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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.
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