It may come as a shock to some, but crude oil wasn’t the worst-performing energy commodity in May. Judging by the headline space devoted to it, one would naturally assume no energy commodity could have it worse than crude. But LNG did, and more pressure may be on the way. LNG spot prices have been on the slide since April, reaching an all-time low of $1.85 per million British thermal units at the end of May. As with crude oil, the reason was very much the wide gap between supply and demand, already substantial before the coronavirus lockdowns but made even wider than them. Cargos were canceled, too, notably from the United States to Asia and Europe, with the number calculated at a minimum of 20 cargos for June and July. This dampened demand then pushed gas flows into LNG export facilities to a 13-year-low, suggesting that more pain […]