As winter approaches, colder-than-average temperatures could boost gas demand in Northeast Asia towards the end of the year.
Northeast Asia’s gas demand is expected to rise by around 2% on an annual basis over the second half of the year. Although relatively mild temperatures are expected to persist to the end of October in much of the region, the latter part of Q4 could bring more severe weather. The latest forecasts suggest below-average temperatures are likely in much of the region in late Q4. Hot weather boosted electricity demand in South Korea over the summer, increasing LNG import requirements on an annual basis. Strong requirements for heating-related gas use in South Korea over the winter would also boost the region’s gas demand.
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