Tellurian stock surged amid a 10-year LNG agreement

Tellurian (TELL.US), a liquefied natural gas (LNG) developer from the United States, announced that it signed a 10-year agreement with energy trading firm Gunvor Group for 3 million tonnes per annum (mtpa) of LNG. The company said that the agreement represents the equivalent of about $12 billion in revenue over the 10-year term. 

Shares of Tellurian caught a bid after the announcement and jumped more than 20%. The price reached February’s highs, but an intraday peak from January ($4.37) is still above current levels. Also, the stock price is well below it’s pre-pandemic levels.

Last month, chairman and co-founder of Tellurian Charif Souki blamed short-sellers for a huge drop that took place in recent months (stock plunged 60% from mid-February). As a matter of fact, data compiled by Bloomberg News showed that during the last two weeks of March, short positions in Tellurian increased by nine million shares, reaching about 13.3% of the company’s traded stock.

Source: xStation5