Global LNG Imports Could Fall 7% in February to 32.8m Metric Tons

Global LNG imports could fall 7% in February from last month to 32.8m metric tons according to Bloomberg.

• Healthy inventories, warm temperatures and the shorter month of Feb are likely to lead to a fall or unchanged LNG imports in China, Japan and South Korea.
• Chinese LNG imports could be similar to last year with healthy storage levels, higher gas production and increased pipeline imports. Gas consumption is estimated 6% more than last year at 30.8bcm in February assuming 10-year average weather.
• LNG imports to Japan and South Korea are expected to fall this summer due to higher nuclear power generation and high gas inventories. Japan’s LNG imports could remain unchanged in February with lower heating demand but also lower storage withdrawals. South Korea demand could decline due to the shorter month February.
• LNG imports into NW Europe are forecast to fall by almost a quarter from January due to low demand and high storage levels easing energy security fears.
• February forecast (m metric tons)
  • Japan at 6.5, unchanged m/m, -0.3y/y
  • South Korea at 4.5, -0.3 m/m, +0.8 y/y
  • Mainland China at 4.9, -0.9 m/m, +0.1 y/y
  • Northwest Europe and Italy at 5.5, -1.8 m/m, +0.4 y/y
  • Global demand at 32.8, -2.6 m/m, +1.3 y/y

Source: Bloomberg