Global Weekly LNG Imports Edge Up, Supply Rebounds

Global weekly LNG imports edged up by 1% to 7.5mn tons during 18-24 March, with China, South Korea and NW Europe ramping up imports according to BNEF.

• Chinese LNG imports last week rose by 0.26mn tons to 1.47mn tons.
• South Koran LNG imports also edged up to 0.82mn tons last week, from 0.68mn tons the week prior.
• In contrast, LNG flows into India declined by 0.3mn tons to 0.37mn tons last week.
• NW Europe and Italy’s imports rose by 0.22mn tons on the week to 1.40mn tons.
• The UK’s LNG imports rose to 0.14mn tons last week, from no imports the week prior, while flows to France, Germany and Italy edged up.
• Global weekly LNG supply rebounded by 7% to 8.4mn tons.
• US LNG shipments last week fell to 1.68mn tons, from 1.82mn tons the week prior. Loadings from Freeport LNG fell to two last week, from one shipment the week before, amid ongoing repairs on Train 1 and 2.
• Russian LNG exports last week fell by 0.15mn tons to 0.49mn tons due to lower output from Yamal LNG, where the monthly utilization rate during 1-24 March fell below the 2021-23 average.
• Qatari LNG supply last week rebounded to 1.77mn tons last week, from 1.44mn tons the week before.
• Malaysian LNG exports fell again last week to 0.43mn tons, down from 0.64mn tons the week prior. It remains unclear whether the Train 4 at the Bintulu LNG export facility has been restarted after an unplanned outage earlier in the month.