Closed Atlantic-Pacific arbitrage redirects U.S. LNG spot cargoes to Europe

High freight costs have closed the U.S. Gulf Coast-to-Asia LNG arbitrage for the rest of the year, redirecting most U.S. spot cargoes to Europe where shipping is cheaper. European deliveries are only 4% below year-ago levels, easing winter supply concerns. The shift reflects a market-driven rebalancing rather than a policy change, with implications for regional gas prices and supply security.