Asia Pacific: Storage
South Korean storage levels were down year on year at the start of April, while Japan’s storage situation was relatively strong.
South Korea had around 2.4 billion cubic metres of gas in storage at the start of April. The country had 2.9 bcm at the same time in 2015. With stocks at the start of spring relatively low, South Korea will need additional supplies to restock ahead of winter. However, the required volumes are not expected to be large enough to materially affect the country’s total imports over the coming months. Japan had just over 6 bcm of gas in storage at the start of April. This is higher than the average for the start of April over the past three years; and means the country had a solid level of gas in storage at the start of spring.