CNOOC Dapeng LNG terminal topped in LNG imports again in the first half of 2024, with the imports reaching 4.30 million tonnes, while PipeChina Zhangzhou LNG terminal received the least at 0.10 million tonnes, because it just started operation this year.
Source: OilChem
China's total LNG imports are expected to have reached 38.31 million tonnes in the first half of 2024, up 14.84% year-on-year, according to OilChem.
The lower international spot LNG prices, as well as the heating season in the first quarter spurred importers' buying interest, thus propelling an increase in the imports.
Source: OilChem
Russia surpassed the US as the top supplier of LNG for China, with the imports accounting for 36% of the total, mainly for its attractive prices than other suppliers.
Source: OilChem
According to OilChem's survey, China just saw only a few new long-term LNG contracts coming into effect in the first half, mainly from ENN, Shenergy and Guangdong Energy Group, with the new supply of 2.50 million t/y.
Looking ahead, the frequent rainfalls over July-August might place a cap on LNG demand, which will slightly drive lower the LNG prices in the third quarter. But the stockpiling from city gas companies for the upcoming heating season starting from October will bolster the LNG demand.
Written by Sunny Fang, fss@oilchem.net
Edited by Aggie Hu, huchenying@mysteel.com