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Heatwaves Spurring Asian LNG Demand

LNG

Heat waves across Asia are driving demand for LNG cargoes to support cooling requirements.

  • "Spot prices are now driven by Asian demand. Temperatures in South Asia are rising due to a heatwave, increasing power demand," Siamak Adibi, principal consultant at FGE said.
  • China demand has slacked a bit but been made up by higher demand from India and the rest of Asia.
  • Asian prices are now at a near six-month peak above $12 per million British thermal units (mmBtu) and are expected to remain elevated according to LSEG.
  • South Asian LNG imports rose nearly 20% from a year earlier to 3.8 million metric tons in May according to Kpler.
  • India saw record import levels ever for May at 2.4 million tons.
  • Rising demand for cooling is set to continue as Northeast Asia enters its summer adding higher competition for cargoes targeted by European buyers for European inventory storage.
  • Northeast Asia looks set to experience higher than normal temperatures from May according to Energy Aspects.
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