After a dip in the latter half of 2024, U.S. liquefied natural gas (LNG) exports to Europe have rebounded sharply, with 82% of shipments totaling 6.82 million tonnes headed to the continent in February, according to Reuters. This follows an even higher 86% share in January, marking a strong resurgence in demand.

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Cold weather and attractive pricing have driven Europe’s renewed appetite for U.S. LNG, reinforcing the United States’ position as the world’s top LNG exporter a remarkable ascent just over a decade after entering the market.

The trend may signal a shift back toward U.S. supply after a challenging 2024, when European imports of American LNG dropped 18%, while Russian shipments mainly from the Yamal LNG plant grew by the same percentage. Russia also set a new record for Arctic LNG exports, moving nearly 22 million tonnes via the Northern Sea Route.

Meanwhile, China’s LNG imports hit a five-year low in February, falling to 4.5 million tonnes, the weakest level since the early days of the COVID-19 pandemic. This downturn has added to the struggles of Russia’s Novatek, which is struggling to find buyers for sanctioned cargoes from its Arctic LNG 2 project. At least eight LNG loads picked up between August and October 2024 remain stranded at sea aboard carriers and floating storage units (FSUs), with no buyers in sight.