Europe's dependence on American gas has never been greater: The US now accounts for ~60% of Europe's total LNG imports, near an all-time high. This figure peaked at ~64% in April following the closure of the Strait of Hormuz, which cut off supplies from Qatar and the UAE. This percentage has risen +20 points since Russia invaded Ukraine in 2022, forcing Europe to replace Russian pipeline gas with LNG shipped from the US. Furthermore, the US accounts for 26% of total EU gas imports, including LNG and pipeline gas, second only to Norway. Europe also needs US gas to refill storage tanks ahead of winter, meaning this dependence is set to deepen further in the coming months. Europe’s energy security is now tied directly to the US.(The Kobeissi Letter)