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Asia Taking LNG That Europe Doesn’t Need Amid Muted Spot Prices

LNG

Asia’s imports of LNG rose sharply in March as the region capitalised on lower spot prices to pull cargoes from Europe, according to Reuters.

  • A total of 24.16m mt of LNG arrived in Asia during March, up from 22.73m mt in February and up 11.5% on the year, according to Kpler data.
  • Despite stronger imports, spot prices remained muted in February and early March – when the bulk of the cargoes would have left for their destinations.
  • Spot prices wee at a three-year low in February at $8.30/MMBtu, down from the winter peak of $17.90/MMBtu in October.
  • Prices have lifted recently to $9.50/MMBtu, although has not been sufficient to deter price-sensitive buyers in south Asia and China.
  • China’s imports rose to 6.61m mt, up from 5.82m mt in February. China tends to buy more LNG when the JKM price falls below $10/MMBtu.
  • India’s LNG imports in March were up to a 40-month high of 2.29m mt.
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