It sounds like Europe doesn't have the ability to process the quantity of LNG that's available.

https://www.cnbc.com/2022/10/24/wav...-europe-and-hits-natural-gas-prices.html

Energy experts tell CNBC they are keeping an eye on an EU LNG price cap. The cap was discussed last Thursday even as prices have come down. “The price cap potentially pushes traders out of the market which would impact future supply arriving in Europe,” Rousseau said.