Like most energy importers, Japan’s gas utilities have enjoyed the collapse in crude oil prices. Yet the market is understating the risks at one utility, including its duplicate role as an energy investor. Osaka Gas , 9532 -1.49 % one of Japan’s largest suppliers of natural gas, imports liquefied natural gas that is often linked to oil prices. Though the utility passes on lower costs to customers, this comes with a lag, the effect of which is even more powerful if crude oil keeps falling. In the December quarter, Osaka Gas reported a 55.4% increase in net profit from the year before, despite a 10.5% decrease in sales. But while a sustainable oil rebound may be unlikely , neither may there be much room for it to continue falling . As some producers cut back, Brent futures are pricing a slight rise later this year. A liquefied natural gas […]