Global LNG flows are being reshaped in real time—and Europe is in a tightening race against the market. Flexible cargoes that once cleared into the Atlantic Basin are increasingly heading east. The driver is clear: Japan-Korea Marker (JKM) pricing continues to command a premium over Title Transfer Facility (TTF), often exceeding the full marginal shipping cost from the U.S. Gulf Coast. When that spread holds, molecules follow price—away from Europe. That shift comes at a crit