MNI China Daily Summary: Monday, December 9

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Chinese LNG Buying Interest Picks Up on Low Prices

LNG

Several Chinese LNG importers are looking to ramp up spot purchases after prices fell to the lowest since almost three years according to Bloomberg.

  • North Asian spot LNG prices dropped to $8.29/mmbtu earlier this week, the lowest since April 2021, trading sources said.
  • Shenzhen Energy Group and China Gas Holdings are currently in talks with potential suppliers for additional cargoes in the next months, sources told Bloomberg.
  • China Resources Gas Group purchases one spot LNG shipment for March delivery, a trader said.
  • China is expected to receive 17 cargoes totalling 1.01m mt in the seven days to Feb. 25, according to OilChem. This is up 18.82% from the 0.85m mt issued in the week to February 18.
  • In early January, Chinese buyers boosted LNG shipments and purchased 6-8 spot shipments driven by a sharp decline in LNG prices.
    • JKM Mar 24 up 0.2% at 9.32$/mmbtu
    • JKM-TTF Mar 24 down -0.1$/mmbtu at 1.64$/mmbtu
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