Europe Gas Rises With Supply Risks as LNG Cargoes Idle at Sea
- Floating tanker volumes at the highest in over two months
- High storage levels, stalling demand pushing fuel to Asia
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Liquefied natural gas stored on ships jumped to its highest level since May in a sign that weak demand and high inventories in Europe are pushing the fuel toward Asian markets.
The volume of LNG that has stayed on the water for more than 20 days topped 3.1 million metric tons this week — well above the average for the season — according to data compiled by Bloomberg. It comes as European gas storage levels are almost 84% full, lowering the immediate need for additional supplies amid higher flows from Norway and persistently sluggish industrial demand.