LNG price responsiveness in Asia, EIA Country Analysis of Energy

 China does not join the West’s sanctions against Russia, its NOCs may be flexible to procure LNG or natural gas at a lower-than-market price from Russia. As a result, opportunistic Chinese buyers may take advantage of a premium in the LNG spot market for arbitrage between Russia as a seller and the Western buyers

The transportability and storability of LNG mean that demand for LNG comes mainly from countries where pipeline gas is not an option (Japan, South Korea, Taiwan, sometimes referred to collectively as “JKT”) or when gas demand significantly exceeds existing pipeline capacity (China and India in Asia, Spain and Portugal in Europe).