Japan's main power utilities increased their LNG inventories last week, after two consecutive weeks of declines.
The utilities held 2.56mn t of LNG stocks as of 13 February, up by 6pc from a week earlier, according to a weekly survey by Japan's trade and industry ministry (Meti). The latest stocks were up by 51pc compared with 1.69mn t at the end of February 2022, and 29pc higher than an average of 1.98mn t for end-February stocks over the last five years.
The weekly increase was largely because of slower electricity demand as a result of relatively warmer weather. Japan's power demand averaged 110GW during the week to 13 February, down by 6.6pc from a week earlier, according to nationwide transmission system operator the Organisation for Cross-regional Co-ordination of Transmission Operators. Utilities have been showing lower buying interest and are staying out of the spot market on the back of the slow power demand and ample supply.
Temperatures in Japan's 10 major cities averaged 7.8°C across 7-13 February, up by 2.3°C from a week earlier, according to the Japan Meteorological Agency.