China Begins Winter Gas Buying Spree at the Worst Possible Time
- Sinopec seeks LNG cargoes for November-March delivery
- China’s importers had paused buying after prices surged
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China is escalating its purchases of liquefied natural gas for the winter, exacerbating a global supply shortage and leaving less fuel for energy-parched Europe.
China is struggling to secure enough coal to power factories and heat homes this winter, as the world’s second-biggest economy faces a potential energy-crunch scenario similar to the chaos gripping Europe. That’s spurred some of the nation’s energy giants, such as state-owned Sinopec, to dive back into the LNG spot market, seeking shipments of the heating fuel in preparation for when temperatures turn colder.