Europe could have been the kingpin in this situation. When gas was dirt cheap they could have filled up their underground storage to the brim, releasing LNG cargos destined for Europe into the Asian market with a tidy markup. Europe was destined to become the market maker for LNG and it could have gone this way with just little brains. But it seems that even the tiniest speck of grey matter too much to ask in Europe. From shoo-in for a Market maker to price taker – what an evolution – backward.
Americans are likely to see the highest energy bills in years after shale drillers slowed their production expansion while demand spiked.