Healthy storage volumes in Japan will limit the upside for restocks.
Japan’s storage volumes were around average at the start of May, putting the country in a strong position before the peak summer demand period and limiting the need for restocks over the coming months. Japan continued to rebuild its stocks during the summer months last year, with its stored volumes rising to 5.8 billion cubic metres by the start of September 2016. In contrast, South Korea had just under 2 bcm of gas in storage at the start of May 2017, down 20% year on year, and 46% below the average for the past three years.
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