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.

European natural-gas prices jumped back their highest level since the first trading day of the year as freezing weather in Texas threatened U.S. LNG exports.