China's liquefied natural gas (LNG) average price increased 0.5% from ten days ago to 3,505 yuan/t ($ 525.8/t) over July 11-20, showed the latest data from the National Bureau of Statistics (NBS).
During the same period, domestic liquefied petroleum gas (LPG) price stood at 3,521.3 yuan/t, up 0.7% from early July, the data showed.
Since the temperature picked up in March, China's LNG prices have drifted lower in a volatile trend. As of July 10, it fell to a new low since May 2018 to 3,488.4 yuan/t.
China's LNG prices hit bottom late this session (July 11-20), buoyed by facility maintenance at some liquefaction plants, which sparked regional supply reduction, and gas price increases in some places where pipe network was under upgrading.
Currently, domestic LNG prices still hover around the lowest level in the recent two years. Even though demand was tepid from end buyers, the market could still gained strength from limited supply.
Price increases were particularly obvious in South China, rising around 120 yuan/t within a single week.
As of July 19, SHPGX LNG price index stood at 3,404 yuan/t, on ex-plant basis with VAT, up 1.7% from 3,346 yuan/t on July 10.
China's LPG price has been volatile since 2018 due to unstable price of international crude oil.
Affected by a sharp drop in Saudi Aramco July contract price, China's LPG prices fell to a year's trough during the session. The last low level could date back to late March 2018, at 3,581.3 yuan/t, and the peak came in early October 2018 at 5,615.6 yuan/t.
Source:sxcoal
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