(Bloomberg) Ten large American LNG cargoes and twenty more tankers are heading to Europe to satisfy natural gas demand whose scarcity has led to soaring prices.
Looming winter shortage has sent natural gas in Northwest Europe up to $57.54 per million British thermal units, after jumping one third from last week. The prices are $24 above those of Asia and 14 times the US’s benchmark Henry Hub.
The 10 large cargo tankers from the US heading the Europe way are reportedly carrying a total of 1.6 million cubic meters, while the 20 tankers already closing the Atlantic Ocean have an estimated 3.3 million cubic meters capacity.
The shortages in Europe happen when US LNG export terminals operate at full capacity, with the flows reaching the highest on Sunday. The strong demand for gas in Europe has seen the continent overtake Asia as the top destination of the American LNG cargoes.
NG1! Is down -4.70%.
