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China Delay LNG Cargoes on Short Term Oversupply

LNG

Northeast Asian LNG prices hold below 30$/mmbtu with China delaying some scheduled LNG imports due to excess supplies according to Bloomberg sources.

  • Several shipments for November delivery to northern China have been pushed out by a few weeks because of current high inventory levels at LNG import terminals.
  • Current mild weather and covid restrictions are limiting short term demand while a disproportionately large number of cargoes had been planned for the middle of this month. Global LNG demand has also eased thanks to EU efforts to reduce industrial consumption for example from fertilizer suppliers.
  • Weak demand in China this year has freed up supplies for countries in Europe as well as Japan and South Korea.
  • The market continues to watch for cold weather in the Northern Hemisphere with the current oversupply expected to be short-lived.
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