Europe’s LNG Imports Set for First Monthly Drop in Over a Year

mt16[ic1wgk9a95{86lbr)cm_media_dl_1.png Kpler

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(Bloomberg) — Europe is facing its first monthly drop in seaborne supply of natural gas in over a year, with volumes dampened by terminal works and tighter global flows. 

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Fewer tankers with liquefied natural gas have reached Europe so far this month compared to April last year, and the gap is widening as the month progresses, according to ship data compiled by Bloomberg. Estimates from data intelligence company Kpler show full-month volumes could be about 3% lower — the first year-on-year decline since the start of 2025. 

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Final numbers can change as tankers sometimes re-route depending on market conditions. 

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The shift follows record LNG flows in March, when Europe had yet to fully feel the energy shortfall triggered by the Middle East conflict. While some cargoes from the US and Nigeria were quickly diverted to Asia — the region most exposed to Gulf supply cuts — surging prices triggered widespread demand destruction across the Pacific, helping to ease market pressure.

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The decline in Europe’s imports in April reflects a combination of factors, including planned maintenance and unplanned outages at import terminals in Spain, Greece, Italy and Germany, as well as tighter global supply, said Ronald Pinto, principal gas and LNG analyst at Kpler. 

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“There’s a higher pull from Asia,” he said. Although “only recently we’re seeing a bit of a slowdown at the EU-27 level relative to 2025.” 

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Traders are closely watching Europe’s LNG imports, as the region will need more gas in the coming months to replenish depleted inventories ahead of next winter. Its largest supplier, Norway, has recently increased seasonal maintenance, slowing storage injections. Still, there is time for refilling to accelerate over the summer, with much depending on prices.

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Global gas demand dropped after the war disrupted supplies, as many Asian buyers switched to coal and other alternatives, temporarily balancing the market. But Europe may have to pay up during hotter months, when Asia’s cooling demand rises and buyers seek extra spot cargoes. 

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Companies in India, Bangladesh and Thailand are considering procuring more gas supply, according to traders, while Pakistan is looking to buy LNG from the expensive spot market for the first time in over two years.

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—With assistance from Stephen Stapczynski.

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