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
9 January 2026
OPEC+ remains on track as output falls, with only Gabon failing to hit its output targets in December, although Kazakhstan’s compliance was involuntary
9 January 2026
The Latin American producer’s crude prospects rely on a multi-pronged approach where even the relatively easy wins will take considerable time, effort and cost
9 January 2026
While many forecasters are reasserting the importance of oil and gas, petrostates should be under no illusion things are changing, and faster than they might think
8 January 2026
Indonesia and Malaysia are at the dawn of breathtaking digital capabilities. Their energy infrastructure must keep up with their ambitions
