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South Korea Could Resell, Divert LNG This Winter Amid Tank-Top

LNG

South Korea’s concerns over LNG supply overhang are increasing amid ample stocks at terminals and forecasts for milder weather in January and February, industry sources told Platts.

  • The Korean Meteorological Agency has predicted a warmer winter in Jan-Feb, compared to its earlier forecast of colder weather in Dec on account of the La Nina effect.
  • Milder weather could exacerbate the ongoing tank-top situation.
  • Kogas was heard facing high inventory levels at its major terminals in Incheon and Pyeongtaek.
  • "The company asked for deferments, and some suppliers agreed," a source at one of the producers said.
  • Market participants expect the state-run gas utility Kogas to resell prompt spot volumes of gas amid the ongoing 'tank-top' situations.
  • "China used to be the 'last resort for most Asian LNG importers who tend to overly-purchase the winter LNG volumes ahead of the winter season. However, the situation this year looks more severe than in previous years", sourced added.
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