PARIS, June 2 (Reuters) - Korea Gas Corp, the world’s single biggest buyer of liquefied natural gas (LNG), expects to purchase few spot LNG cargoes this year, with low demand expected to push inventories towards capacity by the third quarter, a senior official said.
The company’s LNG inventories held at four receiving terminals are currently 50-60 percent full but they are expected to reach tank-top by the third quarter, Kunho Lee, commercial manager for LNG procurement and trading, said.
“The supply will be overflowing at that point but it’s difficult to pin down the exact order of magnitude, an educated guess is that we are unlikely to be in the market for the rest of the year,” Lee said.
Last year Kogas, as the company is known, embarked on a major selling spree after low demand and healthy supply forced it to get rid of incoming shipments. (Reporting by Oleg Vukmanovic; Editing by Mark Potter)