The wave of liquefied natural gas (LNG) cargoes headed to Europe has started to slow as storage on the continent rises, but there are signs that extreme prices could be delaying an anticipated ramp up from Asian buyers.

Instead, more volumes of LNG have been steadily heading to destinations like Brazil, according to research from data firm Kpler. South America has been experiencing a drought and related impacts to hydroelectric power similar to last summer. Although, Kpler’s Ryhana Rasidi, LNG and gas analyst, said “Brazilian hydropower is holding up a bit better at present relative to year-ago levels.”

Meanwhile, volumes of LNG from the United States to Europe have started to decline from previously lofty heights. The U.S. shipped 6.97 million tons (Mt) in May, with at...