Energy traders are stockpiling liquefied natural gas at sea, in a rare profit-seeking move built on hopes prices will surge this winter as Russia's energy squeeze on Europe bites. | BISouthAfrica
Traders are stockpiling liquefied natural gas at sea in hopes of profiting from a winter surge in prices.
Europe's utilities are also turning to offshore LNG storage as onshore facilities max out, per Bloomberg. For more stories visit Business Insider. Energy traders are stockpiling liquefied natural gas at sea, in a rare profit-seeking move built on hopes prices will surge this winter as Russia's energy squeeze on Europe bites.
At the same time, Europe's power utilities have taken to storing LNG on offshore vessels because onshore storage facilities are at maximum capacity,As a result, the amount of LNG in floating storage has hit its highest level in two years, at 1.4 million tonnes globally at the start of September, according to Kpler data cited in the report. There are at least 9 vessels storing LNG off the coasts of Europe, Asia and Central America, it said.
Traders are hoarding LNG as they see a potential opportunity to cash in on spikes in European gas prices this winter,European gas prices have soared since the start of the year, notching record highs above 340 euros as Russia choked off flows to the continent. Leaders there have accused Moscow of"weaponizing energy" in retaliation to Western sanctions imposed over the Ukraine war.
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