22-12-2016

Cold snap drives China LNG imports to record in November

LNGFF

China’s liquefied natural gas (LNG) imports jumped 47 percent in November from a year earlier to a record 2.66 million tonnes, data showed on Wednesday, as a cold snap spurred demand for gas to use in heating.

China’s buying spree, along with Japanese demand, pushed Asian spot LNG prices LNG-AS to new 2016 highs this week.

Analysts said companies bought in anticipation of better demand during the winter months in the world’s top energy market. However, temperatures in the the nation’s major cities have been milder than expected this month.

Gasoline and diesel exports from the world’s No.2 economy surged more than 60 percent year-on year to 940,000 tonnes and 1.47 million tonnes respectively. Natural gas exports rose 41 percent to 270,000 tonnes.

Kerosene shipments abroad dropped 6.1 percent to 1.28 million tonnes.

Source: Reuters 

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