LNG cargoes in floating storage are stacking up to near-record levels once again ahead of the heating season as the spot market becomes a more crucial part of the early winter cycle.

As natural gas marketers jockeyed for the highest price and ships congregated around congested import terminals last November, the volume of liquefied natural gas in floating storage hit what was then a record high of 0.75 million tons (Mt), according to data from Kpler. A cargo is typically considered floating storage if the vessel has been on the water 30 days or longer.

That record was broken again the week of Oct. 29, when 0.80 Mt of LNG was recorded in floating storage around Europe and Asia. Since then, the amount of LNG in floating storage has held around 0.7 Mt and rose slightly to 0.74 Mt...