Europe is drawing a fleet of US liquefied natural gas cargo ships amid an ongoing energy crisis that has triggered an increase in gas prices to record levels.
- Alongside the ongoing winter shortage and short-term relief from the continent’s key supplier Russia, natural gas in Northwest Europe is now trading nearly $57.54 per million British thermal units, up around 30% from the prior week.
- That figure is nearly $24 higher than Asian prices and more than 14 times higher than the gas prices implied on the US benchmark Henry Hub.
- Among 75 US LNG cargoes in transit, ten tankers ferrying a total of 1.6 million cubic meters of the heating and power plant fuel have been disclosed to be destined for Europe.
- Additional 20 tankers loaded with nearly 3.3 million cubic meters are set to cross the Atlantic Ocean and are currently on a path towards the continent.
US LNG export terminals are currently operating nearly above capacity after expanding to record flows on Sunday.
CL1! up +0.37%Source: Bloomberg
