• 2 hours Expected:Trump Cancels Summit With North Korea Scheduled For Next Month
  • 6 mins Why Alberta Will Win The War Over Trans Mountain
  • 2 hours Elon Musk Goes Full Conspiracy Theorist, Blames Big Oil for Tesla's Negative Media Coverage
  • 1 min How Much Oil Could EVs Feasibly Displace by 2040?
  • 5 hours "US fiscal outlook not good"-Goldman Sachs
  • 6 hours Russia and Saudi To Discuss Relaxing Oil Production Caps
  • 3 hours Saudi Arabia Ready to Start Pumping More Oil
  • 3 hours Brent Crude Oil Tops $80!
  • 7 hours Saudi Aramco IPO Seems Unlikely
  • 2 hours Democrats Urge Trump to ‘Stand Up to OPEC’ Amid Rising Oil Prices
  • 14 hours How Lousy Shale Oil Economics Will Pull Down The U.S. Economy
  • 8 hours High Oil Prices Becoming Herd Mentality
  • 14 hours Water-Based Battery Claims Exceptional Scalability
  • 4 hours Iran and sanctions
  • 2 hours Russia/Germany Pipeline Really A Security Threat for US?
  • 4 hours How is Pruitt still around?
Crude, Gasoline Prices Slip On Inventory Build

Crude, Gasoline Prices Slip On Inventory Build

Both crude and gasoline prices…

EV Revolution Could Wipe Out $21 Trillion In Oil Revenue

EV Revolution Could Wipe Out $21 Trillion In Oil Revenue

Market research company Aurora Energy…

China Is World’s Number-2 In LNG Imports

Cheniere LNG

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

Oilprice - The No. 1 Source for Oil & Energy News