Asia Pacific: Storage
Gas stock levels are likely to be hit by the cold start to the winter in Northeast Asia.
Severe cold has already hit key regional markets in Northeast Asia and drawdowns on stocks in Japan and South Korea are expected to be strong in January. Both countries entered the winter with stocks below average for recent years, with levels in South Korea particularly low. This supported strong purchasing on the spot market to help rebuild storage volumes in the run-up to winter. Requirements for additional cargoes have resulted in spot LNG purchases in both countries.