Liquefied natural gas and crude oil are both major energy commodities, but they are different substances, handled in different ways and used for different purposes.
Liquefied natural gas, or LNG, begins as natural gas. According to the U.S. Energy Information Administration, it is cooled to about minus 260 degrees Fahrenheit until it becomes liquid. In liquid form its volume is about 600 times smaller than in gaseous form, making long-distance transport by specialised ships practical.
At the destination, LNG is usually warmed and turned back into gas before being sent through pipelines to homes, power plants and industry.
Crude oil is different. It is a liquid mixture of hydrocarbons extracted from underground reservoirs. Refineries process crude into products such as petrol, diesel, jet fuel, heating oil and petrochemical feedstocks.
LNG carriers need insulated cryogenic tanks because the cargo must remain extremely cold. Crude-oil tankers do not need the same refrigeration system.
Prices also respond to different market conditions. Oil markets focus heavily on global crude supply, refinery demand and transport routes. Gas and LNG markets are more strongly shaped by regional pipeline availability, liquefaction capacity, weather and electricity demand.
The two markets still interact. High gas prices can encourage some users to switch fuels, and conflict at a major shipping chokepoint can affect both LNG and oil at the same time.
A common mistake is to treat LNG as liquid oil. It is not. LNG is natural gas temporarily turned into a liquid for transport; crude oil is already a liquid petroleum resource that must be refined into many end products.