{"id":29039,"date":"2017-12-21T07:00:23","date_gmt":"2017-12-21T12:00:23","guid":{"rendered":"http:\/\/olduvai.ca\/?p=29039"},"modified":"2017-12-21T07:00:23","modified_gmt":"2017-12-21T12:00:23","slug":"chinas-natural-gas-consumption-soars","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=29039","title":{"rendered":"China\u2019s Natural Gas Consumption Soars"},"content":{"rendered":"

China\u2019s Natural Gas Consumption Soars<\/a><\/h3>\n\"Natural<\/picture>\n
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Chinese\u00a0natural gas consumption surged<\/a>\u00a0through the first 11 months of 2017, up 19 percent year-on-year.<\/p>\n

China is the third largest consumer of natural gas in the world, behind the U.S. and Russia, and is expected to show the strongest demand growth over the coming decades\u2014propelling it to second place by 2040.<\/p>\n

As the nation’s industrial and residential sectors pivot away from coal (think: smog), natural gas demand is going through the roof, with domestic\u00a0Chinese LNG prices reaching\u00a0a six-year high in recent weeks<\/a>.<\/p>\n

One data point that highlights these tightening fundamentals is how CNOOC just rented a\u00a0convoy of 100 trucks<\/a>\u00a0to transport LNG thousands of kilometers to northern regions in China to fill supply gaps.<\/p>\n

Driven by this recent rampant rise, China is now the second-largest importer of LNG globally. Spiking demand has lifted Northeast Asian\u00a0spot LNG prices<\/a>\u00a0above $10\/MMBtu.<\/p>\n

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(Click to enlarge)<\/p>\n

Last year, China met 64 percent\u00a0of its natural gas needs<\/a>\u00a0from domestic production. Even though projections suggest that domestic natural gas production will triple by 2040 (courtesy of the largest\u00a0shale gas reserves in the world<\/a>), around a third of its needs are met\u2014and will continue to be\u2014by pipeline flows and LNG imports.<\/p>\n

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(Click to enlarge)<\/p>\n

As demand continues to rise, Chinese LNG imports have outpaced year-ago levels in every month of this year, as highlighted by ClipperData below.\u00a0While demand is seen nearly 20 percent higher in 2017, LNG imports have jumped nearly 50 percent. LNG imports\u00a0reached an outright record in November, at\u00a04.5 million metric tons:<\/p>\n

<\/a><\/strong><\/p>\n

(Click to enlarge)<\/p>\n

Australia is the leading source of Chinese LNG imports, accounting for basically a half of receipts this year. Qatar, the world’s leading LNG exporter (for now) is in second place, accounting for 20 percent of deliveries. Malaysia, Indonesia and Papua New Guinea round out the top five\u2014accounting for 90 percent of all imports in 2017.<\/p>\n

…click on the above link to read the rest of the article…<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

China\u2019s Natural Gas Consumption Soars Chinese\u00a0natural gas consumption surged\u00a0through the first 11 months of 2017, up 19 percent year-on-year. China is the third largest consumer of natural gas in the world, behind the U.S. and Russia, and is expected to show the strongest demand growth over the coming decades\u2014propelling it to second place by 2040. […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[3],"tags":[130,11619,554,17606,5332],"class_list":["post-29039","post","type-post","status-publish","format-standard","hentry","category-energy-2","tag-china","tag-matt-smith","tag-natural-gas","tag-natural-gas-consumption","tag-oilprice-com"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/29039","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=29039"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/29039\/revisions"}],"predecessor-version":[{"id":29040,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/29039\/revisions\/29040"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=29039"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=29039"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=29039"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}