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After years building out export capacity and hiring traders, producers of liquefied natural gas and commodity trading houses are seizing on an unprecedented surge in the price of the fuel.
The combination of a severe cold snap in Asia, supply outages and maritime congestion has propelled spot prices for LNG to previously unforeseen heights. The North Asian price benchmark has now risen 18-fold in less than nine months, outperforming other commodities -- even Bitcoin.
Winners in this rally include Exxon Mobil Corp., which sold a cargo last week for a record $130 million to Japan, and Total SE, which secured $126 million on Tuesday in a sale to trading company Trafigura Group. Other producers, such as Royal Dutch Shell Plc and Houston-based Cheniere Energy Inc., are also taking the opportunity to offload consignments that aren’t tied to long-term supply contracts. Owners of LNG tankers, meanwhile, are reaping record charter rates.
After years building out export capacity and hiring traders, producers of liquefied natural gas and commodity trading houses are seizing on an unprecedented surge in the price of the fuel.
The combination of a severe cold snap in Asia, supply outages and maritime congestion has propelled spot prices for LNG to previously unforeseen heights. The North Asian price benchmark has now risen 18-fold in less than nine months, outperforming other commodities -- even Bitcoin.
Winners in this rally include Exxon Mobil Corp., which sold a cargo last week for a record $130 million to Japan, and Total SE, which secured $126 million on Tuesday in a sale to trading company Trafigura Group. Other producers, such as Royal Dutch Shell Plc and Houston-based Cheniere Energy Inc., are also taking the opportunity to offload consignments that aren’t tied to long-term supply contracts. Owners of LNG tankers, meanwhile, are reaping record charter rates.