LNG

LNG Demand: 

Chinese buyers continued exercising caution towards US-sourced LNG throughout the report period as trade relations between Washington and Beijing remained sensitive despite the easing of earlier tariff escalations. The temporary demand growth observed during July and August proved short-lived, with Chinese LNG offtakes contracting again in September and October as structural headwinds reasserted themselves. According to our data, China's monthly LNG offtakes stood at 5.51mmt in September and declined further to 5.28mmt in October, bringing total imports for the September-October 2025 report period to 10.79mmt. This represented a decrease of 1.29mmt (-11 percent) from the 12.08mmt imported during July and August, marking a reversal of the growth trajectory that had emerged in mid-year. China's annualised LNG import capacity utilisation during September-October stood at 43 percent, down from higher levels earlier in the summer.

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