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Europe overtakes Asia as the largest export market for U.S. liquified natural gas

Yahoo Finance Live's Akiko Fujita discusses Europe overtaking Asia as the largest export market for U.S. liquified natural gas.

Video Transcript

AKIKO FUJITA: It is time now for our chart of the day. The global energy crisis showing no signs of abating. And in Europe, especially, things could get worse, a lot worse.

With concerns over natural gas supply in the coming months, focus often goes back to LNG flows and the ability of those producers to pick up the slack. And that is why we're looking at this chart coming to us from Axios and Rystad Energy.

Europe overtaking Asia as the largest export market for US liquefied and natural gas. Now, the chart showing the pivot away from Asia as Europe scrambles to find an alternative source to Russian natural gas.

Of course, we've been talking about how Russia made up about 40% of the supply out in Europe prior to the invasion of Ukraine. Now, it's important to note President Biden and his pledge that the US is going to be sending more of US LNG over to Europe.

But right now the constrains are still there in terms of infrastructure as well as supply and something we're going to continue to closely watch here as we go into the winter months. We've heard from so many energy analysts here who say that, certainly, isn't going to be a quick fix here. But Europe increasingly looking to the US to fill that void that's been left by Russia.