Zach Allen News
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The U.K. may have surpassed Spain last year to become the world’s third-biggest buyer of liquefied natural gas, a U.S. consultant said.
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Natural gas prices in the U.K. are the most expensive relative to New York in almost six months, attracting cargoes of liquefied natural gas across the Atlantic.
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The number of liquefied natural gas carriers anchored off Fujairah, the United Arab Emirates, has risen to 20, signaling a lull in the trade of the cleaner- burning fuel amid the receding cold weather, a consultant said.
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Crude’s biggest premium to natural gas is boosting the allure of shipping gas from North America to international buyers saddled with a 40-year-old system that links the fuel to the cost of oil.
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Unrest in Egypt may drive up the cost of importing liquefied natural gas should the crisis disrupt the operation of the Suez Canal, a transit point for at least 13 percent of the global output of the fuel, two analysts said.
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Natural gas futures rose, capping a second weekly gain in three, on speculation that an 12 percent decline in prices this year may boost demand from factories and power plants.
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Liquefied natural gas prices are surging to a three-year high as demand from Japan, China and India outpaces supply increases, boosting sales for producers from BG Group Plc to Exxon Mobil Corp.
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Record demand for liquefied natural- gas is causing the decade-long glut of vessels that carry the fuel to disappear, doubling freight rates and at least tripling profit for shipping lines Golar LNG Ltd. and Exmar NV.
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Freeport LNG’s liquefied-natural-gas terminal in Texas is sending a previously imported cargo of the fuel to Asia, according to vessel tracking data compiled by Bloomberg.
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Barclays Capital has signed an agreement with Eni SpA to supply and market liquefied-natural- gas cargoes at a Louisiana terminal in an expansion of the bank’s LNG services.
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