Japan’s liquefied natural gas inventories slumped to a seven-month low as colder weather increased demand and Europe hoarded shipments of the super-chilled fuel.

LNG shipments — particularly those exported from U.S. projects — are rerouting from Asia to Europe to take advantage of more attractive prices. That’s leaving less supply for Asian importers, and the cargoes that are available are being sold at sky-high rates.

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