Volumes of liquefied natural gas (LNG) stored at sea have increased on an annual basis this month, driven by more vessels in Asia amid high inventories and slow spot demand in Japan, China and South Korea, analysts say.
Additional supplies of the super-chilled fuel could further weigh on Asian spot prices, providing some relief ahead of summer when demand is expected to rise.
The number of vessels around Europe have dropped to average levels after operations at French terminals resumed following"Both regions have now exited what was a mild winter of 2022-2023 with higher-than-average gas stock levels for the time of the year, which will account for limited demand growth."
According to Japan's Ministry of Economy, Trade and Industry, LNG inventories of major power utilities stood at 2.42 million tonnes as of April 16.
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