Even as ships laden with liquified methane gas are waiting off the coast of Western Europe to unload at the cost of $450,000 per day, analysts warn the deluge of gas into the continent, nearly-full storage tanks, and warm weather could cause methane gas prices to plunge dramatically. Essentially, the continent’s regasification and storage capacities are at or near their limit. At least one tanker carrying liquified methane gas — also known as liquefied “natural” gas, or LNG — appears to have diverted to Asia in search of better prices, something unthinkable earlier this year when firms paid huge penalties to break Asian contracts in order to sell their LNG cargoes to Europe at inflated prices. American LNG exports — currently reduced following the Freeport LNG explosion in Texas — are driving up domestic methane gas prices, likely squeezing families’ home heating budgets this winter. (New York Times $, CNBC)
