Europe is racing to stock up on oil and natural gas before it imposes tighter sanctions on Russian energy, showing the dash to reorganize global energy supplies in the wake of the war in Ukraine.
Terminals to import liquefied natural gas took in a record amount of the superchilled fuel for the time of year in April, according to commodity-tracking firm Vortexa. Oil imports from non-Russian suppliers, meanwhile, hit their highest level since the start of the pandemic.
Governments and companies are preparing for Russian imports to slow by seeking alternative sources in the U.S., Africa, the Middle East and Asia—as well as squeezing more supply out of Europe itself.
The hunt for new supplies is a boon for energy companies able to sell into Europe’s starved market at historically high prices. Immediate beneficiaries include commodity traders, American LNG…
