--DES Northeast Asia

Spot demand did not emerge from China. Domestic gas production remains robust, and the 6 mil mt/year Beihai terminal in South China continued to receive import cargoes from Russia's 19.8 mil mt/year Arctic 2 project even since early January. Thus, gas supply is believed to be sufficient without any procurements in the spot market. Indeed, according to China's National Bureau of Statistics, the country's LNG production in December 2025 reached 2.971 mil mt, up 33.3% from the corresponding month a year before while December natural gas production hit 23 billion cubic meters, up 5.1% on year. The total production of LNG and natural gas for 2025 is also expected to be more than 5.0% higher than in 2024. Amid this, China's domestic LNG market price was reported to be between 3,500 and 4,000 yuan per mt, below the $9.00 level per million British thermal units (mmBtu). An Asian trader said, "The current DES Northeast Asia market is too high for Chinese buyers, failing to stimulate buying interest."

--FOB Middle East, DES South Asia and the Middle East

National Electric Power Co (NEPCO) in Jordan floated a buy tender on a DES basis that will close on Jan 27. NEPCO plans to buy one cargo for second half February delivery to the 3.80 mil/mt per year Aqaba terminal. It was the first time since May last year that NEPSO issued a buy tender.

--FOB Atlantic, DES Europe and South America

British Shell and Japan's Mitsubishi Corp apparently considering partially selling off their equities in the 14 mil mt/year LNG Canada. A source at an Asian trader said, "The move is aimed at funding for a project expansion." An analyst in Japan pointed out, "The sale came as both Shell and Mitsubishi intend to screen more profitable projects and reduce their assets."