Europe’s liquefied natural gas imports slumped to the lowest level since Russia invaded Ukraine after a drop in prices reduced the region’s appeal.

LNG deliveries fell 7% in July from a year earlier to 8.6 million tons, the least since November 2021, according to ship-tracking data compiled by Bloomberg. The drop coincides with a slide in the region’s benchmark gas prices, which have slumped more than 80% in the period and left LNG traders opting to send deliveries to Asia or wait for rates to rise again. 

Europe’s LNG imports surged more than 60% in 2022 to make up for the loss of Russian pipeline gas deliveries after the invasion of Ukraine. The region currently has above-average stockpiles and is facing subdued demand, but may need to boost prices to attract shipments away from rivals in Asia as it prepares for winter.