- NYSEAMERICAN:TELL fell by 9.72% during Thursday’s trading session.
- President Biden has promised American LNG will be sent to Europe.
- The US is forecasted to become the world’s largest supplier of LNG this year.
NYSEAMERICAN:TELL extended its recent decline to five straight sessions on Thursday, as the broader market sell off hit sectors on the NYSEAMERICAN market as well. Shares of TELL tumbled by 9.72% and closed the trading day at $5.20. The LNG company has now lost nearly 11% over those five sessions, although the stock is still up by more than 54% year to date. The broader market sell off was triggered by a surge in the key 10-year treasury bond yield rate which is generally used as a barometer for market sentiment. The Dow Jones lost 368 basis points, while the S&P 500 and NASDAQ fell by 1.48% and 2.07% respectively to extend their losses for the week.
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On Thursday, President Biden made an announcement that the US would be providing LNG resources to the European Union. The deal proposes that the US will send an additional 15 billion cubic meters of LNG to Europe by the end of the year, and will also see an increase in exports to 50 billion cubic meters annually through 2030. The announcement comes as nations continue to impose sanctions on Russia, one of the world’s largest LNG suppliers.
TELL stock news
In a related headline, the US Energy Information Administration has forecasted that the US will become the world’s largest supplier of LNG this year. America will surpass Australia and Qatar, and due to the sanctions against Russia, it will rise to the top of the list in 2022. It remains to be seen if this will continue into the future and if countries will lift sanctions against Russia once the invasion of Ukraine has ended.
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