>>It's simply the effects of price led demand destruction.<<
Right. The EU out-bids the rest of the world (ROW) for LNG. One "secondary" result, not often discussed, is that ROW NG inventories become depleted, which also serves to drives up prices, even as demand falls.
In addition, very little additional LNG capacity is scheduled to come on line, so there appears to be no short-term solutions to high LNG prices.
Finally, the EU has shown itself to be adverse to long-term LNG contracts and hence the the EU's "short-term over-bidding" is likely to have some legs.