China cuts LNG imports as domestic gas undercuts spot prices

China is importing less liquefied natural gas at the start of peak demand season because abundant domestic supply has pushed its national average LNG price to $21.97 per million British thermal units, almost $10 below the Japan Korea Marker benchmark.

Why it matters: China is the world's largest and most price-sensitive LNG buyer, so its absence from the spot market eases competition for the cargoes Europe and other Asian importers need for winter while Asian spot prices sit above $31.

Data as of OilPrice.com report of November 9, 2026, read in full in this run, citing Bloomberg reporting on Chinese gas prices; single-sourced, so the import and price figures are uncorroborated by a second outlet or an official Chinese source at this hour. Developing item.

China is importing less liquefied natural gas despite the start of peak demand season, because an abundant domestic gas supply has brought prices down at home. The Chinese national average for LNG stood at $21.97 per million British thermal units, almost $10 below the Japan Korea Marker benchmark, and state energy majors have finished their stockpiling drive and begun releasing gas from inventory, leaving spot cargoes unattractive to Chinese buyers.

The pullback matters beyond China because Asian spot LNG prices topped $30 per million British thermal units in late October for the first time since December 2022, amid continued disruption to Qatar’s exports, and the latest close was $31.49. Chinese buyers had already curbed imports earlier this year when prices rose above $20, and reduced Chinese demand now frees cargoes for other Asian importers and for Europe, where buyers are still stocking up for winter.

China cuts LNG imports as domestic gas undercuts spot prices

Sources