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23-09-2022, 08:16 AM
Luke Pachymuthu
Senior Energy Correspondent
PUBLISHED SEP 21, 2022, 3:50 PM SGT
SINGAPORE - Prices of liquefied natural gas (LNG) are levelling out in Asia thanks to a move by China to buy less on the global market and more from Russian sellers desperate to strike deals on the sidelines.
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The deals it is making with the Kremlin means it does not have to compete with other buyers on the world market - especially Europeans rushing to build up LNG supplies before winter - and this is helping keep global prices capped.
Mr Toby Copson, global head of trading and advisory at Trident LNG, said Asia and Europe have benefited significantly from China's lacklustre dealings in the LNG spot market.
"If they had been competing, prices would have been several magnitudes higher due to how tight the market has been," he added.
China's imports of Russian LNG hit 671,105 tonnes in August, close to a two-year high, official Chinese data noted on Tuesday.
https://www.straitstimes.com/business/as...ian-supply
Senior Energy Correspondent
PUBLISHED SEP 21, 2022, 3:50 PM SGT
SINGAPORE - Prices of liquefied natural gas (LNG) are levelling out in Asia thanks to a move by China to buy less on the global market and more from Russian sellers desperate to strike deals on the sidelines.
......
The deals it is making with the Kremlin means it does not have to compete with other buyers on the world market - especially Europeans rushing to build up LNG supplies before winter - and this is helping keep global prices capped.
Mr Toby Copson, global head of trading and advisory at Trident LNG, said Asia and Europe have benefited significantly from China's lacklustre dealings in the LNG spot market.
"If they had been competing, prices would have been several magnitudes higher due to how tight the market has been," he added.
China's imports of Russian LNG hit 671,105 tonnes in August, close to a two-year high, official Chinese data noted on Tuesday.
https://www.straitstimes.com/business/as...ian-supply
