Asia Pacific: Storage

South Korea’s efforts to build storage levels have boosted spot LNG requirements, but the need for storage volumes has now largely been met.

South Korea had around 2 billion cubic metres of gas in stock at the start of October, down by 49% year on year. The country’s push to rebuild storage volumes saw Kogas buy additional cargoes on the spot market. However, the requirement for pre-winter stocks has now been met, with any further need for additional LNG volumes likely to be driven by other sources – such as heating-related demand. Japan had around 5 bcm of gas in storage at the start of October, down by around 3% year on year.