ICIS ANALYTICS: South Korean LNG data and ICIS forecast shows high LNG stocks

South Korea LNG storage levels healthy

Official data from January

ICIS estimates for March

SINGAPORE (ICIS)–South Korea LNG inventories were estimated at 5.1m tonnes in March 2024, according to ICIS data, a healthy level that has benefited from weak LNG consumption, rising power generation from alternative fuels and renewables and a mild winter.

The estimates also align with the KESIS monthly energy statistics released this week that showed January at 4.5m tonnes, 16% higher than the same month last year, and 50% above the five-years-average.

For the March estimate by ICIS, 19% of LNG imports were stored in the tank for winter gas supply security purposes.

In November 2023, state-run KOGAS and private LNG importers vowed to actively cooperate and ensure no disruption of LNG-to-power generation until the end of winter in March 2024.