“Going forward, it will be a tug of war for the marginal cargo. We do see more shift of flow into Asia and of course the prices of the LNG in Europe and Asia will, to some extent decide where the cargoes will be flowing,” Oystein Kalleklev, Flex LNG
Asia's LNG demand has picked up due to a slump in spot prices that recorded the lowest in nearly two years.
. However, overall Asian imports were only slightly higher in March as the developed economies in north Asia – Japan and South Korea – reduced LNG imports at the end of the winter, as usual. . In the week to April 6, spot LNG prices for May delivery averaged $12.50 per million British thermal units , flat compared to the prior week, per industry sources estimates quoted by Reuters. The price has slumped by 67% since December 2022 and by 82% from a record high of $70.
Unless natural gas prices globally remain bearish for a sustained period of time, Chinese LNG imports could stay weak this year, the biggest natural gas supplier, China National Petroleum Corporation , says, as carried by Booming domestic production and Russian pipeline imports would limit China’s LNG import growth, Wood Mackenzie said in an last month. In the consultancy’s base-case scenario, China’s LNG imports would be 71 Mt this year, just 7.
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