Jan 2, 2026 : Asia spot prices flat amid muted demand
Asia spot prices flat amid muted demand, ample supply - Reuters
India’s gas output falls 2.4% in Nov; LNG imports rise 3.7% - Economic Times
Russia’s Sanctioned LNG Finds a Growing Market in China - OilPrice.com
China receives 22 shipments of LNG from sanctioned Russian projects in 2025 - Reuters
U.S. LNG exports hit record highs as Ottawa seeks to boost Canada’s modest output - Globe and Mail (Subscription)
7-Day Period: December 26, 2025 - January 2
China Shadow Fleet Operational: China received 22 sanctioned Russian LNG cargoes via dedicated Beihai terminal, establishing state-directed sanctions circumvention corridor valued at $500M+. Arctic LNG 2 winter constraints limit exports to 13% capacity.
South Korea Policy Contradiction: Seoul commits to retire 40 of 61 coal plants by 2040 while negotiating 3-9 mtpa U.S. LNG imports through 2039, creating structural demand despite target to reduce LNG share from 20% to 10.6% by 2038.
Asia-Pacific Supply Repositioning: Japan's North American LNG imports set to triple by 2030. New Zealand domestic production halved since 2017, positioning for 2028-2029 LNG import requirement. Vietnam's PV Gas commits $3.8B to LNG infrastructure through 2030.
Supply Developments: Cheniere's Corpus Christi Train 4 achieves substantial completion. Russia's first domestically built Arc7 LNG carrier operationalized. Russian LNG production down 3.3% year-to-date.
PRICE ENVIRONMENT: Asian spot flat at $9.60/MMBtu despite record December supply of 42 million tons. U.S. gas futures jumped to $4.65/MMBtu on record LNG feedgas flows of 18.8 bcfd.