China’s domestic price for liquefied natural gas fell to a five-year low as inventories grew and demand for heating during winter months remained short of expectations.
The domestic wholesale LNG price at key importing terminals dropped below 3,500 yuan per ton ($10.72 per million British thermal units) this week, marking the lowest since mid-2021, according to data from SCI99, a Chinese commodities pricing agency.
This marks a significant departure from typical winter patterns, where prices usually rise on higher heating demand. This year, mild temperatures and a faltering industrial and economic recovery across China have dragged domestic LNG prices lower.
At the same time, inventories have grown as incoming shipments of seaborne LNG began recovering in November after a year-long slump, though cumulative volumes remain below last year’s level. Imports of piped gas have also been increasing, according to official customs data. Terminal operators have been forced to sell off stockpiles at lower prices as tanks were 73 percent full as of December 19, SCI99 said.
“Price may remain low through the month,” Wang Ran, an analyst with SCI99, wrote in a note.
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