The Coronavirus pandemic is devastating global demand for commodities such as oil and gas. China’s GDP fell by 6.8 percent during the first quarter, which is the first contraction since the cultural revolution. However, the Asian country’s economy has proven surprisingly resilient as the service sector expanded strongly in May despite exporting less for a fourth consecutive month. The consumption of oil and gas in mainland China is a rare bright spot in the global energy markets because demand has remained relatively high. In its effort to contain the novel Coronavirus, Beijing took draconian measures. Gas demand has been 8 to 10 bcm lower in Q1 while consumption stabilized in Q2. According to a think-tank connected to China National Petroleum Corporation, growth will be 8.6 percent higher this year bringing total consumption to 330 bcm. Although the market is expanding, it is at a far slower pace than the […]