This month's report explores NE Asia’s notable demand recovery in August, and takes stock of a maintenance-filled September for Australia’s export terminals. We also delve deeper into the acute price sensitivity of LNG demand across Asia.

Key highlights:

• Northeast Asia LNG demand rebounded in August (+3.5 mt month-on-month), led by South Korea, as spot prices fell below US$12/MMBtu

• Europe’s LNG growth slowed, with gas storage reaching 80%, easing winter concerns

• Australia faces a maintenance-heavy September, impacting 1.2 mt of LNG capacity in the month

• Our bespoke analysis of price-sensitive demand patterns across Asia implies an equilibrium price point of US$10-12/MMBtu historically – for total imports (term and spot). This is higher than current spot-focused market expectations

Published: September 2025