Winter is coming: The LNG crisis Europe cannot afford to ignore
On Friday, Bangladesh paid $28.03 per million British thermal units for four liquefied natural gas (LNG) cargoes – equal to $163 per barrel of oil. On the same day, Qatar attempted to send an empty tanker into the Gulf but, after a few hours, Al Ghashamiya turned around. These are signs of a sinister but largely unnoticed gas struggle. The US military has been marking its own homework recently as…
Europe faces a looming liquefied natural gas (LNG) crisis, as the region grapples with an inadequate storage level and rising gas prices. On Friday, Bangladesh paid $28.03 per million British thermal units for LNG, equivalent to $163 per barrel of oil, while Qatar attempted to send an empty tanker into the Gulf. The US has been escorting oil tankers through the Strait of Hormuz, following attacks that have damaged Qatar's LNG plants.
Despite a lower crude oil price, East Asian LNG is currently the most expensive since Russia cut off gas supplies to Europe four years ago. With EU gas storage at a record low, European gas demand is set to rise this winter, with the possibility of Asian countries benefiting from the situation.
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