Liquefied Natural Gas (LNG) imports fell 9.1% during February 2019, despite global prices falling, which bucks the established trend in India where LNG imports rise when prices fall, according to a report by India Ratings and Research (Ind-Ra).
This change in import behaviour could be explained by the dual trends of increased production and decreased consumption within India, the report added.
“LNG imports have been gradually declining since November 2018 and fell 9.1% year-on-year to 68 mmscmd (million metric standard cubic meter per day) during February 2019,” the report said. “On the other hand, the Henry Hub prices reduced gradually to $2.7/mmbtu (metric million British thermal unit) in February 2019 from $4.0/mmbtu in November 2018.” “This is in contrast to the historical trends seen where LNG imports have increased on a reduction in Henry Hub prices,” the report added.
