Gas crisis lands LNG cargo market in hands of energy giants

LONDON/SINGAPORE : Rocketing LNG cargo prices have squeezed out dozens of smaller traders, concentrating the business in the hands of a handful of international energy majors and top global trading houses.

The capital needed to trade the market soared after benchmark LNG prices rose from record lows below $2 per million British thermal units in 2020 to highs of $57 in August. Short term market volatility has heightened risk for traders, with geopolitics rather than fundamentals driving price moves. BP, Shell, Trafigura and Glencore declined to comment. TotalEnergies, Vitol, and Gunvor did not immediately respond to Reuters request for comment.

While rising interest rates are adding to trading costs, these have not yet troubled big players, for whom increased price pressure represents a sweet spot, industry sources said.

Россия Последние новости, Россия Последние новости

Similar News:Вы также можете прочитать подобные новости, которые мы собрали из других источников новостей

Huge fire destroys warehouse at giant Paris wholesale marketA hundred firefighters brought the fire under control by mid-afternoon and there were no injuries. Read more at straitstimes.com.
Источник: STForeignDesk - 🏆 4. / 71 Прочитайте больше »