** Shares of U.S. LNG exporter Cheniere Energy LNG.N fall 5.3% to $247.49 premarket

** Co swings to a steep Q1 loss, warning Middle East shipping disruptions could tighten gas supply, keep prices volatile and pressure earnings

** Posts $3.5 billion net loss in Q1, compared to a year-ago profit of $353 million

** Says results were hurt by a $4.8 billion unfavorable change in the value of derivative agreements linked to its long-term LNG contracts

** Adds, widening spreads between global and U.S. natural gas benchmarks and elevated global gas price volatility drove the losses

** As of last close, LNG up 34.5% YTD