Asia Is Winning the Bidding War for Natural Gas Supply

Asia Is Winning the Bidding War for Natural Gas Supply
Samsung Heavy Industries LNG Carrier (Photo: Business Wire)
China and Asia are winning the bidding war for natural gas supplies as the northern hemisphere goes into the winter season with woefully low inventories and recovering demand after the pandemic. 
Just as natural gas prices surged to records in Europe and Asia, commodity-hungry China secured this week a major long-term liquefied natural gas (LNG) supply deal with top exporter Qatar.   
China is looking to secure additional volumes of long-term supply of gas while it is also bidding up LNG spot cargoes, together with wider Asia, leaving Europe with fewer spot supply and further exacerbating the European gas crisis. 
Chinese authorities are reportedly ordering state energy enterprises to secure supply for the winter “at all costs,” which, analysts say, will further drive up demand for natural gas and coal this winter.  
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