CVX - China takes crown as largest LNG importer Europe moves to manage gas stocks

China was early in forecasting an energy crunch this winter, and instructed domestic coal producers to increase production to record levels. The Country also accelerated LNG imports, and according to IGU data became the world's largest importer of the fuel in 2021. A title historically held by Japan following the Country's reduction in nuclear power generation post Fukushima, Japan saw volumes fall in 2021, as China increased import volumes 18% YoY (NYSE:TTE) (NYSE:SHEL) (NYSE:CVX) (NYSE:XOM) (NYSE:LNG).  The majority of Chinese and Japanese LNG imports are on long-term, oil-linked pricing contracts; however, in Europe, utilities rely heavily on the spot market. This spot market reliance, paired with increased Asian buying, saw gas prices in Europe hit record highs this winter (NYSE:EQNR) (NYSE:VET) (NYSE:NRT). Today, it was released that Germany will propose a plan to force suppliers and utilities to stockpile gas ahead of next winter.  Gas inventories in Europe remain below

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China takes crown as largest LNG importer, Europe moves to manage gas stocks