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A Flotilla of U.S. LNG Cargoes Is Headed to Fuel-Starved Europe

  • Ten U.S. LNG cargoes have declared European destinations
  • Twenty more tankers crossing Atlantic Ocean on path to Europe
An LNG carrier ship docked at the Cheniere Energy Inc. terminal in Sabine Pass, Texas in 2016. 

An LNG carrier ship docked at the Cheniere Energy Inc. terminal in Sabine Pass, Texas in 2016. 

Photographer: Lindsey Janies

Cold-stricken Europe is drawing a flotilla of U.S. liquefied natural gas cargoes amid an energy crisis that has sent gas prices to record levels.

Facing a winter shortage and little relief from the continent’s main supplier Russia, natural gas in Northwest Europe is trading for about $57.54 per million British thermal units, up almost a third from a week earlier. That’s roughly $24 higher than Asian prices and more than 14 times higher than gas being sold on U.S. benchmark Henry Hub.