Gas on the water

Bizarrely, natural gas is now worth more at sea as LNG than in underground storage. EU LNG chart deck: 14-18 Aug 2023

Europe is simultaneously awash with gas and facing a likely need to import more LNG soon — and markets are moving in odd ways to reflect this paradox.

EU gas stocks are at record highs and likely to hit maximum technical capacity as soon as late September. But even when full, EU has storage is sufficient to cover only about one-third of Europe’s winter g…