China, the world’s largest liquefied natural gas importer, increased its LNG imports by 19.3 percent in January-February compared to the same period last year, according to customs data.
Data from the General Administration of Customs shows that the country received 13.20 million tonnes during the first two months of this year.
In January, China’s LNG import terminals took 7.25 million tonnes of LNG, up by 22.9 percent year-on-year, while in February LNG imports rose 15.2 percent to 5.95 million tonnes, the data shows.
Natural gas imports, including pipeline gas, during the first two months of this year reached about 22.10 million tonnes, rising 23.6 percent compared to 17.87 million tonnes in the same period in 2023.
Several reports previously said that Chinese buyers were buying spot LNG cargoes due to low JKM prices and also to rebuild inventory after the Lunar New Year holiday.
JKM for April settled at $8.521/MMBtu on Friday.
China’s LNG imports rose 12.6 percent in 2023, and the country overtook Japan as the world’s largest LNG importer.
The country received about 71.32 million tonnes in the January-December period.
This is a rise compared to about 63.44 million tonnes of LNG in 2022 when imports dropped due to very high spot LNG prices and Covid lockdowns.
Stuart Turley is President and CEO of Sandstone Group, a top energy data, and finance consultancy working with companies all throughout the energy value chain. Sandstone helps both small and large-cap energy companies to develop customized applications and manage data workflows/integration throughout the entire business. With experience implementing enterprise networks, supercomputers, and cellular tower solutions, Sandstone has become a trusted source and advisor. He is also the Executive Publisher of www.energynewsbeat.com, the best source for 24/7 energy news coverage, and is the Co-Host of the energy news video and Podcast Energy News Beat. Energy should be used to elevate humanity out of poverty. Let's use all forms of energy with the least impact on the environment while being sustainable without printing money. Stu is also a co-host on the 3 Podcasters Walk into A Bar podcast with David Blackmon, and Rey Trevino.
Stuart is guided by over 30 years of business management experience, having successfully built and help sell multiple small and medium businesses while consulting for numerous Fortune 500 companies. He holds a B.A in Business Administration from Oklahoma State and an MBA from Oklahoma City University.
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