Traders 'hoarding gas' at sea so they can cash in once prices surge over Europe's winter supply squeeze | Businessinsider

Traders are stockpiling liquefied natural gas at sea in hopes of profiting from a winter surge in prices.

Europe's utilities are also turning to offshore LNG storage as onshore facilities max out, per Bloomberg. For more stories visit Business Insider. Energy traders are stockpiling liquefied natural gas at sea, in a rare profit-seeking move built on hopes prices will surge this winter as Russia's energy squeeze on Europe bites.

At the same time, Europe's power utilities have taken to storing LNG on offshore vessels because onshore storage facilities are at maximum capacity,As a result, the amount of LNG in floating storage has hit its highest level in two years, at 1.4 million tonnes globally at the start of September, according to Kpler data cited in the report. There are at least 9 vessels storing LNG off the coasts of Europe, Asia and Central America, it said.

Traders are hoarding LNG as they see a potential opportunity to cash in on spikes in European gas prices this winter,European gas prices have soared since the start of the year, notching record highs above 340 euros as Russia choked off flows to the continent. Leaders there have accused Moscow of"weaponizing energy" in retaliation to Western sanctions imposed over the Ukraine war.

BISouthAfrica I’m gradually making more earnings now in my trades but with the aid of a trader that was recommended and now I'm recommending her to y'all EliDonovan01

BISouthAfrica Old trick by energy traders. Recall 2004-2008 mad era those tankers some of them carrying 2 million barrels were parked off the coasts before entering the harbour in hope oil will go up by an extra $5 which was a lot at the time.

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