A breakneck rally in European natural gas prices continued Tuesday, catapulting the benchmark to a new record high with premiums above Asia and the U.S. and creating massive arbitrage opportunities for U.S. liquefied natural gas (LNG) traders. Commodity traders with uncommitted LNG cargos from the Atlantic basin headed to Asia via LNG carriers are changing their routes to supply European customers willing to pay a hefty premium. Dutch front-month futures gained 33.55 euros/MMBtu over the prior day to close at 182.30 euros, a new record high The rally in European natgas has gone parabolic in recent weeks following Russia’s Gazprom PJSC’s controversial Nord Stream 2 pipeline had its certification delayed until July , Russian gas flows to the continent plunged, France’s nuclear power output slumping, Germany’s wind output declining, persistent cold weather, Europe’s overall gas supplies at unseasonably low levels, and mounting geopolitical concerns on the Russia/Ukraine border . […]