• 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
  • 2 days GREEN NEW DEAL = BLIZZARD OF LIES
  • 3 days The United States produced more crude oil than any nation, at any time.
  • 8 days e-truck insanity
  • 3 days How Far Have We Really Gotten With Alternative Energy
  • 7 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 6 days James Corbett Interviews Irina Slav of OILPRICE.COM - "Burn, Hollywood, Burn!" - The Corbett Report
  • 7 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 8 days Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 8 days "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 11 days Bankruptcy in the Industry
The AI Revolution Has a Problem: Energy

The AI Revolution Has a Problem: Energy

On the one hand, artificial…

North-East Asia LNG Imports To Decline For First Time Since 2013

Imports of liquefied natural gas (LNG) into Northeast Asia are set to decline in June from May, for the first time on record dating back to 2013, amid slowing economies and high storage levels, Reuters reported on Tuesday, citing ship-tracking data from Refinitiv.

Typically, LNG demand in the biggest importers of the super-chilled fuel in Northeast Asia—Japan, China, South Korea, and Taiwan—increases month on month in June because of higher gas demand for air conditioning in northern hemisphere summers.  

This year, however, Northeast Asian imports are set for a decline this month compared to last month, with Chinese LNG imports seen as the main drag on lower imports. China’s LNG imports are expected to fall by 9 percent in June compared to May due to the slow switch from coal to natural gas as economic growth weakens, according to Reuters estimates.  

The key LNG importers in Northeast Asia are also expected to see the growth in their monthly LNG imports drop in the first half of this year for the first time since 2015, according to Refinitiv data crunched by Reuters.  

While global LNG supply is expected to grow by 14 percent this year, slowing demand growth in Asia may not be enough to absorb all the supply that’s due to come online this year, James Taverner at consultancy IHS Markit told Reuters.

China breakneck demand surge of the past two years is expected to slow this year as Beijing is determined to avoid severe shortages by boosting pipeline connectivity, building more storage and import terminals, and raising domestic natural gas production.

“Economic slowdown, a more considered approach on coal-to-gas switching and increased domestic infrastructure availability will mean LNG demand will slow in 2019, from the 40-45% growth we have seen in 2017 and 2018,” energy consultancy Wood Mackenzie said in its 2019 LNG outlook in early January.

“But China will still grow at around 20%, by far the largest source of LNG demand growth in the global market,” according to WoodMac.  

ADVERTISEMENT

By Tsvetana Paraskova for Oilprice.com

More Top Reads From 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