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China Sells US Gas to Europe

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China has resold several US shipments of liquefied earth ash (LNG) to Europe. Financial news agency Bloomberg reports based on insiders that it concerns at least three tankers full of gas for deliveries in the summer.

 

China itself is the largest buyer of LNG, but trade flows are shifting due to the high prices.

The European gas price rose to a record high last week due to the war in Ukraine and fears of disruptions to Russian gas supplies to Europe. In the meantime, the price has fallen again, and on Monday, the price fell further after reports that further negotiations between Russia and Ukraine about a ceasefire are ongoing.

European gas usually is cheaper than LNG. But now that Europe wants to get rid of Russian gas, it will have to stimulate LNG import. Meanwhile, the Russian state gas group Gazprom continues to transport gas to Europe.

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