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Europe’s appetite for LNG leaves developing nations starved of gas

Financial Times LogoFinancial Times6d ago

Europe’s appetite for LNG leaves developing nations starved of gas - Financial Times

Quick Summary:

The high prices of LNG and other fuel sources have been particularly painful for countries in South Asia, which are heavily dependent on imported natural gas for electricity generation.

Even if LNG traders pay penalties to skip a contracted delivery, they can make a hefty profit by selling in the spot market where prices are much higher.

Toby Copson, global head of trading and advisory at Trident LNG, a gas trading company, said if traders can make more profit by cancelling the cargoes and selling it on to someone else at a hefty uptick, “they are going to do that every time.“The provisos in the contract do allow for this . . . It is nothing new.


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Article Details

Author / Journalist: Benjamin Parkin

Category: MarketsFinanceInvesting

Topics: Been Year Countries Spot Pakistan Traders Market Prices Financial Energy Europe

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2022-09-23, 16:39:40

News Timezone: GMT -5:00

News Source URL: ft.com

Language: English

Reading Time: 6 minutes read

Article Length: 1016 words

Coverage Area: United States

Availability: Desktop Web, Mobile Web

News ID: 497468

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About Financial Times

Financial Times Logo

Main Topics: MarketsFinanceInvesting

Official Website: ft.com

Update Frequency: 18 posts per day

Year Established: 1888

Headquarters: United States

News Last Updated: 9h ago

Coverage Areas: United States

Ownership: Independent Company

Publication Timezone: GMT -5:00

News Language: English

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Publisher ID: #3

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