Europe is desperate for LNG, Asia has more than it needs

HONG KONG: Asia’s relentless buying of liquefied natural gas (LNG) earlier this year has left the region so well stocked for winter that spot shipments are being diverted to energy-hungry Europe.

Multiple vessels are now being diverted from Asia after prices in Europe traded at a rare premium, traders with knowledge of the matter said. A looming LNG wave will bring much needed supplies just as temperatures are dropping fast and is helping push European gas prices down from record-highs last week.