CMA Forecasts Second Cold Spell in Dec
China Meteorological Administration (CMA) forecasted the second cold spell upcoming in late December to further push the nationwide temperature to a record low level in recent years, but the temperature will jump sooner after this cold spell from the beginning of January.
In recent days, the nationwide cold air weighted extreme pressure on city gas companies and residential heating supply as well as power utilities. The piped gas supply remained largely stable, but the redundancy was under expected due to the nationwide gas consumption peak. Thus, city gas companies were compelled to outsource LNG from the market to fill the shortage. The industrial demand was also strong, but its supply was also restricted to guarantee the residential gas supply. The fuel-use LNG was curbed by the extremely high prices and performed very differently to its summer peak. On the whole, the LNG demand far surpassed the supply, propelling the LNG price to soar in China.
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