MCKINSEY | Reflecting a drop in seasonal demand, global LNG supply reached 30.6 MT in May, down 0.4 MT versus April. With the exception of Qatar, which exported an extra 0.6 MT, most regions reduced their flows. For example, Australian exports were down 0.5 MT and US output was down 0.4 MT. Global net imports were up 0.8 MT in May versus April, with year-to-date additional supply reaching 9.5 MT (or 6 percent). China continued to ramp up imports in May at 5.7 MT, up 1.2 MT year to date versus 2019. Imports to Japan, South Korea, and Taiwan (JKT) were down 0.5 MT versus April, but overall were 1.1 MT higher year to date than in 2019. Finally, European imports for May were up 0.1 MT versus April at 8.9 MT, resulting in an additional 7.4 MT absorbed volumes versus 2019 year to date.
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