More U.S. LNG cargoes head to Europe to ease energy crisis

Source: Shell

The number of tankers crossing the Atlantic with U.S. liquefied natural gas that declared Western European ports as their destinations jumped 50 per cent in just 24 hours as the continent’s energy crisis deepens.   

They are now 15, up from 10 on Wednesday, shipping data compiled by Bloomberg show. 

Plus, there are another 11 U.S. LNG cargoes with undeclared destinations whose paths suggest they’re headed for Europe, including the Minerva Chios, which left Cheniere Energy’s Sabine Pass LNG export terminal in Louisiana in mid-November and was in the Indian Ocean when it was rerouted towards Europe last week. 

Europe’s energy crises has intensified in recent days after halted nuclear reactors in France and low wind power output in Germany worsened a shortage that’s forcing countries to burn more coal and even oil to keep the lights on and homes warm.  

News of U.S. LNG cargoes heading to the continent and providing relief sent benchmark European gas prices dropping from record levels. 

Of the 15 LNG tankers that declared their ports, the U.K., France and Spain are the destinations of four each, with the Netherlands, Gibraltar and Malta getting one each.  

In addition, an LNG tanker whose destination was undeclared is moored at the Milford Haven anchorage in the U.K.

© 2021 Bloomberg L.P.

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