High LNG Prices Have Sparked Demand Destruction In India
India’s industrial gas customers have been buying less LNG from storage sites due to high spot prices, which has sent LNG storage levels at import terminals to near capacity, traders familiar with the situation told Bloomberg on Thursday. The very high spot gas prices have resulted in demand destruction for India’s industrial customers who have resorted to alternative fuels such as oil products and domestic supplies of gas, according to the traders. The lower demand for LNG has created a glut of the imported…