SunSirs: China Domestic LNG Prices Continue to Decline (January 8-12)
January 16 2024 10:09:25 SunSirs (Selena)
According to the Commodity Market Analysis System of SunSirs, the domestic LNG prices fell last week. As of January 12th, the average price of LNG in China was 5,202 RMB/ton, which is a decrease of 3.77% compared to the average price of 5,406 RMB/ton on January 8th.
Last week, domestic LNG prices continued to decline. Last week, the price of imported gas dropped significantly, which had a negative impact on the domestic market situation. At present, there are many heavy vehicles in the market, with weak downstream demand and poor trading, resulting in a strong bearish sentiment in the market. In terms of sea and gas, prices at some receiving stations have fallen. On the afternoon of January 12th, in the third week of January (January 15th to January 21st), the bidding price for raw gas at PetroChina Northwest Liquid Plant was 2.88-2.89 RMB/cubic meter, with a lower price of 0.47 RMB/cubic meter compared to the previous period and a higher price of 0.56 RMB/cubic meter compared to the previous period. All 77 million cubic meters were sold.
LNG analysts from SunSirs believe that the domestic LNG price trend has continued to weaken in recent days. At present, there is insufficient market demand and the willingness of downstream restocking is not strong. Today, the bidding price for raw gas has been lowered, weakening cost support. It is expected that domestic LNG prices will continue to decline weakly in the short term.
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