After sinking to their lowest levels in more than two years over the summer, U.S. liquefied natural gas exports surged to a record high in November, according to the Energy Information Administration (EIA).

The agency said U.S. LNG exports reached 9.4 Bcf/d last month, surpassing the previous record set in January on strong global demand and lower supply. That represents 93% of peak LNG export capacity utilization.

A cold start to the winter in Asia has combined with fewer restrictions amid Covid-19 to drive up gas demand, sending spot prices to two-year highs. Chilly conditions in Europe, meanwhile, have resulted in a quick drawdown in storage inventories and an increased appetite for the super-chilled fuel.

That’s a far different scenario than the summer, when an...