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.