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NATGAS: PetroChina Reselling Pipeline Gas Contract Volumes: Platts

NATGAS
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PetroChina's customers are reselling surplus pipeline gas volumes under 2024-25 contracts due to weak downstream demand caused by warmer-than-expected winter.

  • Annual contract volumes between PetroChina and city-gas companies generally increase annual by around 5%-10%.
  • Warm weather has dampened demand, with downstream heating demand largely flat on the year.
  • Consequently, city-gas companies struggle to fulfil monthly lifting volumes under annual contracts.
  • The latest auction was held on Jan. 6 for gas delivery in the same month, following a similar auction on Dec. 26. Final auction volumes and prices were not immediately available, Platts said.
  • City-gas companies are expected to attract non-city-gas customers if auction prices are reasonable.
  • PetroChina's annual pipeline gas contract prices are around Yuan 2.80-3.10/mcm. Meanwhile, spot trucked LNG in the northern region currently trades at Yuan 4k-4.3k/mt, while spot pipeline gas is about Yuan 3-3.10/mcm.
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PetroChina's customers are reselling surplus pipeline gas volumes under 2024-25 contracts due to weak downstream demand caused by warmer-than-expected winter.

  • Annual contract volumes between PetroChina and city-gas companies generally increase annual by around 5%-10%.
  • Warm weather has dampened demand, with downstream heating demand largely flat on the year.
  • Consequently, city-gas companies struggle to fulfil monthly lifting volumes under annual contracts.
  • The latest auction was held on Jan. 6 for gas delivery in the same month, following a similar auction on Dec. 26. Final auction volumes and prices were not immediately available, Platts said.
  • City-gas companies are expected to attract non-city-gas customers if auction prices are reasonable.
  • PetroChina's annual pipeline gas contract prices are around Yuan 2.80-3.10/mcm. Meanwhile, spot trucked LNG in the northern region currently trades at Yuan 4k-4.3k/mt, while spot pipeline gas is about Yuan 3-3.10/mcm.