China's Yangshan LNG terminal
China well-stocked with gas for winter
Sufficient term-contract volumes and soft demand are insulating the country from the expensive spot LNG market
Soft gas demand in China means long-term contractual volumes will likely be enough to meet domestic requirements this winter, although cold snaps could still potentially push state-owned importers to dip into the expensive spot market to cover their needs. China’s apparent gas consumption in H1 declined by 0.5pc year-on-year, to 181.9bn m³, the first decline for a six-month period since 2004 and a reversal from growth of 17.4pc in the same period a year ago. Gas imports fell by 8.9pc, to 74.1bn m³, in H1, thanks to a 19pc drop in LNG imports, to 42.8bn m³. Pipeline flows, on the other hand, grew by 10pc, to 31.2bn m³, lifted by greater volumes of cheaper Russian gas. Weak demand in H1 means
Also in this section
2 April 2026
Alongside a rapid continued build-out of renewables, China’s latest five-year plan stresses the value of domestic hydrocarbon production for energy security and calls for increased Russian gas imports
2 April 2026
The government is taking important steps to revive domestic production, lift investment and benefit from the geopolitical crisis even if more needs to be done in the longer term
1 April 2026
Golden Pass’s startup offers QatarEnergy a timely boost but may also force a difficult choice between honouring disrupted contracts and capitalising on soaring spot LNG prices
1 April 2026
It is not a case of if or when, but the length and magnitude of economic damage from elevated oil prices
