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China LNG Tank Stockpiles Could Hit 90% in Aug

LNG

LNG tank stockpiles at import terminals in China could hit 90% in August, according to a note by the Qingneng Consultant.

  • This could force importers to delay seaborne deliveries, they added.
  • Overall stockpiles rose at a rate of about 10% month-on-month for the first seven months of 2023. Reaching 68% by the end of July.
  • Underground storage is expected to hit over 95% in September.
  • The high inventories and growing domestic output may force domestic suppliers to begin gas withdrawals earlier. This could also cause some downward pressure to prices unless China is hit by a colder winter that drives up demand.
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