China smashes LNG growth record – here’s why
Report summary
Table of contents
- Highlights
-
LNG Demand
- China sets growth record and overtakes South Korea as the 2 nd largest LNG importer
- LNG demand in Northern China is growing quickest
- Winter LNG imports could have been higher, but were constrained by terminal and trucking capacity
- Seasonality of LNG imports varies by region: not just a winter heating story
-
LNG Trade
- China is no longer over-contracted on a national basis
- China looks further afield for LNG and boosts its shipping demand
- LNG Corporates
- CNOOC's market share declined due to stronger LNG demand in the north
- PetroChina's spot purchase reached 4.5 Mt in 2017
- Sinopec was still over-contracted in 2017
-
LNG Infrastructure
- Insufficient storage capacity continues to be the Achilles' Heel
- Utilisation rates of terminals increased, and capacity became a constraint in winter
- Third-party access (TPA) progressed slowly and LNG terminal ownerships diversified
-
LNG Prices
- China's average LNG import price increased, but the gas bill is a fraction of total energy trade
- Spot LNG is competitive, except in winter
- LNG downstream markets experienced huge price volatility in winter
- What to watch in 2018
Tables and charts
This report includes 17 images and tables including:
- LNG demand growth in 2017 by region
- Monthly LNG imports 2015- 2017
- LNG supply structure 2017 vs 2016
- Spot LNG purchase in 2017
- China LNG imports by source country
- China LNG imports by supply basin
- China LNG imports by supply basin (tonne-miles)
- China LNG imports by average distance travelled
- China LNG imports by supply basin (tonne-miles)
- Monthly imports by CNOOC and its JVs in 2017
- Monthly imports by PetroChina in 2017
- Terminal utilisation rates
- Average LNG import price and total imports value
- Average import price by supply country, 2017
- Total value of China's fossil fuel imports
- LNG vs. Central Asia piped gas at city gate
- Industrial end-user prices (indicative) in Hebei province, North China
What's included
This report contains:
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