*China imported 4.35mn tons of LNG in April, the lowest monthly figure since the ‘peak Covid’ month of March 2020, as renewed Covid lockdowns hit demand whilst plentiful availability of piped Russian gas limited the demand for more pricey LNG.
*Overland pipeline import volumes surged to a record 4.64mn tons (around 6.4bcm of gas) for April, overtaking pipeline volumes for possibly the first time (see chart). This is almost certainly the result of Russia offering China additional, possibly discounted, volumes via the Power of Siberia pipeline as it looks to compensate for revenues lost from core European customers shunning Russian gas and oil supplies (MEES, 27 May). The Power of Siberia pipeline has the capacity to ship 38bcm/y with deliveries slated to rise from 10bcm for 2021 to 15bcm this year (MEES, 29 April). (CONTINUED - 290 WORDS)
