SunSirs: China Domestic LNG Market is Weak Dominated by Bad News
November 22 2022 09:53:39 SunSirs (Selena)
According to the data monitoring of SunSirs, as of November 18, the average price of domestic LNG was 4,426 RMB/ ton, which was 6.07% lower than the average price of 4,712 RMB/ ton on November 14.
The domestic LNG market continued to be weak last week. LNG prices continued to fall from Monday to Thursday. In some areas, due to snow weather and epidemic control, transportation was blocked, and enterprises cut prices one after another to digest inventory. A sharp drop in the intake air has a negative impact on the domestic gas market. On last Tuesday, the bidding price of feed gas was lowered, reducing the pressure on the cost of the liquid plant. The market is still oversupply, the demand side is weak, and the high liquid price continues to cover the drop. After continuous price cuts, the LNG market in some regions stopped falling and rebounded on Friday, but the demand side still performed poorly.
SunSirs LNG analyst believe that: recently, due to the weakening of cost support, on-site supply exceeds demand, terminal demand release is limited, and the LNG market continues to decline. The new raw gas auction is about to start, and the industry is mainly cautious. It is expected that China LNG market will consolidate and operate in the short term.
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