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European LNG Market Share Slips in Q1

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Global LNG imports of 107.9mn tonnes in Q1 2024 were up 3% from the previous year according to ICIS tracking.

  • After a mild winter and with comfortable storage levels, Europe pulled in almost 5mn tonnes less than in the same period in 2023.
  • East Asia remained by far the largest imports region with China, Japan and South Korea and Taiwan together importing 56.4mn tonnes, up 2.3mn tonnes from the year before.
  • Europe imported 28% of global LNG volumes in Q1 24, down from 33% the year before according to an ICIS report.
  • The East Asian importers of China, Japan, South Korea and Taiwan held their market share steady at 52% of imports, the same as in 2023.
  • Meanwhile, South Asia increased its share to 9%, up from 7% the year earlier, while Southeast Asia picked up to 6% from 5%.
  • Within the East Asia region, China posted new record imports for the months of February and March, though this was offset by falls from South Korea.
  • Lower spot gas prices allowed South Asian buyers including India, Pakistan and Bangladesh to buy more, while in Southeast Asia Thailand remained strong and Vietnam was seen re-entering the market, having only ever imported one cargo before - back in July 2023.

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Global LNG imports of 107.9mn tonnes in Q1 2024 were up 3% from the previous year according to ICIS tracking.

  • After a mild winter and with comfortable storage levels, Europe pulled in almost 5mn tonnes less than in the same period in 2023.
  • East Asia remained by far the largest imports region with China, Japan and South Korea and Taiwan together importing 56.4mn tonnes, up 2.3mn tonnes from the year before.
  • Europe imported 28% of global LNG volumes in Q1 24, down from 33% the year before according to an ICIS report.
  • The East Asian importers of China, Japan, South Korea and Taiwan held their market share steady at 52% of imports, the same as in 2023.
  • Meanwhile, South Asia increased its share to 9%, up from 7% the year earlier, while Southeast Asia picked up to 6% from 5%.
  • Within the East Asia region, China posted new record imports for the months of February and March, though this was offset by falls from South Korea.
  • Lower spot gas prices allowed South Asian buyers including India, Pakistan and Bangladesh to buy more, while in Southeast Asia Thailand remained strong and Vietnam was seen re-entering the market, having only ever imported one cargo before - back in July 2023.

Keep reading...Show less