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Free AccessEuropean LNG Market Share Slips in Q1
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.
Source: ICIS
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.