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LNG
South Korea is likely to see less of an impact from supply cuts than Japan should strike action take place at Australian LNG facilities, according to BNEF.
- South Korea’s has more robust inventory levels and is less dependent on the three projects - Wheatstone, Gorgon, and North West Shelf LNG – which are threatening industrial action.
- In the event of strikes, which Bloomberg forecasts would likely be short lived and span several weeks, Japanese storage volumes are likely to fall below the 4-year average in September, while Korean storage levels should remain above.
- Japan is also more reliant on the three Australian projects -– for contractual volumes. These projects supplied Japanese buyers with 18m mt of LNG in 2022, or 28% of projected imports for 2023.
- Korea only has 0.5m mtpa of contractual supply from the three facilities but acquired 6m mt in total in 2022 when including spot volumes.
Source: Bloomberg
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.
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