Chinese imports of liquified natural gas (LNG) were at record levels in January despite high inventories caused in part by relatively warm winter temperatures. The U.S. Energy Information Administration (EIA) said on Friday that the United States imported about 1.07 million barrels per day (bpd) of liquefied natural gas, or LNG, from China during January. Importers are thought to have overbought stocks that they are now struggling to offload and are offering LNG cargoes to international buyers or are selling them domestically at reduced prices.
Chinese imports of liquified natural gas (LNG) were at record levels in January despite high inventories caused in part by relatively warm winter temperatures. Imports reached 6.55 million metric tonnes (mt), a 2% increase compared with December, which held the previous record, according to data from Refinitiv Eikon. Importers are thought to have overbought stocks that they are now struggling to offload and are offering LNG cargoes to international buyers or are selling them domestically at reduced prices.