• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 12 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 5 days Does Toyota Know Something That We Don’t?
  • 5 days World could get rid of Putin and Russia but nobody is bold enough
  • 21 hours America should go after China but it should be done in a wise way.
  • 7 days China is using Chinese Names of Cities on their Border with Russia.
  • 8 days Russian Officials Voice Concerns About Chinese-Funded Rail Line
  • 8 days OPINION: Putin’s Genocidal Myth A scholarly treatise on the thousands of years of Ukrainian history. RCW
  • 8 days CHINA Economy IMPLODING - Fastest Price Fall in 14 Years & Stock Market Crashes to 5 Year Low
  • 7 days CHINA Economy Disaster - Employee Shortages, Retirement Age, Birth Rate & Ageing Population
  • 8 days Putin and Xi Bet on the Global South
  • 8 days "(Another) Putin Critic 'Falls' Out Of Window, Dies"
  • 9 days United States LNG Exports Reach Third Place
  • 9 days Biden's $2 trillion Plan for Insfrastructure and Jobs
Oil Prices Remain Rangebound As Volatility Fades

Oil Prices Remain Rangebound As Volatility Fades

Oil price volatility has fallen…

Why Toyota May Have the Best Strategy in the EV Race

Why Toyota May Have the Best Strategy in the EV Race

Toyota’s revenue and earrings are…

China Is World’s Number-2 In LNG Imports

China has overtaken South Korea as the world’s second-largest importer of LNG, buying 38.1 million tons of the fuel in 2017, compared with 37.6 million tons for South Korea. The number-one importer of LNG is still Japan. This was a 46-percent annual increase in LNG shipments to China.

The 2017 import figures from China are set to rise further this year as Beijing intensifies its fight against pollution by replacing coal with gas and LNG. This urgency led to gas shortages in northern China in December, which swelled LNG imports and pushed prices on the nascent spot market higher for a while.

In December alone, China imported 5.03 million tons of LNG, customs data showed today, beating its November record of 4.06 million tons by 24 percent. The figure was also 35 percent higher than that for December 2016.

Total gas imports hit an all-time high of 7.89 million tons in that month, beating the previous record, booked in November, by 20 percent. This record-high import rate made for a fitting end to a year that saw natural gas imports into the country soar by 27 percent annually to 68.57 million tons.

Related: Trump’s Offshore Drilling Plan Is A Slippery Slope

The drive against pollution also pushed the country’s domestic gas production to a three-year high last year, at 147.4 billion cubic meters, up 8.5 percent on an annual basis.

These developments will likely turn China into a major LNG spot market swinger, Reuters’ Clyde Russell noted in a recent column. Based on historical data about seasonal demand patterns, Russell suggests that shipments of LNG to China might fall by as much as 40 percent from their December 2017 high, which will most likely weigh heavily on spot prices.

At the same time, China will not be the only factor affecting prices this year, he adds, noting the ramp-up at Chevron’s Wheatstone offshore project in Australia, and Shell and Inpex getting closer to launching their Ichthys and Prelude projects, respectively.

By Irina Slav for Oilprice.com



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News