China's LNG Imports Set to Plummet Amid Soaring Prices

China's liquefied natural gas (LNG) imports are expected to drop by 18% in August from last year, according to vessel-tracking data compiled by Bloomberg. This decline comes after three months of growing purchases this summer.

The average price of spot LNG for delivery into Asia has nearly doubled this month from a year earlier, reaching $21 per million British thermal units (MMBtu) in August 2026 compared to $12 per MMBtu for the same month last year. Spot prices in Asia hit a five-month high of $23.388 per MMBtu last week.

The high prices are putting off some price-sensitive industrial consumers, leading to demand destruction. China had increased its LNG imports for two consecutive months in June and July after they rebounded from an eight-year low in May.

Qatar's state-owned QatarEnergy has extended its force majeure on LNG deliveries through October-early November, raising concerns about global LNG supply ahead of the winter.