j.p. 摩根-全球-液化天然气行业-全球液化天然气分析：中国天然气短缺推升液化天然气价格上涨

《j.p. 摩根-全球-液化天然气行业-全球液化天然气分析：中国天然气短缺推升液化天然气价格上涨》由会员上传分享，免费在线阅读，更多相关内容在行业资料-天天文库。

1、Completed12Jan201803:39PMAEDTDisseminated12Jan201804:02PMAEDTGlobalEquityResearch12January2018GlobalLNGanalyzerChinesegasshortagespushingLNGpriceshigherStrongdemandfromkeymarketsChina,JapanandSouthKoreasawfurtherGlobalLNGincreasesinspotLNGpricesinthemonth(up13%inDecember

2、).AmbitiousOil&GasplansfromtheChineseGovernmenttotackleairpollutionhaveresultedinACMarkBusuttilnationwidegasshortageswhichhavenotonlyimpacteddomesticandglobal(61-2)9003-8619LNGprices,butalsolefthouseholdswithoutheatingandhaltedproductionatmark.busuttil@jpmorgan.comsomega

3、sreliantbusinesess.ChineseLNGimportsincreased50%in2017andBloombergJPMABUSUTTILwebelievetheeffortstoreducedependenceoncoalwillseecontinuedstrongJ.P.MorganSecuritiesAustraliaLimiteddemandgrowth.Additionally,thelackofgasinfrastructure(suchaspipelinesWei-WengChenandstora

4、ge)couldleadtoconsiderableLNGmarketseasonality.Inourview,(61-2)90036262wei-weng.chen@jpmorgan.comthekeyiswhethertherecentmarkettightnessleadstoanincreaseinprojectJ.P.MorganSecuritiesAustraliaLimitedsanctioningorifproducersremaindisciplinedwithcapitaldeployment.ScottLDarl

5、ingGlobalLNGproductionroseinDecember2017:WeestimateLNG(852)28008578productiongloballywas303Mt(annualized),up2.7%from295Mtinscott.darling@jpmorgan.comNovember.WeestimateproductionfromAustraliaof62Mt(annualized),J.P.MorganSecurities(AsiaPacific)Limitedflatonlastmonthdespi

6、teGorgonTrain3andWheatstoneTrain1bothPhilGresh,CFAundergoingmonthlongmaintenanceshutdowns.Themonthalsomarked(1-212)622-4861thecommencementofLNGexportsfromtheYamalprojectinRussia.phil.m.gresh@jpmorgan.comJ.P.MorganSecuritiesLLCSpotLNGspotpricesroseafurther13%inDecember:T

7、hespotLNGmarketcontinuestotightenwiththeSingaporeLNGspotpricerising12.6%ChristyanFMalek(44-20)7134-9188toUS$10.68/mmBtuinDecember2017.Spotpricesdeliveredex-shiptochristyan.f.malek@jpmorgan.comNorthAsia(Japan/Korea/Taiwan/China)arecurrentlyUS$11.24/mmBtuJ.P.MorganSecuriti

8、esplcTheincreaseinpricesweredrivenbyanexplosionatAustria’sBaumgartenJeremyTonet,CFAgashubwhichsuppliesa