China's May LNG Imports Rebound to 4.9 Million Tons as Summer Stockpiling Demand Picks Up
N.R. Finch
China's May LNG imports rebounded to 4.9 million tons, ending months of year-on-year decline, as falling domestic gas inventories and summer heat expectations pushed buyers back into the spot market — tightening global supply competition.
Why did imports suddenly bounce back?
May LNG imports reached 4.9 million tons, a modest year-on-year increase that broke a multi-month streak of contraction.
April imports had hit an eight-year low, dragged down by the near-closure of the Strait of Hormuz and the resulting spot-price spike.
This means → the May rebound is not a demand surge — it is a recovery from an abnormally depressed April base caused by geopolitical disruption.
Who is buying, and what are they buying?
Falling domestic gas inventories, combined with expectations of a hot summer, drove companies to step up spot-market purchases.
State-owned CNOOC bought multiple cargoes for June delivery last month; second-tier player Zhejiang Energy International also picked up a July delivery cargo.
In plain terms = both large and mid-sized buyers moved at the same time — restocking has shifted from "wait and see" to "act now."
Where did Qatar's gas go?
The Iran conflict disrupted Persian Gulf exports, and Qatar's LNG shipments to China dropped noticeably.
The Persian Gulf normally accounts for roughly one-third of China's LNG import sources — a significant gap.
Exports from Canada, Malaysia, Oman, and Russia rose, partially offsetting the Qatari shortfall.
This reflects a forced shift in China's LNG sourcing — from "Middle East–centric" toward a more diversified mix.
Why is Europe in a tighter spot?
China's demand recovery could intensify the global LNG supply squeeze — Europe is competing with Asia for remaining cargoes ahead of winter restocking.
Europe is currently falling behind: its 30-day moving average of LNG arrivals is down 13% year-on-year.
This means → if China keeps ramping up purchases, the price and difficulty of Europe's winter restocking both rise.
Why were Chinese buyers sitting out before?
Over the past year, high LNG prices pushed Chinese buyers toward pipeline gas, coal, and renewables as substitutes, keeping imports soft.
Recently, however, rising domestic gas prices have prompted importers to reassess their LNG procurement strategy.
Put simply = buyers stayed away because LNG was expensive — now domestic prices have climbed too, making LNG competitive again.
Content is for reference only, not financial advice.