The disruption to LNG flows has sparked concerns across both Europe and Asia, tightening the global market and reigniting competition between the world’s two major regional LNG markets for available cargoes. While most of the LNG cargoes transiting the Strait are contracted into Asian markets, the repercussions will be keenly felt across Europe. More than two-thirds of the way through the northern hemisphere winter, European storage levels are well below seasonal norms and about 10 per cent lower than at the same point last year following low temperatures through January.