North Asia ramps up stockpiling for winter to cut costly spot LNG buys
Key North Asian economies are stockpiling fuel, diversifying sources and conserving power to ensure adequate supplies for winter, as an unprecedented global energy crisis makes spot liquefied natural gas (LNG) purchases costly.
Major LNG importers – Japan, South Korea and China – have been grappling with soaring prices of the super-chilled fuel after Russia cut supplies to Europe following its invasion of Ukraine, leading to a surge in Asian spot prices as well.