China’s September LNG Imports Seen Declining for Eleventh Month

(Bloomberg) -- China’s imports of liquefied natural gas in September are poised to drop more than a fifth from a year ago, extending a slump in purchases as domestic supplies and piped flows remain robust.

The nation is expected to ship in 5.4 million tons of the super-chilled fuel in September, according to Kpler, an analytics firm that tracks shipping data to make forecasts. That would be 22% lower than Chinese customs figures reported a year ago, and would be the eleventh month of year-on-year declines.

China has seen a year of soft demand as the nation’s own gas output picks up, and pipelines from Central Asia and Russia remain active. Domestic gas production is up about 6.1% through August on an annual basis, according to data from the National Bureau of Statistics.

Higher international spot prices, coupled with weaker domestic demand, have prompted the nation’s importers to resell cargoes to take advantage of better prices elsewhere. Hot summer weather has also eased, reducing the need for spot shipments.

While sluggish Chinese consumption may provide relief for competitors in Europe, it raises concerns about a glut later in the decade as new projects come online. China also recently agreed to a preliminary pact to expand its flows from Russia with the construction of a new pipeline from next decade, which could further squeeze its purchases.

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