Country's scramble to secure LNG supplies for winter could compound shortages in Europe and lead to panic buying
China is escalating its purchases of liquefied natural gas for the winter, worsening a global supply shortage and leaving less fuel for energy-parched Europe.
Natural gas prices from Europe to Asia have surged to seasonal highs as the post-pandemic recovery collides with supply constraints. The situation was already strained by China’s insatiable appetite for LNG to fuel its economic rebound — it is poised to overtake Japan as the world’s top importer of the fuel this year.
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