China is importing less LNG despite the start of peak demand season as a large domestic gas supply leads to lower prices, reports Bloomberg.
The report also states that, on 9 November, the Chinese national average for LNG stands at $21.97 (€19.63) per million British thermal units – almost $10 (€8.93) below the Japan/Korea benchmark. China is one of the world’s largest purchasers of LNG, meaning as state-owned energy companies finish gas stockpiling and move to releasing gas from inventory, there is a larger-than-usual amount of LNG available for other Asian countries as well as Europe.
As global gas supply is disrupted by geopolitical tensions in the Middle East and the EU continues to have a ban on Russian gas, this additional LNG could help European countries that are struggling to stockpile for winter by lowering spot prices.
