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(Bloomberg) — China’s imports of liquefied natural gas are surging as the nation steps up purchases to cope with rising electricity consumption over the hotter summer months.
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The country’s 30-day moving average for deliveries has jumped to 178,000 tons a day, the highest since early February, before the start of the war in the Middle East. Volumes, which have been rising since mid-April, are approaching the five-year seasonal average.
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State-owned buyers including Cnooc Ltd. have increased activity, with Chinese importers taking about seven to 10 cargoes per month in order to replace lost Qatari supply, according to traders. Major buyers have stepped up purchases since late April, while private energy firms such as Guangdong Jovo Energy Group Co Ltd. are seeking cargoes, they said.
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The war has choked shipments from the Persian Gulf. The drop in LNG deliveries from Qatar was offset by an increase from exporters including Canada, Malaysia, and Russia last month, according to ship-tracking data.
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An increase in appetite by China, the biggest buyer in the world, could intensify competition for cargoes between Asia and Europe ahead of winter restocking requirements. Currently, Europe’s 30-day moving average for deliveries is down 19% from a year earlier and has been dropping since mid-March, according to ship-tracking data.
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Cnooc Ltd. purchased several cargoes for June, July and August delivery last month, while second-tier firm Zhejiang Energy International Ltd. bought a cargo for July. The uptick is a turnaround from last year, where the nation saw sluggish demand as it relied more on cheaper pipeline gas and robust inventories, as well as other substitutes including coal and renewables.
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