Europe Set for Another Record LNG Import Month

Europe is on track to break its previous record for monthly LNG imports in February, with Kpler forecasting a total of 14.20 million tons amid fast-depleting gas inventories.

This amount would be an increase on the 13.67 million tons imported in January, Reuters’ Clyde Russell noted in a report on LNG markets. The February 2026 total would also represent a 22% increase on the year. More than half of this total, or 57%, came from the United States, at 8.05 million tons. Yet Europe also continued to import Russian liquefied gas this month, with the total seen at 1.6 million tons. That would be down from 1.68 million tons for January.

The record-breaking LNG arrivals were helped by weaker Chinese demand that pressured LNG prices on the spot market, making the fuel more affordable. Per Kpler data, China’s LNG imports this month will come in at 3.38 million tons. This would be the lowest since April 2018 and a palpable decline from February 2025, when imports of LNG clocked in at 4.47 million tons.

Going forward, Kpler predicted European imports of U.S. liquefied gas rising to 11.19 million tons next month as the EU specifically rushes to refill its depleted gas storage, which has fallen to 30%, versus a five-year average of 49% for this time of the year.

While U.S. LNG exports to Europe run at record highs, Energy Secretary Chris Wright has called for the EU to drop its methane regulation, which would add to LNG exporters’ costs. In December last year, Wright asked that the EU exempt U.S. energy exporters from its methane regulation until 2035. Emissions tracking, reporting, and verification are set to take effect from 2027, per the directive. There are also two more sustainability-focused directives that Wright has warned would affect EU energy imports from the U.S. negatively.

By Irina Slav for Oilprice.com

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