Europe is increasingly reliant on its ability to attract LNG following the loss of Russian gas through Ukraine, as it depletes its gas in storage. The EU’s gas storage was 59 per cent full as of Monday, 15 per cent below the same time last year, according to industry body Gas Infrastructure Europe. Colder weather contributed to a faster withdrawal.

Europe may see a shortfall of LNG, which is becoming apparent after Ukraine ceased a transit agreement on January 1, 2025, for Russian natural gas via pipelines that serviced Germany and other nations. Europe will require an additional 10 percent more LNG than in 2024, meaning higher prices for consumers and industries.