Several US liquefied natural gas tankers traveling to Asia have changed course abruptly and headed for Europe, where natural gas can be sold at a higher profit. This was reported by the Financial Times, citing data from analysts.
On Tuesday, December 21, the price of natural gas in Europe jumped by 23% to a record 182 euros per 1 MWh. The difference between European and Asian prices is now the largest in history. “Rising gas prices in Europe have led to an unusual movement of goods,” said Alex Froley, an analyst at ICIS. For example, American tankers transporting LNG to Asia are turning to European ports, and for the first time in more than ten years, LNG cargo from Australia is leaving for Europe. According to the analyst, the American tanker Minerva Chios, which was off the coast of India on December 15 and headed east, turned and headed for the Suez Canal, apparently to reach Europe. The second American tanker is located near the Strait of Malacca. A liquefied natural gas tanker from Australia is expected in Barcelona on December 24.
Thorbjorn Torquist, founder and head of Gunvor’s largest independent liquefied natural gas trader, predicts that 15-20 liquefied natural gas tankers will go to Europe in December and January, in addition to regular shipments. “Europe is obviously attracted by prices to get the liquefied natural gas it really needs,” he said. “Without this, the situation with the reserves can be very serious. Stocks are already low and will be extremely low by the end of winter. “
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