Ramblers taking a stroll along the coastline of north-west Europe and the Iberian peninsula are met with a strange sight: huge tankers floating just offshore.
The ships are carrying vast quantities of liquified natural gas (LNG), and are awaiting the optimum time to dock. Amid the unprecedented tumult in the gas markets, energy traders hope the more than 30 tankers – carrying a combined $2bn (£1.7bn) of LNG according to the shipping analytics firm Vortexa – can unload when the high prices of recent months return. Meanwhile, Rishi Sunak is reportedly close to signing a deal with the US to import more gas, largely extracted via fracking from its shale reserves. Here, we analyse the situation.
