BREAKING: China is now on track to import 3.69 million metric tons of liquefied natural gas in March, the lowest since 2018. That would mark a -45% decline from January and a -57% drop from December, amid the closure of the Strait of Hormuz. Last year, China imported ~30% of its LNG from Qatar. As a result, Asian LNG prices have nearly DOUBLED this month as buyers compete for an increasingly limited supply. Chinese companies are now relying more on domestic gas and pipeline deliveries to offset the shortage. China’s LNG imports are collapsing amid the Iran War.(The Kobeissi Letter)