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SunSirs: The Downward Trend of LNG in China Continues after the Spring Festival (February 18-22)
February 23 2024 14:14:31SunSirs(Selena)

According to the Commodity Market Analysis System of SunSirs, the domestic LNG prices have fallen this week. As of February 22, the average price of LNG in China was 3,612 RMB/ton, which is a decrease of 4.60% compared to the average price of 3,786 RMB/ton on February 18.

After the holiday, the domestic LNG market continued to be weak before the holiday, and prices continued to decline. This week, some regions in China experienced cooling, rainy and snowy weather, resulting in poor resource circulation. Downstream enterprises are gradually resuming work, with slow release of terminal demand and poor trading atmosphere. This week, the price of imported gas has fallen, which is bearish for the domestic market and the market has a strong willingness to ship. In terms of sea and gas, some receiving stations have seen a concentrated downward trend in prices. On February 20th, in the fourth week of February (February 21st to February 29th), the bidding price for raw gas from PetroChina Northwest Liquid Plant was 1.98-2.00 RMB/cubic meter, with a lower price of 0.47 RMB/cubic meter compared to the previous period and a higher price of 0.51 RMB/cubic meter compared to the previous period. The transaction volume was 93.67 million cubic meters, and 2.33 million cubic meters were unsold. The decrease in raw material gas prices has increased bearish sentiment in the LNG market.

The LNG analyst from SunSirs believes that after a continuous decline in domestic LNG prices in recent days, the market demand needs to gradually recover after the holiday. At present, market demand is weak and trading is flat, coupled with a decrease in raw gas prices. It is expected that the short-term domestic LNG prices will mainly consolidate and operate within a narrow range.


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