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Record Asian LNG Demand in Dec Set Against Higher Supply

LNG

LNG imports to Asia rose to a record 26.61m metric tons in December from 23.35m tons in November but set against higher global supplies according to Kpler.

  • China's imports surged to the highest since January 2021 at 8.22m tons in Dec from 6.97m tons in November while imports to Japan rose to 6.78m tons from 5.40m in Nov. South Korea imported the most since February 2021 at 5.10m compared to 4.19m in November.
  • Europe's LNG imports also rose to the highest since April to 11.80m tons and up from 10.81m in Nov.
  • Spot prices remained subdued with the weekly spot index at $11.70/mmBtu in the week to Dec 29 according to Reuters as shipments from Australia and the US reached hit all-time highs. Spot cargo demand has been limited in early winter due to mild weather in both Asia and Europe.
  • The US shipped a record 8.56m tons in December, up from 7.51m tons in while Australia exported a record of 7.26m tons compared to 6.61m the previous month. Qatar shipments were also strong up on the month to 7.11m tons.
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