Energy companies and traders are raking in huge profits selling US natural gas to Europe as prices on the continent skyrocket, with a single shipment netting around $200 million of profit, according to industry experts.

US exports of natural gas across the Atlantic have surged in 2022, as companies pounce on the huge earnings on offer while European governments facing a Russian supply squeeze desperately try to fill their storage tanks before winter.

"You're not talking about a margin. You're talking about a multiplier," Laurent Segalen, an energy investment banker who hosts the Redefining Energy podcast, said about the so-called arbitrage trade.

"All in all, it's insane," he told Insider.