China's LNG price increased by 1.6% to 4,548.4 yuan/t ($657.7/t) averagely over October 20-31 compared with mid-October, showed data from National Bureau of Statistics (NBS) on November 5.
The combination of gas production restriction of some suppliers in western China and country's coal-to-gas policy accelerated the growing LNG demand in the third quarter which also carried over into October. Besides, oil price hike and high importing cost of gas also shored up the gas price market.
Insiders predicted tiny possibilities on gas shortage in this winter heating season given three oil majors in China increased their supply sources and built shared pipeline networks to support the increasing demand.
However, LNG prices hike may face ceiling as LNG demand is comparatively shrinking due to some downstream users which bothered by gas shortage previous months is turning to other energy substitutes.
LPG price over October 20-31 dropped 8.4% to 4986.9 yuan/t compared with the previous ten days.
The drop was mainly due to the high level of LPG inventory in downstream plants coupled with plunging global oil price in late October caused by increased daily output by oil giant Saudi Arabia.
Sources:LNG World News
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