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.

Cold weather, windless weather and the stoppage of Ukrainian transit of Russian gas provoked a jump in gas consumption in the EU. Daily deliveries from UGS have increased to the maximum since the winter of 2021.

European natural gas prices jumped back to €50/MWh on Wednesday, the highest level since the first trading day of the year, as freezing weather in Texas threatens exports of liquefied natural gas from the U.