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East Asia natural gas pipeline network density will continue to increase in the future
November 10 hearing, despite the decline in oil prices, energy substitution effects generated, in 2014 China's natural gas consumption growth has declined, an increase of 8.9% compared to 2013 only, but most of the period of China's natural gas consumption growth rate of 20% , or even higher, China's natural gas imports in the international market share is increasing. Data show that China's consumption of natural gas in recent years, the average growth rate ranked first in the world, but China needs not only failed to form China price, but is subject to fluctuations in global oil prices, the impact of the national oil and gas safety.
Although China ranks fourth in the world consumption of natural gas, but a considerable number of Chinese demand through its own supply, or through the natural gas supply pipeline, belonging to a long-term agreement price, the short-term supply situation is difficult to change. Gas trade with regional separatism characteristics severely affected by political factors. In East Asia, Shanghai need to address the competitive relations with other countries and regions, take the form of cooperation to create a win-win pattern in East Asia, and ultimately reduce natural gas transactions "East Asian premium." It is noteworthy that, in addition to Singapore, the current major countries and regions in East Asia are competing for natural gas pricing, in particular, there is a strong competitive advantage in Japan, more likely to be developed by a new round of pricing rules.
At present, natural gas pricing in East Asia is in Japan JCC price, based on the Japanese dominate the actual pricing of East Asia. At the same time, Japan's imports of natural gas to liquefied natural gas (LNG) as the leading, transport flexibility helps break the geographical segmentation of pricing model. US TPP negotiations even explicitly to "Henry price" shale gas exports to Japan. At the same time, Japan has first-class commodity exchanges, can easily push LNG active products like futures, and to establish good business contacts with South Korea and Singapore. Under Japan, as Asia's largest importer of natural gas, the presence of air supplied to compete in the future context, is likely to be formed based on the "basket" price is currently a lot of the price system. And the composition of the right to such a package price system will be re-optimized adjustment, continue to lower the "East Asian premium" will make "Japanese price" more representative in Asia.
Shanghai Petroleum and Natural Gas has been listed trading center and in trial operation stage, the future need to further strengthen the software and hardware construction, the formation of natural gas transactions Shanghai trading prices. Gas deal pricing is an objective need Shanghai financial center and trade center of development, and Shanghai has become part of the global market of commodities trading. In 2013 Shanghai launched the "Yangshan price" as a symbol, Shanghai in the international non-ferrous metal pricing has made a place. Currently, the Yangshan Port logistics distribution center has formed copper and other nonferrous metals commodities, including 瑞士摩科瑞 attract French Louis Dreyfus, Standard Chartered and many other international companies settled, the international gathering of large enterprises contribute to the further formation of the relevant future standardized contracts for commodities trading. With the "Shanghai price" of development and improve the future will help to further break the trading price traditionally formed in London and Chicago Stock Exchange monopoly pricing power.
LNG also has the characteristics of commodities, Shanghai as the east end of Central Asian gas transportation, but also can be a further export to Japan and other countries by LNG vessel transit hub. Technically, Yangshan Port liquefied natural gas infrastructure and technical conditions are met. Pricing gas deal with general commodity price formation mechanism is similar, we first need sufficient demand and supply; the current rapid growth of natural gas consumption in East Asia, in the demand and supply fully competitive background, similar to the equilibrium price will appear on economics . Currently, the East Asia market first dilemma faced by insufficient supply, the rapid rise in the LNG business background, lack of adequate storage facilities to meet the LNG storage and transit. Meanwhile, the major consumer countries yet lacks sufficient LNG receiving terminals and other facilities, and then further through domestic pipeline transportation to the domestic market. The current need to think about how to effectively promote the coastal port layout optimization, enhance large-scale LNG trade, competition and further formation of natural gas pipeline network, and promote market-oriented pricing mechanism in Asia.
"Yangshan price" means the emergence of Shanghai can conduct pricing pilot areas in the broader commodities. The current context, Shanghai needs to transition from the perspective of future energy consumption, strategic thinking construction of natural gas pricing. Specific practices promoted, can Shanghai "Thirteen Five" plan, or special planning financial center as a starting point, increase research efforts in East natural gas trading center construction, as soon as possible into the policy practical level. Shanghai needs to make good use of its geographical advantages, Shanghai fully understand the advantages of building a global gas trade conditions, the global gas trade center building into the priority agenda as soon as possible to Shanghai development strategies. Shanghai, the unique geographical location: it is the construction of an international financial center and an international shipping center, which is also China's Yangtze River Delta region the most intensive industries, energy consumption the most concentrated, the fastest growing economy in the region, growth in demand for natural gas It is also very fast. Shanghai is an important heavy industry base, a good market base and a higher level of economic development is conducive to promoting the construction and development of the natural gas trading market. Shanghai Stock Exchange oil and gas can be set up as an opportunity to enhance functionality, and enhance relevance and interaction with the international market, and expand the range of exchange-traded varieties and to improve the effectiveness of trading auction.
FTA as a carrier can launch offshore natural gas storage and trading. Shanghai Oil and Gas Trading Center is one of the newly established free trade zone in eight trading platform. Business early trading center launched pipeline natural gas (PNG) and two LNG spot trading varieties traded on a single platform, the future will introduce LNG terminal capacity then turn breeds transaction. Future can be targeted to attract more oil and gas resource companies involved in the transaction settled. Only a sufficient volume of supply and demand in order to form a reasonable price in the market competition mechanism. At the same time, the need to promote market-oriented reform domestic pipeline gas prices, natural gas pipeline to enhance the level of market pricing. Future of East Asian natural gas pipeline network density will continue to increase, even natural gas pipeline through the "re-liquefaction process" Eurasian Continental Bridge from inside the gas in the form of LNG transported to other parts of Asia and the Pacific, PNG and LNG is formed on the basis of mutual the competitive landscape, enhance the level of market pricing of natural gas.