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· While the world economy remains struggling in deep difficulties and uncertainties, weakening growth momentum in the Chinese economy seems unavoidable. · Into February, natural gas demand in China is mainly propped up by sustained winter heating requirements and more industrial operations with extra work days. · An increasing number of northern cities are switching to gas for heating; and gas-fired electricity and gas-fueled automobiles are growing strongly in Coastal areas. · Average natural gas demand is expected to maintain at high of 16.2 billion cubic feet per day in February, continuing to display a 20 percent growth over a year ago. · Natural gas out in China is staying at 12.0 billion cubic feet per day, with year-on-year growth of 7.4 percent. Losses in offshore fields are offset by strong increases of northern inland gas zones. · State-run gas players are bringing in more natural gas import to satisfy winter demand, while incremental domestic gas production is far insufficient, pushing up China’s gas import dependence to over 24 percent in February. In particular, CNPC’s newly operational LNG terminal in Jiangsu is almost running into the full operation. · Domestic natural gas pricing is moving more rationalized while a growing number of provinces adopting tied prices for volume differential, peak and seasonal consumption. · Domestic LPG ex-plant prices are moving slightly weaker into February due to market oversupply, while international LPG prices staying at high. |