TELL Stock News: Tellurian jumps as LNG stocks lead energy sector to start the week
- NYSEAMERICAN:TELL gained 3.89% during Monday’s trading session.
- LNG demand surges as natural gas prices outperform oil on Monday.
- A swath of LNG projects have gained traction in major markets around the world.
NYSEAMERICAN:TELL started the week on the right foot as the broader markets rallied higher into the closing bell. On Monday, shares of TELL rose by 3.89% and closed the trading day at $5.08. US markets started the session in the red once again, although the major indices reversed course late in the day alongside an announcement that Elon Musk had acquired Twitter (NYSE:TWTR) for $44 billion. The Dow Jones saw a 700 basis point reversal to close higher by 238 basis points, while the S&P 500 and the NASDAQ both rose by 0.57% and 1.29% respectively during the session.
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Domestic LNG prices were higher on Monday, outgaining the likes of crude oil futures contracts. Natural gas prices rose by 4.62% compared to a 3.96% decline in Brent Crude futures. On the contrary, European prices of LNG declined on Monday, as a higher import of LNG eased supply concerns on the continent. The drop in European LNG to a price of 92.84 Euros per megawatt, was the lowest level since February 23rd which was the day before Russia invaded Ukraine.
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A series of new LNG projects have popped up as governments and energy companies are focussing on the increase in demand. Aside from the two major projects that will increase LNG production in both the US and Qatar, several other projects have started including a major Asian hub in Indonesia, and floating LNG plants from both Germany and the Netherlands.
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