{"id":2393,"date":"2019-02-05T16:40:01","date_gmt":"2019-02-05T16:40:01","guid":{"rendered":"http:\/\/euromenaenergy.com\/?p=2393"},"modified":"2019-02-05T16:40:01","modified_gmt":"2019-02-05T16:40:01","slug":"china-lng-imports-in-jan-rise-to-another-record-amid-high-stocks","status":"publish","type":"post","link":"https:\/\/emimer.com\/?p=2393","title":{"rendered":"China LNG imports in Jan rise to another record amid high stocks"},"content":{"rendered":"<div class=\"subtitel col-lg-12\">\n<p>Reuters\/Singapore<\/p>\n<\/div>\n<p>China\u2019s imports of liquefied natural gas (LNG) rose to another monthly record in January, even as the country grapples with high gas inventories amid a warmer-than-usual winter, according to shipping data and industry sources.<br \/>\nThe world\u2019s second-largest LNG importer took 6.55mn tonnes of LNG in January, beating the previous record hit in December by nearly 2%, according to Refinitiv Eikon shipping data.<br \/>\nChina\u2019s imports last year surged 41% from 2017 after gas shortages the previous winter prompted Chinese companies to stock up on supplies and pre-order cargoes, with Beijing continuing to push millions of households to switch to gas from coal for heating.<br \/>\nBut the import growth is not wholly due to a rise in demand, said an industry source familiar with the Chinese market.<br \/>\n\u201cWhen people see these numbers, they think Chinese demand is up&#8230; but actually it is causing a headache (for importers) as (they) have overbought and can\u2019t find demand to absorb the cargoes,\u201d the source said, declining to be identified as he was not authorised to speak with media.<br \/>\nChina National Offshore Oil Corp (CNOOC) resold at least one LNG cargo in January and possibly another, an unusual move during what is typically a peak demand period and highlighting this year\u2019s warmer weather, industry sources said.<br \/>\nChinese traders are offering LNG cargoes to international buyers or selling into their domestic market at lower-than-expected prices, the first source said. The Lunar New Year holiday has also made the situation worse because factories are shutdown for a least a week, he said.<br \/>\nWholesale LNG from small, land-based liquefaction plants fell to 3,500-3,950 yuan ($519-$586) a tonne on February 2, less than half levels of last year, according to Chinese gas-price monitoring agency yeslng.com.<br \/>\nQuotes at receiving terminals in East China\u2019s Shandong and North China\u2019s Tianjin last stood at 4,500 yuan ($667) a tonne, down 17% and 5%, respectively, from late November, shortly after heating season started.<br \/>\nChina\u2019s gas demand growth should decelerate from the past two years, said James Taverner of energy consultancy IHS Markit.<br \/>\n\u201cCoal-to-gas switching mandates are moderating due to&#8230; security of supply concerns, and weakening economic growth,\u201d Taverner said.<br \/>\nThere is also limited capacity in North China for further LNG ramp-up after big increases the past two years, he said. Trade tensions between the United States and China have also tightened financial conditions, dragging China\u2019s growth last year to its weakest in 28 years.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Reuters\/Singapore China\u2019s imports of liquefied natural gas (LNG) rose to another monthly record in January, even as the country grapples with high gas inventories amid a warmer-than-usual winter, according to shipping data&#8230;<\/p>\n","protected":false},"author":1,"featured_media":2396,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[46,48,57,90,96,107,113,137,139,160,174,183,184,201,202,209,230,232,233,244,246,249,256,267,277,279,288],"class_list":["post-2393","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","tag-aramco","tag-athens","tag-baroudi","tag-democracy","tag-doha","tag-embargo","tag-energy-peace","tag-gas","tag-gazprom","tag-international-maritime-disputes","tag-lebanon","tag-maritime-boundaries-east-mediterranean","tag-maritime-disputes","tag-offshore","tag-oil","tag-opec","tag-poverty-alleviation","tag-putin","tag-qatar","tag-rosneft","tag-roudi","tag-russia","tag-saudi","tag-straddling-hydrocarbons-reserves","tag-total","tag-trump","tag-usa"],"_links":{"self":[{"href":"https:\/\/emimer.com\/index.php?rest_route=\/wp\/v2\/posts\/2393","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/emimer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/emimer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/emimer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/emimer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2393"}],"version-history":[{"count":0,"href":"https:\/\/emimer.com\/index.php?rest_route=\/wp\/v2\/posts\/2393\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/emimer.com\/index.php?rest_route=\/wp\/v2\/media\/2396"}],"wp:attachment":[{"href":"https:\/\/emimer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2393"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/emimer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2393"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/emimer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2393"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}