SunSirs: Negative Pressure, China LNG Fell from High Levels (December 1-7)
December 08 2023 09:57:14 SunSirs (Selena)
According to the Commodity Market Analysis System of SunSirs, the domestic LNG prices fell last week. As of December 7th, the average price of LNG in China was 5,822 RMB/ton, which is a decrease of 11.20% compared to the average price of 6,556 RMB/ton on December 1st.
Last week, domestic LNG prices plummeted significantly. The previous week, domestic LNG saw a significant increase, with an increase in heavy vehicles in the market and limited downstream delivery capacity. Last week, liquid prices began to decline. At present, there is a large inventory in the market, with liquid factories mainly discharging inventory. In terms of sea and gas, prices at receiving stations fluctuate. On the afternoon of December 6th, in late December (December 8th to December 14th), the bidding price for raw gas at PetroChina Northwest Liquid Plant was 3.3-3.5 RMB/cubic meter. The low price was reduced by 1.1 RMB/cubic meter compared to the previous period, and the high price was reduced by 1.01 RMB/cubic meter compared to the previous period. All 84 million cubic meters were sold. The price of raw gas has significantly decreased, cost support has weakened, and liquid prices have concentrated and fallen.
LNG analysts from SunSirs believe that domestic LNG prices have recently fallen from high levels. Market supply exceeds demand, downstream restocking enthusiasm weakens, coupled with a significant drop in raw gas prices. Under the influence of bearish factors, it is expected that domestic LNG prices will continue to operate weakly in the short term.
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