Cold snap helps drive buying spree as demand rises
China’s liquefied natural gas imports jumped 47% in November from a year earlier to a record 2.66 million tonnes, data showed on Wednesday, as a cold snap spurred demand for gas to use in heating.
China’s buying spree, along with Japanese demand, pushed Asian spot LNG prices to new 2016 highs this week.
Analysts said companies bought in anticipation of better demand during the winter months in the world’s top energy market. However, temperatures in the nation’s major cities have been milder than expected this month.
Gasoline and diesel exports from the world’s second largest economy surged more than 60% year-on year to 940,000 tonnes and 1.47 million tonnes respectively. Natural gas exports rose 41% to 270,000 tonnes.
Kerosene shipments abroad dropped 6.1% to 1.28 million tonnes.
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