The Asian LNG market has started to see demand for winter popping up from China as the fourth quarter approaches, while Japanese and South Korean buyers are taking a wait-and-see stance, market sources said in the week started Sept. 11.
Sources said the market still has enough supply to meet demand at the moment while the supply might tighten in the coming months.
Unipec, a trading arm of Chinese national oil company Sinopec, has issued a tender to buy up to 25 LNG cargoes from October 2023 to December 2024, out of which, 13 cargoes are to be delivered in the fourth quarter, trading sources said.
“The 2023 cargoes are a lot, so probably for winter preparation,” said a Singapore-based trader. “The 2024 cargoes are likely for trading.”
China typically boosts LNG imports in the fourth quarter. The country imported 14.626 million mt of LNG in the third quarter of 2022, which jumped to 17.957 million mt in the fourth quarter of 2022, up 22.8% from the third quarter, according to S&P Global Commodity Insights data.
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