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Europe Dealing with LNG Oversupply

NATURAL GAS

Thirty-five LNG tankers are idling or sailing slowly around northwest Europe and the Iberian Peninsula, said Felix Booth, head of LNG at ship-tracking firm Vortexa. Six of the giant tankers alone are moored in Spain’s Bay of Cadiz and there’s another cluster in the English Channel.

  • •Few unloading berths, little storage space and a contango market are all to blame for the pileup. It is part of the reason European gas prices have retreated. TTF NOV 22 down -9.9% at 114.5€/MWh

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