Imports of liquefied natural gas into the EU fell to the lowest since autumn 2021.

According to Bloomberg, Europe’s liquefied natural gas imports slumped to their lowest level since Russia invaded Ukraine after a price drop reduced the region’s appeal, reported Bloomberg.

According to ship-tracking data compiled by Bloomberg, LNG deliveries fell 7% in July from a year earlier to 8.6 million tons, the least since November 2021. The drop coincides with a slide in the region’s benchmark gas prices, which have slumped more than 80% during this period and left LNG traders opting to send deliveries to Asia or wait for rates to rise again.

Europe’s LNG imports surged more than 60% in 2022 to make up for the loss of Russian pipeline gas deliveries after the invasion of Ukraine. The region currently has above-average stockpiles and is facing subdued demand, but may need to boost prices to attract shipments away from rivals in Asia as it prepares for winter.