South Korea and Japan will need more gas for restocks, lending moderate support to import levels ahead of next winter.
South Korea’s gas imports will see some support from low storage levels even as the country’s demand for the fuel continues to fall. South Korea had around 2.2 bcm of gas in stock at the start of May, below the average seen in recent years. Although the country needs more gas to refill its storage facilities this year compared with last year, because demand is expected to remain weak, this will only limit the decline in imports rather than cause them to rise.
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