The price of freedom (gas)
DEEP DIVE: The need to reduce gas demand - and political squabbling - has never been more urgent
Europe is on track to import more than 600 cargoes of US LNG this year
Each cargo could earn traders up to $125 million in the spot market
EU gas buyers are signing up for long-term LNG deals to mitigate spot price volatility
EU leaders are squabbling over a pointless price cap instead of fast-tracking vital demand reduction policies
If you were in any doubt about where the real money is being made during this prolonged energy crisis, look no further than commodities trading house Trafigura. The Swiss-based global trader made an eye-popping $7 billion profit in its 2022 annual results. That’s more than the company’s previous four years’ profits combined. Shareholders and top traders are divvying up a cool $1.7 billion in payouts.