Asian LNG demand proving resilient to Covid
The chart shows evolution of Asian LNG demand in 2020 vs the last 5 years. There have been a range of very bearish LNG demand predictions released across the first half of 2020, given the anticipated economic impact of Covid. But Asian demand is running at similar levels to last year, showing surprising resilience given the economic backdrop. This is being driven by relatively strong Chinese and Indian LNG demand as buyers respond to historically cheap prices. At 2.0-2.5 $/mmbtu, LNG is a competitive substitute against alternative fuels.