SunSirs: China Domestic LNG Prices Fell before the Spring Festival (January 30-February 6)
February 07 2024 10:34:23 SunSirs (Selena)
According to the Commodity Market Analysis System of SunSirs, the domestic LNG prices have dropped significantly this week. As of February 6th, the average price of LNG in China was 4,334 RMB/ton, which is a decrease of 23.48% compared to the average price of 5,664 RMB/ton on January 30th.
This week, domestic LNG prices continued to decline. Recently, rainy and snowy weather has affected many regions in China, resulting in poor transportation and limited resource circulation. As the Spring Festival holiday approaches, downstream work stoppages and holidays are gradually increasing, market demand is weakening, and liquid prices continue to decline, resulting in a strong bearish sentiment in the market. On the afternoon of February 6th, in the second week of February (February 7th to February 21st), the bidding price for raw gas from PetroChina Northwest Liquid Plant was 2.45-2.51 RMB/cubic meter, with a lower price of 0.43 RMB/cubic meter compared to the previous period and a higher price of 0.37 RMB/cubic meter compared to the previous period. All 134.4 million cubic meters were sold. The price of raw gas has fallen, weakening the support on the cost side.
LNG analysts from SunSirs believe that the domestic LNG market has continued to weaken and decline in recent days. Enterprises have a strong willingness to stock up before the holiday, and market demand is weak. Today, the bidding price for raw gas has been lowered, resulting in insufficient cost support. Under the dominance of bearish factors, it is expected that domestic LNG prices will continue to decline in the short term.
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