Attacks by Houthi rebels on merchant shipping have led to rerouting by liquefied natural gas tankers to avoid the Red Sea in favor of a longer route around Africa. This is ultimately tightening the physical market, the bank noted.

Data has already been reflecting this market tightening, with fewer arrivals of LNG tanks expected into northwest Europe in February. This comes amid colder weather and increased buying interest from China, ANZ Bank said.

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