Liquefied natural gas deliveries extended the highest rate in a year as Asia and Europe refilled inventories drained over the winter, and as pandemic-ravaged economies slowly start to reopen.
Imports jumped 5.8% in March from a year prior, the biggest growth since March 2020, ship-tracking data accumulated by a source
showed. Demand for the fuel usage in heating and power generation had been steadily growing before Covid-19, as nations shift away from coal-fired power over climate apprehension.
While European imports bounced back as dwindling stockpiles and strong spot prices attracted cargoes from US export projects, Asian importers anchored the growth. Chinese shipments surged more than 30% in March among an effort by the nation’s new pipeline operator to open terminals to gas distributors. Supplies to Bangladesh and Pakistan also rose on the back of spot buying.
LNG imports into Western Europe in March reached the highest levels since record volumes delivered in December 2019. Supplies from the U.S. made up nearly 30% of shipments. Global exports of the fuel in March rose 4.2% from year-ago levels.
Productivity from the US surged to a record high as projects ramped up production, while exports from Algeria, Oman and Egypt also expanded.
