India’s Record LNG Buying Meets Record-High Prices
India’s LNG imports are set to hit a record 2.8 million tonnes in October (up 18% year-on-year), despite benchmark prices in the region tripling to $33/MMBtu. Subsidy-backed fertilizer production and expanding city gas networks are sustaining purchases as stagnant domestic output deepens India’s dependence on imported gas. Tight coal supplies could draw power generators into the LNG market, adding to demand and increasing India’s exposure to global gas prices.
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