- Europe is now the top buyer of U.S. liquefied natural gas after a near 5x spike in U.S. LNG sales to the continent this winter, overtaking South Korea and Mexico, according to a Reuters analysis, after prices in Asia fell sharply on lower than expected demand while prices in Europe, traditionally seen as a market of last resort, have remained steady.
- U.S. LNG shipments to Europe totaled 3.23M metric tons, or 48 cargoes, in October to January, compared to 700K tons, or nine cargoes, in the year-ago period, bringing the U.S. to second place behind only Qatar as an LNG supplier to Europe.
- U.S. LNG also offers countries an alternative to piped gas and forces Russia to compete on price; Russia's Gazprom (OTCPK:OGZPY) pumps 190B cm, or the equivalent of 145M metric tons/year to Europe, 4x the current capacity of all U.S. LNG export terminals.
- Relevant tickers include LNG, D, UNG, UGAZ, DGAZ, BOIL, KOLD, UNL, GAZB
- Now read: Why GasLog Is So Very Different From Gazprom
Original article