Asian market in hibernation as imports wane
An LNG tanker at South Korea’s Incheon terminal. The country’s demand for the fuel has dropped. (Kogas)
Demand across Asia’s largest LNG importers slowed further in November, with weak Japanese and South Korean imports pushing the gas market further into bearish territory.
Both Seoul and Tokyo posted reduced imports in November, with Korean demand declining by 10% year on year to 2.93 mt – the country’s ninth consecutive monthly fall in imports. South Korean imports are down by close to 3 mt over the first three quarters of the year as mild weather, returning nuclear capacity and healthy inventory levels have trimmed the need for LNG deliveries.