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Flotilla of U.S. LNG cargoes headed to help Europe

Christian Fernsby |
Europe is drawing a flotilla of U.S. liquefied natural gas cargoes amid an energy crisis that has sent gas prices to record levels.

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Natural gas in Northwest Europe is trading for about $57.54 per million British thermal units, up almost a third from a week earlier.

That’s roughly $24 higher than Asian prices and more than 14 times higher than gas being sold on U.S. benchmark Henry Hub.

10 tankers carrying a combined 1.6 million cubic meters of the heating and power plant fuel have declared destinations in Europe, shipping data compiled by Bloomberg shows.

Another 20 tankers carrying an estimated 3.3 million cubic meters appear to be crossing the Atlantic Ocean and are on a path to the continent. Nearly one third of the cargoes come from Cheniere Energy Inc.’s Sabine Pass LNG export terminal in Louisiana, the shipping data shows.


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