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Chinese Demand a Big Uncertainty for Global LNG Supplies in 2023

LNG

MNI (London) - Demand from China remains a big uncertainty for energy markets in 2023. IEA earlier this year reported a potential recovery in Chinese demand as a big concern for the ability for Europe to continue to attract LNG supplies to refill storage over the coming summer.

  • The first signal for potential Chinese demand recovery is less than expected according to Energy Intelligence. China’s largest LNG importer China National Offshore Oil Corp (CNOOC) only awarded 4-6 cargoes in its tender for delivery in Feb-Dec 2023 that closed last week.
  • An easing to Chinese covid restrictions may help to increase demand next year although some analysts suggest a recovery to normal gas and LNG demand may be slower than expected.
  • China remains price sensitive with sustained high spot gas price discouraging LNG imports and causing widespread switching to coal and renewable energy sources.
Energy BulletsCommodities
Energy BulletsCommodities

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