Ships carrying liquefied natural gas destined for Asia are changing tack mid-voyage to supply European consumers willing to pay a large premium, as prices across the region surge to new peaks.
For much of the year buyers in China, Japan and South Korea have outbid Europeans for shipments of the super chilled fuel, used in power stations to generate electricity.
But with storage now full across the region, uncommitted cargoes from the Atlantic basin that were heading for Asia are being turned round by their owners and sent to Europe to cash in on soaring prices and demand. On Tuesday, European gas prices leapt 23 per cent to a record €182 per megawatt hour as Russian gas flows on a key pipeline stopped.
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