo ramp-up struggled per the feedstock chart below.
This week’s milestone for feedstock occurs on the heels of Golden Pass LNG submitting its authorization request on 22 June 2026 to US regulatory authorities to begin commissioning for the project’s second train. Taken together with the amount of under-construction, US liquefaction capacity expected to reach the commissioning phase before the end of 2029, Golden Pass LNG’s recent performance offers an important reminder; corporate pronouncements on project timing are often distinct from the reality that ensues for the physical energy market.
The challenge of risking liquefaction ramp-up timelines is equally relevant for the short-term view on the global LNG market as it is for the multi-year outlook. Global LNG market observers can not only risk the start-up path for liquefaction trains located in the Gulf of Mexico / Gulf of America. For views on Winter 2026 and beyond, risking the official pronouncements impacting the restart of liquefaction in the Persian Gulf will be of equal importance.