Asia Pacific: Trade
The potential for seasonal increases in Northeast Asia’s LNG requirements this summer is already heating up the market.
Higher-than-average temperatures are forecast for Japan this summer, which will support seasonal demand if realised. LNG imports received a boost in Japan and South Korea at the start of the year, with volumes entering Japan rising by 15% year on year in January and South Korea taking 27% more. Demand in both countries is expected to be weak through the spring. But with relatively low volumes of gas in store during the winter and the potential for strong seasonal demand for gas-fired power, LNG requirements during the peak summer months look likely to rise on an annual basis.