{"id":3061,"date":"2023-05-02T03:21:46","date_gmt":"2023-05-02T07:21:46","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/commodities\/column-asias-lng-imports-slip-as-soft-china-japan-outweigh-stronger-india-russell\/"},"modified":"2023-05-02T03:21:46","modified_gmt":"2023-05-02T07:21:46","slug":"column-asias-lng-imports-slip-as-soft-china-japan-outweigh-stronger-india-russell","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=3061","title":{"rendered":"Column-Asia’s LNG imports slip as soft China, Japan outweigh stronger India: Russell"},"content":{"rendered":"
\n

By Clyde Russell<\/p>\n

LAUNCESTON, Australia (Reuters) – Asia’s imports of liquefied (LNG) fell in April as major buyers China and Japan trimmed purchases, offsetting small gains among South Asian countries.<\/p>\n

The total volume of the super-chilled fuel imported was 20.86 million tonnes in April, down from March’s 22.23 million and 22.19 million in February, according to data compiled by commodity analysts Kpler.<\/p>\n

At the same time that volumes were slipping in Asia, Europe was buying more LNG, with imports rising for a third straight month in April, reaching 12.50 million tonnes, the most since December.<\/p>\n

Europe’s LNG demand has shifted structurally higher as pipeline supplies from Russia were curtailed in the wake of Moscow’s invasion of Ukraine in February last year.<\/p>\n

However, the healthy state of European gas inventories does raise the possibility that LNG imports will steady or drop somewhat in coming months as utilities pare purchases for stock-building.<\/p>\n

Conversely, Asia’s LNG purchases may increase as price-sensitive buyers such as India and Pakistan ramp up imports amid a declining spot price.<\/p>\n

The price of spot LNG for delivery to north Asia dropped to $11.05 per million British thermal units (mmBtu) in the week to April 28, the lowest since June 2021.<\/p>\n

The spot price has now slid 71% since its northern winter peak of $38 per mmBtu in mid-December, and is down 84% from its record high of $70.50, reached in late August as European utilities scrambled to source enough gas to cover the winter demand peak.<\/p>\n

Even though the spot price has dropped considerably from its peaks, it’s worth noting that it is at the upper end of the $1.80 to $11.60 per mmBtu range that persisted from the start of 2015 to December 2020.<\/p>\n

This means that while the price is now low enough to tempt buyers that had withdrawn from the market during last year’s surge, it’s still at a level that wouldn’t be considered a bargain.<\/p>\n

Nonetheless, Indian utilities are coming back into the market, with Kpler estimating April imports of 1.98 million tonnes, up from 1.84 million in March and the most since May last year.<\/p>\n

Pakistan imported 650,000 tonnes in April, up from 570,000 in March and the highest monthly total since the 660,000 in January.<\/p>\n

Imports by Bangladesh were assessed at 490,000 tonnes in April, up from 450,000 in March, with these past two months being the strongest since June 2022.<\/p>\n

JAPAN, CHINA DIP<\/p>\n

The higher demand from South Asia wasn’t enough to offset declining purchases by Japan, which last year reclaimed its title as the world’s biggest LNG buyer from China.<\/p>\n

Japan’s April imports were assessed at 5.16 million tonnes, down from 5.57 million in March, and the weakest month since October last year.<\/p>\n

However, it’s worth noting that Japan’s LNG imports typically follow a seasonal pattern, rising for winter and summer and tailing off in the shoulder seasons between these demand peaks.<\/p>\n

China’s LNG imports have yet to show any meaningful recovery, despite signs of stronger energy demand in the world’s second largest economy.<\/p>\n

April imports were 5.23 million tonnes, down from March’s 5.48 million, but up from 4.99 million in February.<\/p>\n

It’s also worth noting that China’s April performance was an increase from the April last year, when 4.61 million tonnes were imported.<\/p>\n

The lower spot price may well encourage higher imports of LNG by China, although in the past volumes have only picked up significantly when the spot price dips below $10 per mmBtu, as this allows LNG to be competitive in China’s domestic markets.<\/p>\n

Similar to China, it will probably take even lower spot prices to meaningfully boost imports by India and other South Asian nations.<\/p>\n

The opinions expressed here are those of the author, a columnist for Reuters. <\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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