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Snapshot of LNG market dynamics: February 2020

By Dumitru Dediu


Helps leading energy and capital-intensive companies with shaping their strategies and work in M&A, commercialization, negotiations, and transformations (including digital), bringing particular expertise in the gas and broader energy sector


Berend Heringa
Brings expert knowledge on oil and gas strategy, energy-market forecasting, proprietary data, and advanced analytics.
By Mateusz Czajkowski
March 23, 2020Given weakening economic activity, Chinese LNG demand in February 2020 accounted for 4 MT, a 7 percent drop compared to the previous year. Elsewhere, the impacts of the COVID¬19 pandemic on economic activity and LNG demand were less clear. Japan, South Korea, and Taiwan imported 13 MT, an 11 percent increase compared to February 2019. Other markets in Asia also grew to 4.7 MT, a 39 percent increase on the previous year, reflecting growing imports into Bangladesh in particular. European imports continued to strengthen despite relatively high levels of storage. European LNG imports were 9 MT, slightly higher than January but 46 percent higher than February 2019. In February, global LNG supply reached 31.8 MT, a 14 percent increase on February 2019 but an 8 percent reduction on January 2020. The supply decline is a result of both Australia and Qatar providing 0.9 MT less than the previous month. In Australia, North West Shelf accounted for half of the decline. US projects reduced exports by 0.7 MT, with Sabine Pass, Freeport, and Elba Island reducing exports by 0.3, 0.2, and 0.1 MT, respectively. On aggregate, Chinese demand for January and February was down 8 percent on 2019—an unprecedented fact. We will continue to monitor how the situation evolves over the coming months.

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https://www.mckinsey.com/industries/oil-and-gas/our-insights/petroleum-blog/snapshot-of-lng-market-dynamics-february-2020

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