China gas data - February 2015

Published at 10:10 24 Mar 2015 by . Last edited 11:17 22 Aug 2019.

In February, Chinese LNG imports were up y/y by 0.16 Mt (11%) to 1.66 Mt. This followed January, when imports were lower by 1.55 Mt (-59%); those low intakes would have seen stocks in Chinese LNG storage tanks being used up. As a result, over the first two months of the year, LNG imports are down by an average 1.4 Mt (-33%) y/y.

In February, pipeline gas imports were up y/y by 0.87 Mt (52%). As a result, total gas imports into China were higher y/y by 1 Mt (33%). The increase in gas imports came even as China experienced another month of mild weather in February, with HDDs down by 11% y/y, and 9% below the five-year average. Chinese gas demand numbers for February have yet to be published, but in January, demand was up by 1.8 bcm y/y (11%). In terms of supply sources:

- Chinese domestic gas production grew y/y by 0.41 bcm (4%) in January and 70 mcm (1%) in February.

- Pipeline imports from Turkmenistan increased again y/y by 0.72 Mt (48%), while imports from Kazakhstan declined y/y. Imports from Myanmar increased y/y by 0.17 Mt (144%).

- LNG imports from Qatar fell by 0.31 Mt (-42%) y/y, while Imports from Malaysia, Indonesia and Australia increased y/y by 0.06 Mt (25%), 0.04 Mt (23%) and 0.13 Mt (51%) respectively.

While demand was up in January, we expect most of that was due to the build out of capacity in the urban gas sector. As such, while total heating demand was likely to be down, the share of gas in that sector is likely to be up. The same cannot be said for power sector gas demand, which looks like it is struggling for traction.

Over the first two months of 2015, total power generation in China increased by 40 TWh (5%) y/y. So far in 2015, thermal generation is up by 11 GW (2%) y/y, while hydro is up by 13 TWh (14%) and nuclear is up by 6 TWh (34%), with the latter up y/y owing to capacity additions in 2014. Last year, China added 104 GW of generating plants, with 47 GW thermal, 22 GW hydro and 34 GW both nuclear and renewables-10 GW solar, 5 GW nuclear and the rest (19 GW) wind. Those capacity additions, in a power market now increasing by around 5% y/y, have meant thermal power is struggling to expand. Within that, gas-fired power generation is struggling most, as it is still at a premium to coal-fired generation.

Log in to download

Other Global LNG publications

JKM Q1 20 to hold at sub–6 $/mmbtu

Published 6 days ago

2019-12-03 Natural Gas - Global LNG - JKM Q1 20 to hold at sub–6 $/mmbtu cover
Users licensed for the data service can access LNG freight rates by clicking hereNortheast Asian..

Read more

North America – Dec 2019

Published 1 week ago

2019-12-02 Natural Gas - Global LNG - North America – Dec 2019 cover
The US gas market will primarily focus on keeping end-October 2020 stocks below 113 bcm (4.0 tcf)..

Read more

India

Published 1 week ago

2019-11-29 Natural Gas - Global LNG - India cover
Users licensed for the data service can access our India gas supply and power generation data.Ind..

Read more

Middle East & North Africa

Published 1 week ago

2019-11-29 Natural Gas - Global LNG - Middle East & North Africa cover
LNG imports by countries in the Middle East and North Africa (MENA) have fallen m/m in October, a..

Read more

Low prices and FIDs

Published 1 week ago

2019-11-29 Natural Gas - Global LNG - Low prices and FIDs cover
While the global gas market looks set for a more sideways period in terms of trading until the en..

Read more