LNG

The EU's spot-market ban on Russian LNG took effect on 25 April, nominally removing 3mtpa of flexible supply from the bloc's import mix. The cargo data complicates the front-running narrative: Q1 European arrivals are at record highs, but the elevated volume mostly reflects European demand pulling cargoes off the Asian transhipment route. With Qatar still in force majeure and EU underground storage at its thinnest spring fill since 2021, the Q4 pressure builds even as the spring impact stays muted.

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