Natural Gas News – May 3, 2022

Natural Gas News – May 3, 2022

China Flips to Selling LNG Export Cargoes

China, the world’s largest LNG importer, has become a seller of LNG export cargoes as domestic demand wanes amid pandemic movement curbs in Shanghai and fears of similar restrictions being imposed elsewhere in the country as authorities move decisively to stem the spread of COVID-19. “Except for the big three national oil companies – PetroChina, Sinopec and CNOOC– which have an obligation to ensure natural gas supply, other LNG importers were heard to have resold many of their LNG imports recently,” a trade source with an LNG terminal in south China told S&P Global Commodity Insights. LNG terminals were still profiting from selling long-term LNG cargoes in the domestic market, but reselling LNG cargoes in the international market was proving more profitable, the source said. A trade source with one of the top… For more info go to https://bit.ly/3sa3nbs

The U.S. Has Lost Its Position As The World’s Top LNG Exporter

After briefly surpassing Qatar and Australia as the world’s top LNG exporters, the United States lost the top slot to Qatar in April as volumes in the north dropped along with heating fuel demand, Bloomberg reports. Bloomberg data now shows that Qatar exported 7.5 million metric tons of LNG in April. American LNG production was somewhat reduced in April, Bloomberg notes, due to the end of the winter season and lower demand for heating fuel. With promises to help the European Union replace Russian gas and a new American export terminal due to come online soon, however, the U.S. could once again reclaim the top spot later in the year. In March, U.S. LNG exports rose 16%, according to Reuters. Soaring demand for U.S. LNG has now rebooted export projects that had previously languished, and … For more info go to https://bit.ly/38IEXiy