LNG Demand Is Soaring As Europe Races To Replace Russian Gas

For over six months now, Europe has been the key driver of global demand for liquefied natural gas (LNG) as it looks to replace as much Russian pipeline gas supply as soon as possible.  Since the energy crisis of last autumn, Europe has displaced Asia as the growth driver of LNG demand and is no longer “the market of last resort” for LNG cargoes.

The Russian invasion of Ukraine has further spurred Europe to start reducing its heavy reliance on Russia’s piped gas, without which the continent currently risks a severe industrial…