LNG demand from the Asian countries that represent the top five global importers has been generally weak since the start of the year. A recent uptick in buying holds out hope that final 2016 volumes may be modestly higher than 2015’s three-year low levels. But the continued flood of new Australian output means any support to prices will likely prove transient.
Imports by top global importer Japan, at 62.0mn tons in the first nine months of 2016, are down 2.2mn tons (3.4%) on the same period a year earlier and by 4.4mn tons on 2014’s record volumes. But for China 2016 is set to be a record year. Imports in each of the last two quarters were up by 1mn tons on the same period a year earlier with volumes hitting a bumper 2.26mn tons in September. For 2016, imports are on target to hit 23mn tons: smashing 2014’s previous record of 19.8mn tons (see chart, and MEES, 4 November for full data). (CONTINUED - 1095 WORDS)
