In a few weeks, shipowners will be able to get more money for their liquid gas.
(Photo: REUTERS)
It seems absurd at first: Europe is in an energy crisis and tankers are driving in circles on the North Sea, full to the brim with liquid gas. Shipowners are waiting for a better price for their gas. Because it is currently being traded for just 60 euros per megawatt hour. In August, the price was more than four times as high.
Do speculators make money from the misery of the Europeans? Do you have to ban that? The opposite is true. The waiting ships show that the market works. This benefits European consumers.
Because what is currently pushing the price so hard is the full memory. These have already absorbed so much gas that it is becoming increasingly difficult to force more gas into them. As long as the temperatures in Europe are mild, it will stay that way. During this time, the waiting LNG ships act as a storage extension – increasing the amount of gas available in the EU.
As soon as it gets colder and more Europeans turn on their heaters, gas prices will rise. Traders on gas exchanges expect it to roughly double. The LNG tankers will then unload their cargo and thus cushion the price increase.
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It is not surprising that shipping companies are so sensitive to the price of gas. After all, every ship transports gas worth many millions of euros. The right time to sell can make a big difference in a dealer’s bottom line.
This behavior should be understood by anyone who is talking about capping the price of gas. The EU states recently agreed on a “market correction mechanism” that is intended to prevent price jumps. Some want to set a maximum price for imports.
Fortunately, shipowners did not take this discussion too seriously. Otherwise they would have withdrawn their ships instead of waiting to supply the Europeans with gas.
More: Waiting for better prices – Gas traders stop LNG ships at sea