In the commodities super cycle that has emerged out of the COVID-19 pandemic, few resources have seen as much volatility as liquified natural gas (LNG).

From record lows to record highs in less than 18 months, LNG’s ups and downs are perhaps rivalled only by crude oil, whose 300% plunge to -$40 a barrel in April 2020 is one for the history books, and one for future economics students to ponder.

But unlike oil’s flash crash, LNG’s roller coaster has been a much more sustained affair, taking it from a pandemic low of $1.85 per million British thermal units (mmBtu) in May 2020, to almost $36 mmBtu today - an increase of more than 1,700%.

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