Lower EU LNG imports was due to a mix of high storage levels in 2024, strong pipeline imports and flat EU gas demand, as well as a diversion of US LNG to more lucrative Asian LNG markets. Given the current high European spot prices, EU trade data are much higher than what the US reports (Figure 2). First, European LNG imports, including from the US, are likely to eventually dwindle as European gas demand decreases. Finally, US-EU LNG trade also depends on the domestic US gas price. Meanwhile, higher domestic gas prices could help to reduce the deficit but hamper US gas consumers.