Europe Nears New LNG Import High as Storage Levels Drop

Key Moments

Kpler projected European LNG imports of 14.20 million tons for February, surpassing January’s 13.67 million tons.
The United States accounted for 57% of February LNG volumes into Europe at 8.05 million tons, while Russian LNG was seen at 1.6 million tons.
Europe’s gas storage was reported at 30%, compared with a five-year average of 49% for the same point in the year, driving continued strong import demand.

Record LNG Volumes Head to Europe

Europe is expected to set a new monthly record for liquefied natural gas (LNG) imports in February, as declining gas inventories spur stronger buying. Data and analytics firm Kpler forecast total LNG receipts of 14.20 million tons for the month, signaling a fresh peak in inflows.

This projected volume would top the 13.67 million tons imported in January and, according to a report by Reuters columnist Clyde Russell, would mark a 22% increase compared with the same month a year earlier. The buildup highlights the region’s heavy reliance on seaborne gas supplies as storage levels shrink.

U.S. and Russian LNG Flows to Europe

The United States has remained Europe’s dominant LNG supplier. Of the anticipated February total, Kpler estimated that 57% – or 8.05 million tons – originated from the U.S. At the same time, Europe continued to receive volumes from Russia.

Russian LNG arrivals for February were seen at 1.6 million tons, slightly below the 1.68 million tons recorded in January. Despite the modest decline, the figures show that Russian liquefied gas continues to form part of Europe’s supply mix.

Region / Supplier	Period	LNG Imports (million tons)	Additional Detail
Europe – Total	January	13.67	Previous monthly record
Europe – Total	February (forecast)	14.20	22% year-on-year increase
Europe – From U.S.	February (forecast)	8.05	57% of Europe’s February LNG imports
Europe – From Russia	January	1.68	–
Europe – From Russia	February (forecast)	1.6	Slight month-on-month decline
China – Total	February 2025	4.47	Reference point for year-on-year comparison
China – Total	February (current forecast)	3.38	Lowest level since April 2018
Europe – From U.S.	Next month (forecast)	11.19	Projected increase as EU refills storage

Chinese Demand Eases, Pressuring Spot Prices

A key factor behind the strong pull of LNG cargoes into Europe has been softer buying from China. Kpler estimated that China’s LNG imports for the current month would total 3.38 million tons. This would represent the lowest monthly intake since April 2018 and a clear drop from February 2025, when Chinese LNG imports reached 4.47 million tons.

The reduction in Chinese demand has weighed on spot LNG prices, making cargoes more competitively priced for European buyers and supporting the record-level inflows into the region.

Storage Deficit Drives Outlook for U.S. LNG

Looking ahead, Kpler projected that European imports of U.S. LNG would climb further to 11.19 million tons next month. The forecast reflects a concerted effort by the European Union to rebuild gas stocks after a period of heavy withdrawals.

According to the data, EU gas storage has fallen to 30%, significantly below the five-year average of 49% for this stage of the year. The shortfall has been a major driver of continued robust demand for LNG supplies, particularly from the United States.

Regulatory Concerns From U.S. Exporters

Even as exports to Europe run at elevated levels, policy issues have emerged as a point of tension. Energy Secretary Chris Wright has urged the EU to reconsider its methane rules, arguing that they would raise costs for LNG exporters.

In December last year, Wright requested that the EU grant an exemption for U.S. energy exporters from its methane regulation until 2035. Under the directive, requirements for emissions tracking, reporting, and verification are scheduled to begin in 2027. Wright has also flagged two additional sustainability-oriented directives, warning that these measures could have a negative impact on EU energy imports from the United States.