China is reducing LNG purchases and increasing re-exports.
Chinese companies may increase the resale of liquefied natural gas amid abundant domestic resources and weak demand.
According to Bloomberg data on Nov. 9, domestic LNG prices in China fell to $21.97 per million British thermal units - almost $10 below the Asian spot JKM benchmark.
This reduces Chinese buyers' interest in new import shipments and frees up cargo to Europe and Asia.
Another factor is the increasing supply of Russian gas through pipelines and China's own production.
In March, Chinese companies sold a record 8-10 cargoes of LNG, and in the first quarter - 1.31 million tons, Reuters reported. We are talking about the resale of liquefied gas that has already been imported.