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Red Sea crisis likely to push up LNG prices in Europe
Almost 13% of Europe’s LNG supply came to Europe via the Red Sea last year, mostly from the Middle East. But Qatar Energy, the major supplier, halted voyages via the Bab-el-Mandeb Strait and the Red Sea mid-month, re-routeing its LNG carriers around the Cape of Good Hope. According to Oslo-based analyst, Rystad Energy, this adds more than 12 days to voyages each way at a speed of 16 knots. This would require 15-20 vessels to ship the same volume of gas this year as last. So far, however, there is plenty of gas in European storage and upward pressure on gas prices is unlikely before stocks have been drawn down to ... (full story)