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
13 March 2026
Brussels is again weighing a cap on gas prices amid the Hormuz crisis, but the measure could backfire by deterring the LNG cargoes Europe urgently needs
12 March 2026
Emergency oil stocks provide a last line of defence to oil market shocks, so the IEA’s unprecedented 400m bl release represents something of a double-edged sword
12 March 2026
LPG could rapidly expand access to clean cooking across Africa and prevent hundreds of thousands of deaths from indoor air pollution each year, but infrastructure shortages and regulatory barriers are slowing investment and market growth
11 March 2026
Missiles over Dubai and disruption in Hormuz are testing the emirate’s reputation—and shaking the energy hub at the centre of the Gulf economy
