NEW YORK, Jan 27 (Reuters) - Swiss bank Credit Suisse CSGN.VX said on Wednesday it planned to join a growing number of large banks trading liquefied natural gas as the market opens up.
“We expect to eventually trade LNG,” a company spokesman said, adding that Credit Suisse had no specific plans for “the very near future.”
Sources told Reuters that Credit Suisse had been looking into trading the shipped gas and that such operations would be run out of London.
Credit Suisse will follow in the steps of Citigroup (C.N), Morgan Stanley (MS.N), Goldman Sachs (GS.N) and, most recently, Barclays Capital (BARC.L), which all have entered the LNG buying game as the spot market grows.
LNG is natural gas cooled to liquid form for transport in specially designed tankers. It is delivered to import terminals and regasified for transport ashore in traditional natural gas pipelines.
While most LNG is delivered under long-term contracts, a growing spot trade is allowing more players into the market to buy and sell single cargoes. (Additional reporting by Matthew Robinson; Editing by Walter Bagley)