01-11-2017, 01:43 AM
https://www.bloomberg.com/news/articles/...nt-for-lng
The year has started off with a very cold snap, meaning Europe will have to pay a premium to stay warm.
European countries from France to Greece are losing out in a search for liquefied natural gas cargoes amid a freezing spell, as ships sail to buyers in Asia willing to pay a higher price to meet peak winter demand.
Buyers in northeast Asia, the biggest consumer, are paying a two-year high of about $9.90 per million British thermal units for spot LNG cargoes shipped from Qatar or the U.S., meaning European countries, where prices have typically been lower, need to pay more. Hub prices in France’s southern hub almost doubled over the past month to about $11.40 a million Btu on Jan. 9 on the Pegas exchange in Paris, the highest on record.
The year has started off with a very cold snap, meaning Europe will have to pay a premium to stay warm.
European countries from France to Greece are losing out in a search for liquefied natural gas cargoes amid a freezing spell, as ships sail to buyers in Asia willing to pay a higher price to meet peak winter demand.
Buyers in northeast Asia, the biggest consumer, are paying a two-year high of about $9.90 per million British thermal units for spot LNG cargoes shipped from Qatar or the U.S., meaning European countries, where prices have typically been lower, need to pay more. Hub prices in France’s southern hub almost doubled over the past month to about $11.40 a million Btu on Jan. 9 on the Pegas exchange in Paris, the highest on record.