What happens next is crucial. The behaviour of an importer as big as China moves prices, especially in a market under severe stress
Save time by listening to our audio articles as you multitaskThis year, during a new period of economic turmoil, China is again helping to bring supply and demand back together—albeit in a very different way. With the price of fuels surging, the collapse in Chinese purchases of natural gas and other forms of energy has been an unexpected boon to countries around the world.lng
importer in the world but, between January and August, imports dropped by a fifth compared with the same period last year. That shortfall, at roughly 14bn cubic metres, is roughly equivalent to the entire annualIndustry experts had expected imports to grow throughout the year, if not as rapidly as they had in previous ones.
. An end to the country’s “zero-covid” policies looks unlikely any time soon. But Chinese energy demand is muted even relative to last year when the approach was already in force, meaning demand may yet rise a little. The weather also makes a difference. If it is “exceptionally cold”, China could return to the spot market, notes Laura Page of Kpler, a data firm, pulling much-neededChina’s neighbours would also struggle in the face of a further squeeze.
For good reason, the Chinese policies that have crushed energy imports this year will not gain the plaudits that the country’s stimulus did during the global financial crisis. But European buyers of globally traded gas, already desperately scrambling for the imports needed to make it through the winter, will miss them if they go.
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