Storage tanks at the Sinopec Tianjin LNG terminal
Chinese gas demand growth to slow
Consumption will continue to rise over winter, but a stalling post-Covid recovery will put a brake on the market’s expansion
China’s gas demand is set to maintain momentum through to the end of the year as the domestic market gears up for the peak winter demand season. But growth rates are likely to slip as the country’s post-Covid comeback stalls. China’s gas consumption is forecast to grow by around 17bn m³ in the second half of 2021, assuming typical winter weather towards the end of this year. This would be equivalent to a 10pc increase from the same six months of last year. While this growth is still strong, it would be a slower pace than the increase of 29bn m³—or 19pc—seen in the first half of this year. China’s post-pandemic economic recovery has been buffeted by various headwinds in recent months
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