Liquefied Natural Gas Ltd (ASX: LNG) shares are up 17% today, and 61% in five days.

Source: Google Finance

Source: Google Finance

In fact, just this week (during only two days of trading), LNG Ltd’s share price has risen 37%.

LNG Ltd shares appear to have rallied without reason. In fact, the company was issued with a ‘speeding ticket’ yesterday, asking it to detail if there was any material reason why its shares might be rallying.

The company said it was not aware of any information.

Nonetheless, it appears someone is buying because there has been a significant lift in volume since the end of May. Between May 26 and June 6, the daily volume of shares changing hands jumped from 2 million to more than 10 million.

Are LNG Ltd shares a bargain?

This isn’t the first time LNG Ltd shares have rallied. This time last year they changed hands for more than $4 after a tremendous run-up in price. However, the subsequent fallout in world oil prices sent the company’s share price to a low of just $0.46 in April.

Indeed, despite their recent falls and rally, LNG Ltd is yet to provide investors with certainty that its two North American tolling projects will get off the ground. In turn, this likely makes any share price rally unsustainable.

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Motley Fool Contributor Owen Raszkiewicz owns shares in LNG Ltd. Owen welcomes -- and encourages -- your feedback on Google+, LinkedIn or you can follow him on Twitter @ASXinvest.

The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.