Asia Pacific: Storage
South Korea’s need to rebuild its gas storage volumes has boosted its LNG imports.
South Korea had around 3.8 billion cubic metres of gas in storage at the start of August, an increase of 72% year on year. However, stock drawdowns during the latter part of the summer are understood to have bolstered the requirements for additional LNG imports. Japan’s stocks were up by around 3% on an annual basis at the start of August, when the country had around 5.2 bcm of gas in storage. Temperatures at the start of the winter are forecast to be around or above average across much of Northeast Asia. If the forecasts prove accurate, weather-related demand will be relatively weak, which will limit drawdowns on storage volumes in Q4.
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