Reports
Asian countries increase their purchases of LNG before winter
Asian countries decided to play it safe and increase their purchases of reduced natural gas (LNG) ahead of next winter on the back of news about potential restrictions on energy supplies from Russia.
Asia’s largest LNG buyers have increased their purchases of fuel in case of potential restrictions on Russian energy supplies. For example, South Korea has already paid for more than 10 cargoes of LNG, which will be delivered in the winter. Japan is trying to get gas in the fall. The same strategy is being pursued by Taiwan, whose largest oil and gas company with CPC has returned to the market to purchase fuel.
And Bloomberg noted that despite the resumption of supplies via Nord Stream, European countries will still try to increase the pace of LNG purchases, and thus become a competitor to Asia. At the same time, Asian countries are trying to buy in advance, before a possible price increase or fuel shortage.
At the end of May, Bloomberg reported that the liquefied natural gas (LNG) market could approach a historic deficit this winter due to the desire of importers to hoard this fuel.
Europe’s plan to cut Russian gas imports through pipelines by two-thirds by the end of the year and replace it with liquefied natural gas from the United States and Africa is intensifying competition for fuel.
