China LNG Imports Fall Again Amid Middle East War-Driven Price Spike

China's imports of liquefied natural gas (LNG) are set to record their second consecutive monthly decline, according to Oilprice. The country's LNG flows in September are estimated at 5.3 million tons, based on Kpler data cited by Bloomberg, which is an 8% drop from the same month last year.

The significantly higher prices linked to the war in the Middle East are discouraging China and other Asian energy importers from buying LNG. Prices have doubled from a year earlier, reaching $26 per million British thermal units (mmBtu) in early September, according to Kpler data.

China's large state LNG importers are reportedly in talks with exporters that do not need the Strait of Hormuz to secure long-term LNG supplies. The country is seeking to reduce its exposure to gas deliveries from the Persian Gulf, as Qatar has extended its force majeure on exports of superchilled fuel.