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China boosts LNG imports in June as summer demand approaches
June LNG imports rose 8.3% year over year to 5.68 million tons, marking a second straight month of increases as global supply tightens.
China increased liquefied natural gas imports for a second consecutive month in June, positioning for peak summer power demand, OilPrice reported. According to official customs data cited by OilPrice, Chinese LNG imports climbed 8.3% year over year to 5.68 million tons in June. The month followed earlier weakness, with arrivals having fallen versus the year-ago period across February, March, and April before recovering in May after buyers began purchasing more cargoes in mid-April. OilPrice said the stronger Chinese intake is expected to tighten the global LNG market in the coming months. The outlook is complicated by Qatar LNG being described as off the market again due to renewed closures of the Strait of Hormuz amid renewed hostilities in the Middle East, with Asia and Europe competing more aggressively for alternative cargoes. OilPrice added that Asia has been winning more of that cargo competition, leaving Europe to scramble to refill gas storage sites that ended the heating season with multi year lows. The outlet also said China’s large state LNG importers are reportedly in talks to secure longer-term supplies from exporters that do not depend on the Strait of Hormuz.
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