SunSirs: Negative Factors, China LNG Prices was falling (7.31-8.4)
August 08 2023 11:08:56 SunSirs (Selena)
According to the Commodity Market Analysis System of SunSirs, the price of LNG in China fell last week. As of August 4th, the average price of LNG in China was 3,592 RMB/ton, which is a decrease of 2.34% compared to the average price of 3,678 RMB/ton on July 31st.
Last week, domestic LNG prices continued to decline. The bidding price of raw gas was lowered on the previous Friday, weakening cost support. This week, some of the early maintenance fluid factories resumed work, and coupled with weak upstream and downstream demand, the situation of oversupply in the market has increased. Due to the impact of rainstorm, the transportation in some areas is not smooth. In terms of sea and gas, the prices of receiving stations have also started to decline. After a continuous decline in liquid prices, the decline has slowed down, and the market is still mainly bearish.
LNG analysts from SunSirs believe that the domestic LNG market has continued to weaken recently. There are many bearish factors in the market due to oversupply and the recent rainfall and weather in many regions. It is expected that the domestic LNG prices will continue to operate weakly in the short term, but due to cost considerations, narrow adjustments will be the main focus.
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