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High Spot LNG Prices Delay China’s Winter Stocking

LNG

High spot LNG prices and ample pipeline supply have dampened early winter LNG procurement by Chinese importers, despite declining stocks at some terminals, Platts said.

  • spot LNG prices for October delivery – the start of winter restocking - have risen above $14/MMBtu, compared to $12/MMBtu in mid-July. This is due to geopolitical risks and higher cooling demand.
  • The rise in JKM has led to delays in Chinese buying as they take a wait-and-see approach.
  • Current price levels for Chinese buyers are around $12.50/MMBtu, Platts said.
  • Demand from China is expected to be less active this winter, with limited additional demand for purchases from international markets.
  • A healthy supply of domestic and imported pipeline flows has further delayed spot imports.
  • Inventory levels in Northern China are expected to be around 50%, which could spark replenishment.
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