Global liquid natural gas
(LNG) demand has has not
been hit by COVID-19,
especially in Asia.
Asian nations have been
taking advantage of low prices.
Oil demand has plunged
as COVID-19 spread globally.
because of the sudden stop
in transport related demand,
particularly airplanes.
Residential demand
for natural gas was not
affected much.
Asian demand had been
the primary driver
of global LNG demand.
But Asian demand growth
slowed a lot in 2019,
and the world seemed
over-supplied with LNG.
Then Asian LNG demand
in the first four months
of 2020 was actually
4% above 2019, despite
the COVID-19 pandemic.
It's possible LNG cargo
deliveries were
locked in with contracts,
forcing Asian buyers
to fill available storage
capacity during their
COVID-19 lockdowns.
But Chinese buyers
are very active in the
spot market when there
are record and near record
low prices.
Storage data from China
may not be reliable, but we
do know how much LNG
they are buying.
And we know Chinese
LNG demand drives
Asian demand.
And we've got LNG to sell !
It is surprising the UK
and many EU nations
continue to focus on
expensive, intermittent
renewable energy,
instead of taking
advantage of the
low prices for LNG,
as Asian nations
have been doing.