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China Returns to LNG Spot Market to Secure Winter Supply

LNG

China is returning to the LNG spot market with the aim to stock up LNG for the winter period according to Bloomberg.

  • China’s Unipec released a tender to purchase LNG through Dec 2024. The importer seeks one cargo for Oct. 2023, five for Nov. 2023, seven for Dec. 2023, 1 cargo/month for Jan. 2024 to Dec. 2024, according to traders with knowledge of the matter.
  • It is not clear if Unipec’s shipments are to meet domestic demand or for use in its trading portfolio.
  • The nation’s potential return to the market could curb the availability of LNG for Europe.
  • The shift also comes as China’s LNG importers are booking more slots at import terminals, likely in an effort to build inventories ahead of the winter heating season, according to BloombergNEF. There are still more slots available at terminals than a year ago, reflecting the healthy inventory levels and sluggish economic growth that will weigh on gas demand.
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