Vitol Inc. reported its natural gas and LNG business segments continued to expand in 2023 despite relatively lower global prices last year.

Since Russia’s 2022 invasion of Ukraine, trading houses and energy majors have seen record volumes and profits from natural gas, particularly liquefied natural gas, as Europe moved to replace lost Russian volumes.

More than two years into the conflict, Vitol CEO Russell Hardy said “the scale of this realignment should not be underestimated” as massive amounts of LNG continue to head toward the continent.

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“Flows of LNG to Europe in 2023 were equivalent to half the global LNG market volume as recently as...