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(Bloomberg) — China’s imports of liquefied natural gas are poised to decline for an eighth month on a year-on-year basis, according to data from Kpler, as piped and domestically produced supplies remain robust.
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Imports in June are forecast to be at about 5 million tons, figures from Kpler show, which tracks shipping data. That would be around 12% lower than a year earlier when compared with official volumes.
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China, which was the top LNG importer in 2024, has been buying less this year due to strong flows of piped gas from Russia and Central Asia, and rising local production. The nation has also cut purchases due to high spot prices, and has even moved to resell shipments abroad to take advantage of better profits.
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However, hotter weather with the start of summer in China could lead to higher demand for the super-chilled fuel in the coming months as people rely more on their air-conditioners, driving an increase in power consumption.
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More News:
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- Angola LNG offered to sell a cargo on a DES basis for mid-July to early-Aug. delivery to various locations including South America, Europe, the Middle East, South Asia, Southeast Asia and Northeast Asia
- Unipec sold an LNG cargo on a DES basis to Vitol for Aug. 14-16 delivery to Northeast Asia on Wednesday
- Vitol Asia wins a contract to supply one cargo of liquefied natural gas at $13.52/mmbtu for July 28-29 delivery
- Tokyo Gas Co. is in discussions with multiple US liquefied natural gas suppliers to secure a long-term purchase agreement, as rising energy demand leaves Japan increasingly dependent on the fuel source
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Drivers:
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- European natural gas prices steadied as a truce between Israel and Iran held and supply risks from the region dissipated, allowing traders to focus on building up reserves for next winter
- China’s 30-day moving average for LNG imports was 169k tons/day on June 24, about 7% below five-year seasonal average, according to ship-tracking data compiled by Bloomberg
- European gas storage levels were ~57% full on June 24, against the five-year seasonal average of ~66%
- Europe’s 30-day moving average for LNG imports was 206k tons/day on June 24, ~47% higher than 5-year seasonal average, according to ship-tracking data compiled by Bloomberg
- Estimated flows to all US export terminals were ~14.1 bcf/day on June 26, up ~4% w/w: BNEF
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Buy tender:
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Sell tender:
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