China's January Gas Consumption Falls for First Time in 2 Years
BEIJING, Feb 17 (Reuters) - China's natural gas consumption in January saw its first year-on-year contraction in at least two years, data compiled by Chongqing Petroleum and Gas Exchange, a government-backed energy trading platform, showed on Monday.
Last month, the country consumed 31.6 billion cubic metres (bcm), down 1% from a year earlier.
The decline was stoked by a 14% fall in demand from industrial users and a 10% drop from power utilities, offsetting an increase from city gas users and chemical producers.
Several analysts have cut their forecasts for gas demand in China, the world's top gas importer, as the coronavirus outbreak in the country is expected to depress industrial, commercial and transportation appetite for the fuel over the next few months.
The total natural gas supply, not including stored gas, reached 29 bcm, with domestic gas output up 1% on-year and gas imports down 3.2%, according to the Chongqing Exchange.
The market also expects a supply glut in the natural gas market in February and March, with average daily consumption down 6.2% and 11.2%, respectively, from a year earlier.
Official data release on China's gas imports for January has been postponed until March.
Related News
Related News
- Trump Aims to Revive 1,200-Mile Keystone XL Pipeline Despite Major Challenges
- Valero Considers All Options, Including Sale, for California Refineries Amid Regulatory Pressure
- ConocoPhillips Eyes Sale of $1 Billion Permian Assets Amid Marathon Acquisition
- ONEOK Agrees to Sell Interstate Gas Pipelines to DT Midstream for $1.2 Billion
- Energy Transfer Reaches FID on $2.7 Billion, 2.2 Bcf/d Permian Pipeline
- U.S. LNG Export Growth Faces Uncertainty as Trump’s Tariff Proposal Looms, Analysts Say
- Tullow Oil on Track to Deliver $600 Million Free Cash Flow Over Next 2 Years
- Energy Transfer Reaches FID on $2.7 Billion, 2.2 Bcf/d Permian Pipeline
- GOP Lawmakers Slam New York for Blocking $500 Million Pipeline Project
- Texas Oil Company Challenges $250 Million Insurance Collateral Demand for Pipeline, Offshore Operations
Comments