What has been happening with this summer's gas imports? In July we saw LNG imports crash -17% year-on-year, while pipeline imports from Central Asia soared. One month later and the situation dramatically reversed. LNG imports in August were up around 60% year-on-year, while pipe imports fell by 50%. Deferred cargoes and take-or-pay obligations appear to be behind the volatility. Elsewhere, power demand continues to outperform expectations and China's emerging LNG buyers have been signing more contracts.