Liquefied natural gas suppliers are asking clients to pay much higher rates for new long-term contracts, as a global effort to cut Russian imports is expected to keep the market tight for the next decade. The industry’s top suppliers are offering 10-year contracts that start in 2023 at rates about 75% above the price of similar deals signed just last year, according to traders with knowledge of the matter. Volatile spot prices and a worsening supply deficit outlook triggered a rush by importers to negotiate long-term deals. LNG spot rates from Asia to Europe surged to records last month as the war in Ukraine exacerbated an already tight market. Prices are expected to remain elevated for years as Europe boosts imports of LNG to curb dependence on Russian pipeline gas, outpacing additional supplies. Source: […]