As many EU states have partially or completely suspended Russian gas imports, they have to search for new gas suppliers. Сompanies, which export US energy commodities, rushed to help the EU. However, they are doing it not out of pure altruism but for high profit. Taking into account the current energy prices, their profits are growing rapidly.
Switzerland has recently drawn attention to the superfluous profits of gas suppliers. The country believes that the United States and intermediary companies have been making decent gains amid the energy crisis in Europe, with a single shipment netting around $200 million of profit. According to Blick, energy prices are surging as the EU governments facing a Russian supply squeeze desperately try to fill their storage tanks before winter. However, natural gas remains cheap in the US. Therefore, companies engaged in gas deliveries make big money by selling US LPG to Europe.
Analysts at Blick also point out that in North America, there is an abundance of oil and gas, referring to hydraulic fracturing. The recent data has only confirmed their estimates. Just a year ago, the export of liquefied natural gas to Europe was 20%. Since the Ukraine crisis, this figure has spiked to 60%. Blick also notes that the price difference [for gas] in the US and the EU is huge. It means that the US sets higher prices for gas exports to European countries.
Large energy companies such as France's TotalEnergies as well as major trading houses such as Trafigura and Gunvor in Switzerland are some of the key players buying and selling US natural gas.
