30 LNG Tankers Off The Coast Of Europe Waiting for prices to rise

[Yo_Mama_Been_Loggin]

More than 30 natural gas tankers carrying liquified natural gas (LNG) are idling, reported the Wall Street Journal, and slowing their routes off Europe’s coast, waiting for the price of fuel to rise.

As Dutch TTF December Gas Futures stabilized to 113.50 euros from a peak in August, natural gas tankers are incentivized to wait for colder weather to set in.

Why It Matters: Each LNG tanker has enough natural gas to heat a million homes per month, worth roughly $2 billion, according to Market Insider.

Until the Russia-Ukraine War, Europe relied on Russia for roughly 39.2% of its natural gas supply and is now facing its biggest energy crisis since the 1970s, the Wall Street Journal reported.

https://www.msn.com/en-us/money/markets/with-over-30-lng-tankers-waiting-off-the-coast-of-europe-us-gas-transporters-could-benefit-from-contango/ar-AA13KDgE

[AllaN01Bear]

1. greed.

[Just A Box Of Rain]

2. This is good news.

Europeans have successfully been able to replace Russian gas with other sources, including US LNG.

Europeans have so much gas available--in part due to unusually warm autumn temperature and storage systems at capacity--that natural gas prices briefly went negative.

The glut won't last as winter temps will eventually increase demand, but the free-world is breaking Putin's leverage over Europe at this critical juncture and this is good news indeed.

Slava Ukraini!