As the global natural gas market has grown and become more liquid in recent years, its dominant suppliers and end-users have shifted as well. 

For the past half century Japan has held the title of the world’s largest liquefied natural gas (LNG) buyer, but that’s poised to change this year. China is set to take the crown as its economy continues to rebound from Covid-19 and the government further supports natural gas. The country is aiming to be net-zero by 2060 and coal-to-gas switching is expected to fuel continued LNG demand beyond 2021. 

China has accounted for most of the world’s LNG demand growth this year. Thermal generation jumped nearly 18% year/year through the first half of 2021 as the economy gained momentum, according to BofA Global Research. LNG imports were...