China's LNG Imports Set to Drop 18% in August as Prices Soar

AI Summary

China's LNG imports are expected to decline by 18% in August due to soaring spot prices, reversing a recent growth trend. This change results from tightening global gas markets and increased competition between Asia and Europe for LNG supplies.

China’s liquefied natural gas imports are on track to slump by 18% in August from a year earlier, bucking a three-month-long trend of growing purchases this summer, as high LNG prices put off some price-sensitive industrial consumers, vessel-tracking data compiled by Bloomberg showed on Monday. The average price of spot LNG for delivery into Asia nearly doubled this month from a year earlier, as the global gas markets continue to tighten amid intense Asia-Europe competition for supply that’s not trapped behind the Strait of Hormuz.…